Management control in small and medium-sized enterprises

Discover how to improve your business results with better management
Undertaking a business project requires a lot of organizing and planning, particularly if the company is not very big. Small and medium-size companies in Spain have faced major difficulties in recent years and many experts agree that management coordination is one of the factors that has hindered growth. The specific aim of management control is to organize how to plan and assess a company's results in order to improve performance. In the next section, we explain the features of management control and how to implement this process to achieve success.
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What is management control?

Management control is a set of processes that have been designed to help companies comply with their objectives. This management method is especially important for SMEs that need to develop their business and find their place in a market dominated by large multinationals. This management system includes prior planning and the subsequent application and assessment of results, such that it is possible to measure the performance of a business strategy and adapt or improve it where necessary. Therefore, it is an integrated management system that covers all operational levels within an SME. The philosophy of this management method is that analysis is essential in order to monitor a business' progress. This analysis must be based on financial, administrative and operational information in order to enable personnel to make informed decisions that are favorable for the company. The controller is responsible for implementing the management control system. This role has arisen to cover the need SMEs have to manage both the different elements within a company and the interaction between these elements in an integrated way.

Elements of management control planning

The first step towards implementing a good management control system is to establish a strategic plan that is both realistic and ambitious. To do this, you must take a company's situation as a starting point and then assess it. Once a plan has been devised, the required objectives must be put down in writing, together with the period in which it is expected they will be obtained. This plan must then be used to distribute and assign the different resources a company has to the activities and departments involved in the plan. Only then is it possible to optimize the available resources to achieve the best results.

Applying the management control strategy

Planning is not the only management control activity a company must perform. One of the key steps involved in this method is to monitor how strategic plans are applied. A company's decision-making process must always be substantiated and based on reports and actual data. Therefore, planning must be accompanied by real-time analysis that provides the data needed to ensure that those in charge make the most beneficial decisions for the company's business interests at all times. An SME with a good management control system will monitor the strategic plan to make sure it is implemented correctly. This involves checking that resources are used as planned and that the guidelines set out in the budgets are followed. This analysis is performed alongside a company's activities to enable it to identify discrepancies as they occur. In other words, it can be used to quickly detect any mistakes in the implementation of the plan. It is easier to find a solution or modify the plan to improve the company's performance if these errors are detected immediately. However, if the plan is not monitored and mistakes go unnoticed, the company could waste a lot of time and money trying to solve problems at a later date.
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Assessing and correcting errors

As well as correcting isolated errors as soon as possible, all companies must seek to continuously improve their business. Individuals in charge of management control must perform analysis procedures on an ongoing basis and then assess the results obtained. This assessment must measure the company's results in comparison with the strategic plan so that actions can be changed if necessary. New strategies may be devised based on the results of this assessment and previous plans may be changed in order to optimize the SMEs operations. The use of information systems and new technology is of major benefit both during the assessment stage and the previous analysis stage. Using available software, it is now possible to automate many of these processes and perform highly complex studies in a matter of seconds. At BBVA, we are aware of the challenges faced by SMEs, which is why we have created a wide range of products to help with management and financial matters. These include accounts, cards, insurance products and financing options that have been specifically designed for small and mid-size companies so that you can easily manage your banking activities wherever you are thanks to our website and mobile application. Moreover, can profit from our banking online BBVA Net Cash and manage all your finances in an only platform.

Additionally you offer BBVA One View, a service that you allows import the financial information of accounts, cards, TPVs and information of loans and credits of your business, for have it all controlled one at a glance. Transactions are classified for easy reconciliation and you receive custom reports on your liquid assets. Arranges also of alerts personalized in the event of unforeseen events and the possibility of set you objectives. To help you make better decisions, a smart engine will recommend the best payment method according to your preferences and the characteristics of the transaction.

Do the payments of your company from your other banks without go out of BBVA

So much if your company is big as small, surely work with more than a bank. For that reason, in BBVA try facilitate you daily life with BBVA One View. A tool with which as well as have a vision global of your different banks, now also you allows do the payments of your company from your other banks without go out of BBVA**.

  • In an agile and simple way: chooses one of your accounts attachés, complete the details of payee, amount and concept and smart, have initiated the payment. The bank that receives the order from BBVA execute the transfer. The transaction receipt it be able to download directly, thus was over have to go of a bank to another.
  • Safe: your passwords always be yours. From BBVA only you ask for the passwords of your other banks at the time of the aggregation. Later, for initiate payments, the passwords only you the ask for your other banks.
  • No fees: not you charge no fee for this service. Only pay what your other bank you copper usually for the transfers standards and immediate.
  • And many more functionalities: as well as carry out the operations, be able to see the historic one of payments tidy for date, the payments pending of signature and cancel the periodic payments, etc.

All without go out of BBVA.

The initiator of payments of BBVA One View is available for the transfers from Caixabank, Santander, Popular, Bankinter, Unicaja and Bankia.

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