One of the secrets to greater profitability is.... Process Design and 80% of businesses will get this wrong which leads to losing money.
If you are going to build a business that generates consistent profits, processes are MANDATORY. In this conversation, we explore why and how you can figure this out for your business.
Check out this week's episode as we share some stuff your bookkeeper probably isn't telling you.
Watch This Episode:
Listen To This Episode Anywhere:
Episode Show Notes :
Processes are critical if you are going to build a business that is not going to be a headache or bain of your existence.
The underlying principle - People build processes >>> processes run businesses >>> businesses generate profits
How do you develop a process:
Write out what you do - imagine that you are writing down a recipe for a dish that someone is going to cook
Create a process map - find a big piece of paper and draw out the process
Play with Toys - at one company we took Legos and actually built a process board to show how things moved from one stage to the next
Be clear - who will do what by when
Make it simple and repeatable - imagine that you were going on a 3-month vacation what would you do
Once you have a process
Test your process to see if someone who is not you can follow it and look for
Are the instructions clear
How many times did they get stuck
Was there enough information for them to figure out things on their own if they got stuck
How many other people had to help
Track the actual process - it is one thing to design a process but you have to test the reality of your process to know if it is actually working
Report on a consistent basis
Tools to help:
Daily/weekly check-ins - what are the top priorities
Simple checklist - google sheets, spreadsheets, tabs, etc