BUSINESS PRACTICES & STRUCTURE
SYSTEMS & SCALE IMPROVE ROI
1,000-page operating manual. Just iden- tify your 10 main processes and start knocking them out. There are two categories of process maps: “As Is” maps and “Should Be” maps (see sidebar on p. 32). KEY PROCESS QUESTIONS: • Are your company’s main processes documented? • Do your employees follow them? 5. DATA Most people overlook this area in their business entirely or say they have it handled because they track their finan- cials. Data is much, much more than just your profit-and-loss (P&L) statement. Your data can and should be used as a scorecard, a dashboard, a flash report, a metric, a pulse report, a key performance indicator, and so much more. This information enables business owners to accurately predict where the business is going and determine if the company has a healthy heartbeat. In most businesses, there are between 10 and 20 key metrics that need to be tracked weekly and another five or 10 that should be tracked monthly. Once you have a baseline, add in weekly and monthly goals that must be met to keep the company growing. Assign these metrics to the proper people on the team to insure accurate, timely report- ing. As a bonus, once you have a good data tracking system in place, you will be able to better enjoy spending time away from the office because you will quickly be able to evaluate the health of your company at any time. KEY DATA QUESTION: • What are the key metrics in your business? If you don’t already know the answer, I plead with you to take time away with your team and develop these numbers. Then, use them to hold your business accountable.
KEY VISION QUESTION: • Do you have a clear vision in writing that has been properly commu- nicated to your entire staff and is shared by everyone? 3. PEOPLE “He who thinks he leads, but has no followers, is only taking a walk!” - John Maxwell “The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint enough to keep from meddling with them while they do it.” - Theodore Roosevelt Every company needs to take the time to document positions in the company necessary for growth based on their documented vision. Then, hire the right people for those positions based on their abilities and whether they align with the company’s core values. Putting the right people in the right positions will give you the confidence to step back and work on the business instead of always being in it. KEY PEOPLE QUESTIONS: • Do you have the right people based on your core values? • Are they in the right position based on their abilities? • Do they know their role and the role of others in your company? 4. PROCESSES Process mapping is a simple tool that allows you to identify your processes' start and end points and the departments responsible for the steps in the process. Although it sounds intimidating, process mapping is vital to your success. Business owners often tell me they do not have time to map their business processes. However, process mapping will actually free up your time in the long run. You do not have to create a
6Vitally Important Business Systems THE GREATEST REAL ESTATE STRATEGIES FAIL WITHOUT SCALE.
2. VISION As leaders, it is our job to provide a vision for others to follow. As John Maxwell says, “The leader finds the dream and then the people. The people find the leader and then the dream.” Your purpose in life, your “why” as it is often called, provides focus for employees. It tells them where you are going. It enables you to determine if they are the right match for your goals, and helps them decide if your goals are a match to theirs. When this match exists for both parties, productivity is the result. Create a vision plan that includes: • Your core values • Goals for the next 10-30 years, bro- ken down into 3-5-year goals • A one-year focus plan with goals set for every 90 days for each lead- er on your team
by Gary Harper
s a business coach, I meet entre- preneurs every day who are great at creating a sellable product but struggle with running a business. They have made the jump from employee to entrepre- neurship and are having success, yet still struggle with scaling properly. Have you ever said these things to yourself? • “I’m stuck, and so is my business.” • “I have problem solving issues.” • “I have the wrong people in my business.” A
we must make sure we lead ourselves. I love being reminded every time I fly of the importance of taking care of our- selves first. Think about that emergency oxygen mask you hear about at the beginning of every flight. Every flight attendant instructs you to put the mask on yourself first so you can effectively take care of others.
Statements like these usually indicate your business has become too complex or your communication patterns have deteriorated. You are working in the business instead of on it, and usually your productivity and growth have plateaued as well. To grow and overcome these issues, business owners must focus on six main areas of business: leadership, vision, peo- ple, processes, data, and communication. 1. LEADERSHIP Before we have the right to lead others,
KEY LEADERSHIP QUESTION: • What areas of my life need changing? Ask yourself this every day.
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