In any Small Business, there is a prevalent set of business processes that must exist for a strong foundation. These practical processes provide more than a set of rules for you and your employees, but help create and solidify the consistency, efficiency and innovation of your company.
Here are four essential examples.
1) Of course the goal of a business is to make money; therefore, you need a strong process for your Financial Management. The size of your small business/solo venture will determine how extensive this will need to be. Take the initial steps of setting up a company
bank account, ordering a company credit card, choosing your bookkeeping software, creating a budget and documenting your financial procedures.
Using the right technology combined with the right professionals allows you to automate this process for the most accurate results, and knowing
the amount of assets, liabilities and equity your company has equips you to make smarter financial decisions.
2) In order to keep the cash flowing, every business needs to utilize a Sales & Marketing process
to keep their name in front of potential clients/customers and service then in good standing. Develop your brand through a mix of traditional approaches
and digital practices with a decidedly personal touch; your customers and clients want to know that they matter and that the information you provide
benefits them beyond the product or service. For sales, create and maintain a schedule of measurable objectives, goals, benchmarks and checkpoints
along with specific procedures for documenting new and current clients. However, give yourself and your sales staff the flexibility to adjust the
process if something isn’t working.
3) At some point even the solopreneur will find the need for outside help, and for those small businesses that rely on employees, a proficient
process for dealing with Talent Management will help ensure
less problems. If you haven’t already, create an employee handbook and//or specific orientation process for every new hire. Provide opportunities
for professional development and training as often as you can, so that all team members feel invested in the company, no matter how small or large
their role actually is. Have weekly, monthly or quarterly “all-staff” meetings as well as an open door policy for feedback and evaluations. Many
employees desire to know how they are performing in their position, but often feel too afraid to ask.
4) Finally, your company must have an exhaustive Operations Management process that makes everything flow together, bringing all of the above into your products, the who, what, when and even why to your business. Establish essential daily operation policies for employee benefits and sick leave/vacation time, create company objectives and select and cultivate healthy relationships with your vendors. If need be, hire a reliable, coachable and client-oriented operations manager.
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