Top management tools to apply for online businesses

According to Wikipedia, ‘business management tools include all the systems, applications, controls, calculating solutions, and methodologies used by an organization to be able to cope with changing markets, ensure a competitive position in them and improve business performance'. Now the online business is just like other business models but with little changes in operation, hence, with online businesses, some of the management tools now include software applications. Every department of the business has related tools classified for each aspect of management such as planning tools, decision-making tools, record tools, employee tools, control tools, process tools, and others. Another important tool that should be in the arsenal of any management system is the ability to make hassle-free international payments, which can be facilitated by several companies like OFX. You should read OFX reviews before in order to make a well-informed decision.

Most used business management tools for online businesses

Based on a 2013 survey, some of the most used online business tools include:

Strategic planning

This is a process by which the business defines its strategy, or direction and makes decisions on allocating its resources to pursue this strategy.

Customer relationship management

This is one of many approaches that allow the business to manage and analyze its interaction with past, current, and potential customers.

Employee engagement

Is a fundamental concept in the effort to understand and describe, both qualitatively and quantitatively, the nature of the relationship between a business and its employees.

Benchmarking

Is the practice of comparing business processes and performance metrics to industry best practices from other companies.

Balanced scorecard

Is a strategy performance wealth management service tool that can be used by managers to keep track of the execution of activities by the staff within their control and to monitor consequences arising from these actions.

Core competency

Is a concept in management theory which is the harmonized combination of multiple resources and skills that distinguish a firm in the marketplace.

Outsourcing

Is an agreement in which the business hires another business to be responsible for a planned or existing activity that is or could be done internally.

Chain Management Programs

Is a collective term for all approaches to prepare, support, and help individuals, teams, and organizations in making organizational changes.

Supply Chain Management

Is the management of the flow of goods and services.

Mission statement and vision statement

Mission statement is a short statement of why an organization exists, its overall goals, and its operation. A vision statement is an inspirational statement of an idealistic emotional future of a company or group.

Software applications used by online business

Application software used by businesses is employed to enhance business productivity, searching for better performance, and creating a competitive advantage. They include Management Information Systems, Enterprise Resource Planning, and Cloud Business Management.

Tools for online SMEs

Tools used by online businesses should have the following features and functionalities: project management, tracking finances, management of projects, sharing documents, connecting and networking, managing social media, and marketing. One of the aims of these tools is to help entrepreneurs make their daily activity less cumbersome and stressful, but the con to the use of apps alone may include unreliability or lack of flexibility in reading and/or responding to stimulus.