For a CEO, Time is Money
Time is perhaps one of the most valuable resources for business owners. Implementing standard processes and best practices at all levels of the organization can save time, increase revenue and provide quality assurance. These processes empower employees to be resourceful and accountable for their operational functions. If you had an abrupt resignation from a key role, do you have the standard operating procedures (SOPs) to continue business without compromising your service? If not, here are tips for creating your SOPs:
Experience: SOPs should be written by personnel knowledgeable of the activity and familiar with the organization’s internal structure. SOPs should be tested by one or more employees.
Content: Content should be concise, user-friendly and written as a step-by-step guide. Consider incorporating images and video, if applicable. Internal points of contact should also be assigned to each document should an issue or question arise. There are many templates and a variety of software available online for writing SOPs.
Accessibility: Provide hardcopies and digital copies of SOPs to employees. Each document should be saved in a central and easily accessible location.
Maintenance: “SOPs are living documents that should be updated and refined with knowledge and experience to grow with the company.” –[Kobi Omenaka, Founder at Kobestarr Digital]. Documents should be revisited for accuracy and relevance on an ongoing basis.
Hiring is a Game of Checks and Balances
Knowing when to expand is critical to cash flow and business longevity. Building the right team of qualified personnel impacts your business’ customer service, technical expertise, and overall company culture. Be strategic about your next hire, and anticipate when you need them to become profitable for your business. These tips can guide your personnel strategies as you scale up:
- Consider salary sustainability for at least 6-8 months for each employee. Knowing when to hire varies from CEO, however, hiring for anticipated growth can tighten cash flow.
- Hiring late can compromise the quality of an overstretched team and unravel your company’s infrastructure and goals.
- Identify vital roles within your organization against your strategic growth plans. They must align.
- New hires need at least a month to get up to speed and adapt to the workplace culture. Recognize that you may not see an immediate return on investment on these employees.
CEO’s advise business owners that expanding prematurely and without a strong infrastructure can pose a threat to scaling up. Whether a business is considering new markets or marketing initiatives it should assess resources: time, personnel and money. The assessment reveals whether a business has the means to sustain its quality of services. Taking on business in new markets without employees who have the experience, or the internal resources to deliver, can impact the ability to compete against businesses that do. Planning and assessing needs against your timeline and resources upfront will benefit your business in the long run.
The Questions: Is Now the Time for Your Business to Scale Up?
- Do you have the key employees to reach your
- If key employees are out of the office, can all areas of the business continue as usual?
- Have your financial forecasts been closely aligned with actuals for 24 months or more?
- Do you have the resources to expand into new markets without compromising your quality of service?