Page 23 - MIND YOUR ASSET

MIND YOUR ASSET

STEP 5: CREATING SYSTEMS FOR YOUR BUSINESS

There are several reasons why you'd want to build systems and processes in your business.

The main ones are:

 Precision and consistency. By having set processes for how tasks should be completed, you
will get consistent quality results.

 Time and money savings. When employees know precisely how to do something and do it
the same way each time, they eventually become much better and faster at performing the
task. This saves time and money, and gives you a competitive advantage.

 Scalability. When you have set processes for completing tasks, it's much easier to hire and
train new employees and grow your business.

 Free your time and build business value. Developing and implementing systems allows your
business to run without you. This frees up your time to focus on building your business further
(and taking time off). It also makes your business more attractive and valuable to potential
buyers (because it's not dependent on you, the buyer can see how the business could
continue to scale and provide value without you).

Here are 4 ways to develop systems in your business:

1. Look at your current business processes

In developing your business systems, you should first look at the key tasks and processes your
company performs daily.

For example, if you operate a retail business such as a store or restaurant, your business processes
will include dealing with products and customers, maintenance, marketing, managing suppliers
and contractors.

Assess each of these processes to figure out which ones to focus on systematizing first. Figure out
which processes, if improved, could most improve customer satisfaction, revenues and/or profits.

2. Develop your business systems

Once you've identified the initial process(es) to improve, it's time to develop your business
systems. In developing your systems, start with the outcome. How should the task or process look
at the end when it is completed flawlessly?

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