Frequently Asked Questions

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All businesses have systems and processes for which persons have responsibilities.  Oftentimes a new project needs dedicated personnel to ensure that the work gets done efficiently and effectively.   A consultant comes with the expertise and availability to complete the tasks and achieve project objectives.

Each industry has its own standards and measurements.  Human Resource Management functions across all industries.  While its standards may vary its measurements are the same.  Examples of standards are linked to HR functions like HR planning, recruitment, retention, performance management, training, pay and reward, etc,. These are often time bound as the pace at which service is delivered affects productivity levels.  HR measurements are the tools used to evaluate the outcomes and achievements of employees such as performance appraisal rating or score.

The answer to this question is found in the policies and procedures that guide your business practices; oftentimes these are formulated from applicable laws relating to your business.  We have a responsibility to do all that our policies state we should be doing.  If your business has no policy, it still has to comply with all the applicable laws that relate to your type of business in Guyana.  It is easier to articulate policies so that employees can understand clearly the rules they need to adhere.

The business deliverables are the outputs of your business.  Most companies have goals and objectives that indicate the kind of outputs that are to be achieved., often displayed as products or services and sold at a price.

Targets are achievements reached or met. Successful businesses operate to make a profit, which is determined after deducting expenses from revenue.  Owners set targets for ideal profits at the beginning of the year and manoeuvre businesses processes so that the target can be achieved by the end of the year.  

Targets should be linked to standards to ensure that the values and quality can be maintained.  If quality is not maintained this can lead to a reduction in sales for products and services.

Results are measured from the objectives and targets that were set, and involves examining outputs to see if they have the same parameters as indicated in objectives and targets.

This is determined by a long term assessment of company performance, perhaps over 5 years, to ascertain if the outcomes or profit are consistently high so that the business can continue to operate on its own, without loans, etc. for another 5-10 years.  Such a business would have significant investments, assets and capital within its ownership.   

To determine if you are making a profit, add all income received over a specified time then deduct all expenses paid over the same time.

This question is asked to ascertain if you have laid out your production process and the time taken at each stage; it helps to determine the costs associated with each stage also.  Once the project is completed its outcomes can be measured to determine quantity and then compared to objectives set and indicate performance level.

Product is a physical item that is sold by a company.  A service is a duty performed in exchange for money.

A market is a group of people who will purchase your product or service at the price and quality at which you sell.

Product features are compared according to item, quality, price, packaging, brand, size, location, etc.  Consumers choose the item that best meet their needs; many times price is the most influential factor.

Take time to record the amount of income received over specified times, such as monthly, quarterly and/or annually.  When analysing data to assess business performance, ensure that the same time frame is used.  Monthly revenue is the income generated from the first day to the last day of the month, January to December in a given year.