If you’ve been reading our last few blogs about the business processes model and have now set up your Vision, Mission, Culture, Goals, Org Chart, Position Commitments, KPI’s and Procedures Manuals – your business will be running smoothly, even when you take off for a long weekend (have you tried it yet…?).
Read these blogs to get up to speed.
Your new found flexibility is all thanks to your brand-new business processes and procedures: your team now understands what the business is all about, they behave appropriately and consistently, they have clear goals and KPIs, and they know who is accountable for what, as well as how to do it.
But if you want to really step away or work solely ON the business not IN it, you will need a way of quickly viewing or checking-in, to prove to yourself that the above is all happening. In short, you need to now implement Management Systems.
There are 3 elements to implementing Management Systems.
The first element is a ‘Dashboard’ to monitor what’s happening. The management dashboard is a small collection of information (ideally less than one page) that is sufficient to reassure you that the business is strong and operating in line with your expectations.
Include a few (no more than 10) numbers or objective facts that indicate the health of the key elements of the business. The most important data to capture on this system varies from business to business, but could include revenue, monthly profit, the lowest point on the quarterly cash flow forecast, leads generated, conversion rate, repeat business rate, staff satisfaction and productivity.
The dashboard could also include a couple of questions like ‘are there any new market opportunities?’ or ‘are there any new risks that might threaten the business?’
The second element of the management system is rewards and consequences. Does your team know what rewards are available if all business processes and procedures are adhered to? A bonus, a gift or an award will incentivize and inspire your team to achieve the business goals and let you continue to manage (from your desk, a cafe or a tropical Island). On the flip side, any consequences if things go wrong should be clearly stated so the team is aware.
The third element is Scheduled meetings. You might not have thought about this as an actual step in the business process model, but there should be a regular and predictable rhythm to your business. And the easiest way to do this is to set scheduled meetings. These could be in the form of a weekly team meeting, half yearly planning sessions or a daily huddle. Planned in advance, you can be sure that the right people in the business know the right things at the right time. Each meeting needs a specific agenda, to ensure important points are covered and no time is wasted.
With the Management System in place and your business process model complete, you can have confidence that your business is running reliably and consistently, and begin to achieve more in your life and give you the lifestyle you desire.
For more ideas on how to implement these processes, register here for the 6 Steps to Building a Better Business Seminar.