Your Business Brilliance

starstarstarstarstar

This is the small business startup podcast designed to help you on your entrepreneurial journey, covering marketing, social media, finance, & technology, and featuring the worlds most successful entrepreneurs 3 days a week. If like John Lee Dumas, Pat Flynn, Nick Unsworth, Michael Hyatt, Amy Porterfield, Michael Stelzner, you will Love Sanjay S. Pandaram

Your Business Brilliance navigateright Episode

8 Simple Steps that More Your Business Worth More

What is the one thing that you can do today that will increase the value of your business? The 8 simple steps that you can take to systematize your business and the 7 reasons why you must have perfect systems in place. These questions and more answered in today’s episode of Your Business Brilliance.


"When you’re building a business you want to eventually run without you - Jacqui Jones


Jacqui Jones is the managing director of of Keyword Intent as well as a Senior Executive at Way We Do. Her experience ranges from systems to social media and eCommerce and developing software as a service web application. Using this wide range of experiance, Jacqui has build an global company that helps business systemize their services that in turn help increase the value of the business.


Most businesses fail to fully achieve their potential ... the person who owns the business doesn't truly know how to build a company that works without him or her... which is key. - Michael E. Gerber - Author of The E-Myth.


The & Reasons To Systematize Your Business.


1. Increase Cashflow.  Systems can help you increase cash flow through proper sales and marketing procedures, returns and payment procedures. These sound simple, but you would be surprised how many business do not have procedures to collect money, or have proper payment terms.


2. Increase the Business Value. One of the reasons for systematizing your operations is that it increase the value of your business. This I found intriguing so I ask Jacqui to elaborate a little bit more on this particular area.


Jacqui:            Some people they’re so focused on just generating cash flow but they forget about that they also need to increase the value of the business at the same time. Otherwise you may end up creating a business that you can’t actually sell at the end because the whole business is relying upon you and when you take you out of the business it just stops working. It’s really important that this is an asset that you were building and to create that value you must put systems in place. When you’re building a business you want to eventually run without you.


3. Create a business that can run without you. When you started your business, the chances are you hoped to live a life of ease, traveling the world and enjoying Pina Colada's. Thats not going to happen if you cant leave the business and take a holiday with out shutting it down while you are away. Its also a risk management strategy.


4. Increase Efficiency. Systems help you increase high productivity and by doing that you also lower your cost and increase profits.


5. Retain team members. A business that is not systematized is quite chaotic and that’s quite stressful for employees. This results is staff members being less productive and increased stress results in them leaving. Its a proven fact that people leave for a variety of reasons and money ranks well below having a stress free work environment.


6. Retain Customer through consistency. No matter where in the world you go, a bottle of coke always tastes the same. On the other hand, have you been to a restaurant and had a fantastic dish. The next time your return with your friends and order the same dish and its ordinary at best, how do you feel. Human beings like consistency. Inconsistency creates doubt and uncertainty.


7. Legal & Compliance. In some industries there are regulations in place that require you to have policies and procedures and operate in a particular way in order for you to function in that industry. In another scenario some of your clients or customers actually want to see your policies and procedures in order to work with you such as councils and government type clients.


Jacqui then went on to talk through the 8 steps needed to be able to systemize your business..


Step 1. Make Time Available. How do you eat an elephant? One bite at a time. We are all busy and systemizing your business may be low on the priority scale. But itt could be as simple as setting aside 15 or 20 minutes a day so that you can get just one thing done and slowly overtime you’ll find that your process manuals and the systems are very much in place.


Step 2. Get Help.  "Get your team to help. They specialize in their particular area in the business or they may know things that maybe you don’t and they can add value to whatever you are thinking as well. Get a business coach involved/ Speak within HR consultant, speak with your accountant, speak within IT or Marketing professional or even compliance consultants." Jacqui Jones.


Step 3. Create an Organisational Chart. Do this even if you are are one man show. Whist you may be a one man band playing all the instruments, each instrument is a different role. Successful business are based on roles, not people.


Step 4. What to Put in your Procedures. What is the objectives of the role, what is the procedure about and what is its purpose, why is it important listing the outcomes, what will be accomplished by completing this procedure, listing step by step instructions, listing any prerequisite knowledge and skills


Step 5. Testing & Reiterating. Always test your procedure. Can the "average" person in your office pick up the procedures and follow the directions in order to get the results desired. Remember, it must be clears enough that anyone skilled in that area will be able to replicate the outcomes simply by reading the procedures.


Links, Resources & Mentions