One of the most important things a business owner can do is systemize operations for the long-term, considering how things might function in the owner’s absence. Ensuring that your business operates like a finely tuned machine will increase your stability and reduce your stress!
First you need to answer the question: what are the systems of your business?
A system is something that describes and spells out how things are done in your business, often taking the shape of a “policies and procedures” manual. Ultimately, your business is a system or a set of systems working together.
The benefits of documenting a system include being able to deliver service in a predictable and consistent way. This helps you meet the expectations that your clients will expect from you every time they do business with you. It also allows you, as the owner, to have a life outside of the business and makes it easier to sell the business if/when the time comes.
Most businesses can be broken down into the following six distinct areas:
Articulating a vision or mission statement, and living it.
Defining who your customers are within analytical/statistical areas: income, age, ethnicity, geographical locations, etc.
Producing the service; recruiting and training staff; taking care of the facilities.
Keeping track of key financial reports and critical financial numbers.
Attracting customers; employing various advertising methods to establish leads.
Delivering what is promised, in the form of services and products, consistently and predictably.
Using this structure will allow you to begin delegating yourself out of certain responsibilities, opening you up to more individual freedom. The bottom line is that you didn’t start your business so that it would control your life! You want your business to serve you, not the other way around.
Systemizing is just one of the ways that Stonehenge Accounting can help your business achieve financial stability.