business systems and processes

Use business systems and processes to build a business that works without you there

It’s already a little late for New Year’s resolutions, but do you always promise yourself to work smarter, not harder on January 1 and then feel you never achieve this at the end of each year? Don’t worry, you’re not alone by any stretch. The reassuring news is that there is a way. Have your cake and eat it too during business hours by implementing business systems and processes.

It’s normal to want your business to succeed (and often the thinking is that it’s then you can relax) but smart business owners learn to cleverly incorporate business systems and processes to achieve this goal far quicker.

The key to business success is to combine a profit-making strategy with a vision of personal fulfilment, meaning that the business generates profits while the business owner is enjoying life elsewhere – and this involves relaxing!

So what’s the best way to achieve this? We know from experience that some of our clients achieve this in mere months. We will examine the steps necessary to get there.

The first three steps are about vision, mission and culture. For the vision, answer in just one sentence;    why does your business exist? Your mission goes into more detail about who you are as a business.  The culture covers something essential; that your staff know a set of values in line with what you want from your business.

Another step is about being SMART (Specific, Measurable, Achievable, a Result and Time-scaled). Think about your goals for the business and where it’s headed, and use them to set the compass direction. Plan clear….and make sure your team members have theirs clear too.

This next step is one business owners often overlookhaving an organisation chart might sound obvious, but it is surprising how many businesses don’t have one in place. Does everyone working for you know their reporting chain? Your chart should provide clarity around each person’s role in the company and what they’re accountable for.

It’s astonishing really, how many companies don’t have procedures set out for their business, let alone having manuals in place to show people how they work.  If the knowledge is in your head or in the head of a few key people in the business what happens if they are no longer there?

All these steps lead to a final one, and in some respects it’s the most critical. That’s the implementation of management systems, it’s the glue that holds it all together. This is a detailed and vital step (it’s the one that will finally give you more time for yourself). You can read more about it in our eBook on Making Your Business Work without You Being There.

Rest assured, if you invest in the steps briefly outlined here you will be able to grow your business so it can work well without you there.

Do you want to have your best year in business in 2017?  Speak with one of our business coaches today.

 

Creating the perfect Corporate Synergy in your business, easier said than done!

When your enterprise reaches a certain point in its evolution you will have reached the synergy stage. However, it’s a process and creating the perfect corporate synergy in your business is easier said than done but by no means impossible!

So what is corporate synergy? It’s when you reach a point where your business is firing on all cylinders and therefore running efficiently and smoothly at a profitable level and needs little to no involvement from you on a day-to-day basis. In other words, it’s making money without you having to be there. With the right staff and systems having been established, everything is ticking along nicely.

This is no overnight evolution; to get here you have already gone through various steps and stages. You ought to be very pleased with yourself, though it is critical that you do not rest on your laurels.

Now is the time to step up and take “your baby” to the next level. This will be a different vision for different people. But, as we’ve suggested, it’s a process and there is a lot you can do to move it forward and make it happen.  In fact, offering exponential growth, this is one of the most enjoyable phases of growth for any business!

It requires a new energy and direction from you so that you can focus on developing greater drive, ambition, vision and so forth.

However, the beauty of the synergy step is you have more time to step back, gain some perspective and can therefore focus on this step. Corporate synergy is very much about contemplating how to grow your business and in what way. This can take numerous paths; do you want to add new products, have offices in new regions, franchise the business, or even start a complementary business to the one in place?  Perhaps you want to buy other businesses to merge with yours?

As your company evolves in the synergy stage, so, too, must you as its leader. Something to keep very much in mind; you need to adapt as you grow from being a manager and business owner to being an investor, and then on to being a pure entrepreneur. To do this, you’ll need to develop or enhance your skills and mindset. This is a key challenge for you in the synergy stage, and you need to master this before you can take your business to the level you want. It can require a shift to longer term thinking as well as being prepared to have less certain outcomes than in the day-to-day management of the business.

You will need new skills. They include: a wider understanding of different business models, developing investment strategies and being on top of financial management. As well, you will need to focus on areas such as return on capital, enterprise value and portfolio mix.  As you continue to embrace corporate synergy, your two biggest constraints of time and capital will become less so. As we’ve said, it’s easier said than done but the rewards are worth it!

Do you want to have your best year in business in 2017?  Check out this eBook on Synergy here or speak with one of our business coaches here.