Picture this: you go to sell your business and find out after pouring in many years of hard work, that your business is worthless.
It’s not that the business itself holds no value, but rather, YOU are the business.
Remove yourself from the equation, and the business loses its engine. There is no real business to sell.
In cases like this, you can’t sell your company for any kind of reasonable amount beyond the value of the stock and maybe a small, nominal amount of “goodwill” if your account metrics are good.
There are numerous benefits to implementing systems in your business. And here are some of the most important.
1) It builds a valuable asset ⚙️⚙️
It’s nice if your business gives you a great cash flow to fund your lifestyle. But imagine being able to sell it one day for a fabulous payout. That dream will only happen if you've cultivated the business's worth. And that happens when it functions independently of you.
Yes, you need sellable assets and marketing assets (resources to attract leads and make sales), but systems are where the money is made.
2) Leverage and scalability ⚙️⚙️
Systems give your business the ability to scale seamlessly or with less growing pains. You can replicate your business on various sales platforms and in other geographic areas. You can do this yourself or by using affiliates and influencers. Many fortunes have been made this way.
3) Consistency ⚙️⚙️
Consistency is one of the keys to delivering an excellent customer experience. You may not like the food at McDonald’s but wherever you go they deliver a consistent experience. Having a great fulfillment history, good in-stock rates, consistent selling prices and great reviews leads to high seller metrics and recognition badges like “Subscribe & Save”. Which all increase your business value.
4) Less Staffing Stress ⚙️⚙️
If you live in constant fear that your superstar staff will up and leave - having SOPs in place is the greatest backup. If your virtual staff are constantly truant but you are afraid to fire them, systems will restore the power balance. It will be very easy to bring someone in and train them up in no time if you have up-to-date and accurate SOPs in place.
5) Lower labour costs ⚙️⚙️
Systems eliminate the need to reinvent the wheel repeatedly, saving time, effort, and money. This makes training new staff easier, improves your efficiency, reduces your labour costs. Also - you dont need to hire superstar brainiacs to run your business.
We're here to help and In our next article we’ll go through some of the practical first steps of creating documented business systems.
Subscribe below to make sure you dont miss it! 😊
