There are two businesses in the same industry that are roughly the same size; they have about the same number of employees and the same amount of revenue. However when you talk to the owners and analyze their businesses you see a couple of key differences – one makes substantially more profit that the other and that owner also works significantly less hours each week.
How can this happen? How can two businesses in the same industry be the same size, have the same revenue and yet have such a difference in input from the owner and output to the owner? It is an age old question that is asked time and time again – especially by the business owner who is working more and making less.
The answer is quite simple in concept, however very difficult in execution. Kind of like losing weight – the concept of burning more calories than you take in – is very simple – however it is not easy to do.
Business A – the one that makes more money and whose owner works less has 5 things in place that the owner of Business B does not have in place. These 5 processes are the key to their success and being able to achieve more with less.
1 – Hiring Process
They have built and use a systematic process for eliminating waste in finding, recruiting and hiring the top talent they need in every area of their business. This allows them to fill positions they need with the top talent quickly.
2 – On-Boarding Process
Once they hire the top talent they use a systematic process to ensure they get up to speed as quickly as possible to be able to contribute to the organization in a positive fashion.
3 – Coaching Process
They have a systematic process for ensuring each employee is continually being developed to maximize the potential they have and that they can contribute to the company.
4 – Sales Process
Each employee, whether officially in sales or not, is brought up to speed about how to keep their eyes and ears open for opportunities to help the company grow. Additionally those specifically in sales follow a systematic process to effectively and efficiently find, identify, and move prospects through the sales funnel to either close business or close the file.
5 – Communication Process
The entire team, regardless of department, learns to speak the same language (not in the traditional sense of English vs. Spanish) but to be able to understand each other and eliminate assumptions. As an example they learn how to all understand what a good meeting is vs. a bad meeting and what a good client is vs. a bad client.
These 5 key business processes allow for the first company to be far better at achieving goals and objectives. Daily, weekly, monthly, etc. Without them they would be just like company B – wasting key resources like time, energy and money.
So let me ask – how many of these 5 key Business Growth Processes do you have in place? How much time, energy, and money are you wasting because they do not exist (or are not very good)? If you do not know – you should find out. If you don’t like the answer – find a Business Growth Consultant who can help.