We have discussed the need and importance of having your processes mapped out, to help your business run better because your best asset, you and your key employee’s knowledge, is documented and there for others to use and follow. So, what’s next?
Holt’s decades of experience focuses on helping you update or create systems and processes in the following areas:
The replacement of a business’ first owner, while continuing to make profits into the next generation, is a daunting task. You may have the processes you use documented but you have to make sure that your ‘thinking’ and your ‘logic’ is included in those process workflows. Your business must follow and achieve success with each of these rules:
Rule #1 – The most important rule: select the right people to develop effective teams.
Rule #2 – The business must create a profit and positive cash flow.
Rule #3 – You must develop processes that work and train others to implement them.
Rule #4 – You must keep score on every function and person.
Rule #5 – You must keep researching for a changing market and change with it, while monitoring your culture and values in the process.
Therefore, if you only have processes documented and believe your business will continue on as if you were still making the decisions then you are mistaken. You and your key employees applied your knowledge of how those processes worked to make decisions- good or bad, and on what to do with the effort put into and generated from those processes. Did those attempts to generate new sales, to cut costs, or to save money succeed? Would the decisions be repeatable? Should they be repeatable?
Having data collection designed into your processes allows for the gathering of information to determine what decisions need to be made, the decisions you or your key employees made or would have made. This collection adds value to your business because now you have Documented Processes that are Measurable. The measurement is the part you did in your head or your gut. Now it’s documented and there for the new owners to use and gain value from- you just added a tangible asset to your business’ value, something you can use when you prepare to transition out of your business and Holt Marketing and Management Services can assist you in making sure that the treasure trove of data your business processes have will equal something we call the Synergy Factor.
At Holt we help you incorporate the Synergy Factor into your business. The “Synergy Factor” is the idea that the whole is greater than the sum of its parts (talented people + effective processes + profits = synergy). By capturing your processes with measurable systems you are activating knowledge energies that will allow you to grow unlimited wealth. As Nobel Laureate economist Paul Pilzer stated in his best-selling book “Unlimited Wealth”, technology is the major determination of wealth… the advance of technology is determined by our ability to process information… and the ability to acquire measurable knowledge will lead to the opportunity for unlimited wealth.
Let us at Holt Marketing and Management Services get you on the path to Unlimited Wealth by unlocking the Synergy Factor and measurable, documented, processes in your business. Feel free to contact us!