Do routines play a critical role in your business operations?
Undoubtedly, they do.
Are there specific procedures in your business that need executing just right?
And, do best practices, when followed, enhance customer experience and escalate your organization’s performance?
If your answer is yes to these questions, it’s high time you documented these processes.
In my conversations with business owners planning to sell their ventures, a common moment of realization occurs. They begin to visualize a future where they no longer helm their business and ponder, “How should I prepare?”
After emphasizing the importance of maintaining revenue streams, I pose a question along these lines…
“Are there any tasks, systems, or processes you alone know how to perform because they’re secured in the vault of your mind?”
If so, document them.
The harsh reality is that an inordinate amount of “tribal knowledge” lies within most small businesses, yet formal documentation is scarce. Many businesses operate in an ad hoc manner, leading to inefficiencies, and worse, creating difficulty in replacing roles and hiring new talent. This randomness introduces RISK into your business.
If you, or one of your key team members were “hit by a taco truck tomorrow,” as one of my clients humorously put it, what would ensue?
If you’re striving for an efficient business that carries intrinsic value, a business that can flourish without your omnipresence, it’s imperative to establish written procedures, standards, and guidelines.
The most successful, enduring organizations attribute much of their accomplishments to their tested, rigorously-followed, well-documented systems, standards, and processes.
Businesses, irrespective of their industry, tend to follow a set of processes routinely. These processes intertwine to form your unique system – the lifeblood of your business.
From sales and marketing to fulfillment, follow-through, and finance – every facet of your business operations should be well-documented, accessible to relevant team members, and periodically reviewed.
A business that lacks clear documentation for its processes is destined to hobble along. It’s inefficient, taxing to manage, and challenging to grow or transition.
Contrarily, a business with meticulously documented systems, standards, and processes finds hiring, training, and retaining staff much easier. It consistently delivers reliable results to its clients, and offers the owner freedom and flexibility.
One of my proudest achievements from the business I built and sold was the creation of efficient systems. I transformed a business heavily reliant on me and infused with my personality into a high-functioning entity that anyone could operate seamlessly.
In the forthcoming weeks, we’ll delve deeper into the significance of systematizing your business. We’ll share practical tips and guidelines on how to kick-start the process and discuss strategies to maintain and update these systems effectively. So, stay tuned!
Here’s to a prosperous, systematized future!
If you enjoy reading these each week, please do share them. Forward it to a friend or post it on LinkedIn; it’d mean a lot. And don’t hesitate to get in touch.
Have some business-related thoughts? Hit reply and let me know. Contemplating a possible business sale in the next 3 years? Let’s chat.