Did you know that procedures can lead to higher profits? Yes, they can! What happens is productivity goes up leading to more sales and more revenue. By creating and enforcing procedures in your business, you can ensure greater success and added value when exiting too. Employees need to know what they are supposed to do and you can get the most effort from them.
There are many benefits to supporting procedures but the challenge comes with the time to create them. Here are some easy ways to get your procedures in place.
Review your departments and teams
Take a look at your organization chart and look for gaps and challenges facing your company. Accounting, marketing, sales, and delivery, there are many areas that do so much better when they have procedures in place. Yes, your marketing will do better if you have rules, steps, and expectations. It’s not just a plan but the steps to achieve the results you want so that each time you can compare previous campaigns.
Review important tasks and revenue generators
Not every task needs a procedure but the important ones absolutely do. What are the important tasks? Repeated, revenue-generating and risk reduction all need to make sure nothing falls through the cracks. Revenue-generating tasks must use standardized procedures. Greater success comes when the development, sale, and follow-up are strategic and tactical so that the client acquisition model has a higher percentage. Every percentage point matters and can create exponential growth.
Build a list of repeatable processes for each area
Sweating the small stuff really adds up. Repeatable processes can be automated through procedures. If your team does something daily or weekly, fine-tune it for speed and reduced errors. Build a high-level list of the tasks that need to be done frequently. The list needs to be ongoing, you can add and remove them as more tasks arise. It may seem big in the beginning, but the list can be chipped away over time. This can really improve your team’s productivity.
Have your team create them
Since your team is already doing the task, ask them how they could do it better. They know the process deeply. Get their buy-in and expertise on creating the procedure for you. Once they’ve created it for you, go back and help them to improve it for speed, detail, and cost. Now, that’s how you build procedures for your company without you having to do it.
Building procedures for your company can reduce costs, reduce time, and reduce lost opportunities. Procedures also bring in more sales, more productivity, and profit for you. It doesn’t happen overnight, but getting procedures in place inside your business will help you to grow your company and help it to be more attractive to future buyers.
Marcia Riner is a business growth strategist and the CEO of Trajectory Consulting. She helps small business owners to increase profits, drive growth, and to be in a great position to sell it someday. Together, she helps you create your roadmap to improve, scale, and maximize the value of your company. Check out her website @ www.TrajectoryBiz.com
In her book The Profit Accelerator, she provides 12 Ways To Dramatically Increase
Your Revenue, Profit, And Value. Download her book for FREE at https://trajectoryprofits.com/book-download/