Do you know how to make the process work for you? Entrepreneurs and business owners truly underestimate the power of process. Businesses can profit with the top 6 core processes. The Entrepreneur Operating System (EOS) system recommends that every business owner and entrepreneur have these in their company.
Creating and mapping out processes is a business practice that helps you to scale, build capacity and grow your company. This does not have to be an extensive process with pages of documents. It can be simple at a very high level.
The Benefits of Business Core Processes
Creating clear core processes in your business is invaluable and beneficial to you, your employees and your customers.
- Creates clear direction, transparency, and expectations for how tasks and procedures should be performed for all those involved
- Brings you to a new level of systemizing and building capacity in your company
- Allows for consistency and less variance and errors in service and product quality while increasing productivity and efficiency
- Saves you time and money in short and long-term
Whether you are Company that has one or 250+ employees, you have a “method” or process of how you do things. It is a best practice in business to map out your “method” or process so that you are consistent in how you execute, produce and deliver services and products in your Company.
As a business leader, you will be able to delegate and train others as your business grows, and create employee and customer expectancy. Most importantly, you can evaluate your processes within your business and get feedback to see what is and isn’t working.
The Top 6 Core Processes for Profit
EOS recommends that at minimum, every business should map out 6 core processes. All you need is 80% of your six core processes documented at 20%.
First impressions mean the most. What is the first impression interviewees have when they are introduced to your business? What is your onboarding process? Are there appropriate compliance and background checks performed for your industry? How do you introduce new hires to your team?
It’s important to have onboarding processes and also performance review processes for your HR department. New hires want to know what type of work is expected of them, what training is available and want to be a part of the company culture.
Appropriate training and shadowing should take place for any business so they learn of processes in the company. There should also be some level of standardization, forms and templates in a centralized secure location within your Company to provide to all employees.
Marketing takes on many forms in this day in age (eg. digital, print, word of mouth). It is essential for your team to know the different streams and avenues by which your company is marketing. This ensures that marketing efforts are consistent, wise and efficient.
Be sure to map out your strategic plan and processes for how and when marketing efforts are to be created, reviewed, approved and executed.
Has your sales team been trained on your sales process? A company’s sales division and team is in direct contact with your customers. The public and customers are directly interacting and interfacing with your Company. Your sales team should be doing their jobs at a similar level when interfacing with the customer.
Your sales process and sales team execution must be on point, consistent, and clear. This allows customers and the public to receive the same customer care, company information, and representation on all levels when interacting with your company.
Operations is the glue that holds together your Company and interacts with every function in your business. It is what makes or breaks you in running a well- managed business. Map out your operational workflows for the different functions of your business so that everyone is on the same page and has the same expectations.
Mapping operational workflows leaves little room for error and helps to cultivate a culture of expectancy, quality and consistency. Employees are educated on how internal work is done and executed, and how services and products are to be delivered to the customer.
Consider a Lean Six Sigma Process Certified professional or Fractional COO/integrator to assist you with mapping out workflow processes.
Bookkeeping and accounting are essential for every business. Be sure to conduct accurate recordkeeping and retain a knowledgeable accountant either internally or externally. Internal budgeting also relies on accurate processes and reporting.
Processes for proper bookkeeping must be done to ensure timely and accurate financial cash flow, profit and external reporting and taxes.
- Customer Retention:
Customer service separates you from your competition. Differentiate yourself in any way you can. Amazon and Starbucks customers know what to expect when they shop. This is because they have clear policies and procedures, standard operating procedures (SOPs), return policies and training on processes for every person in their company.
Customer retention is achieved through consistency and high quality standards. Be sure to create clear processes for customer loyalty so your customers return for your service and product.
No matter how many core processes you have, you need to identify the ones that address every activity going on in your business. Then list them in one centralized location & train your teams so that your business is 100% on the same page with expectations and how work is done. This allows for higher performance, consistency, streamlined operations and higher return on your business.
Striking Business Gold- Build Scale Profit for Success is an excellent resource for the entrepreneur or business owner that is looking to effectively profit with process!