Those of us that have worked in the same business for a long period of time often take for granted the systems and processes we once learned. When I first started in my role, there were word document procedures, complete with screen shots of each step.
These days, a loom video can often achieve the same result with a lot less time Systems and Processes, and the documentation of such, doesn’t just help new team members learn but also assists with:
- Reducing Key Person Dependence – if the processes are documented, it reduces the risk of a staff member falling ill and work going by the wayside. Daily, Weekly, Fortnightly, Monthly, Quarterly checklists are great for this – what work needs to be completed on a regular basis, and how?
This helps if a key person falls ill, retires or leaves an organisation at short notice. However much a role is handed over, if there aren’t checklists, irregular tasks can go by the wayside.
- Process Improvement – the process of documenting how an organisation completes a task often leads to collaboration across all those who assist – how do they each do it? Is there something others can learn from?
- Business Culture – if the whole team are held accountable to the same standard and process it builds a solid culture, versus having a person take a short cut at the detriment of another role.
- Business Performance – we often find that those organisations that have documented policies, procedures and system guides, have a higher focus on doing small things well – and that contributes to the overall picture.
- De-risking your business in this way can also lead to a higher business valuation, as a new owner can come in and have the tools necessary to run your business.
- Performance Management – if you need to performance manage a team member, you have a written document to take them back to. This is how it should be done, are the errors occurring from a misinterpretation of the document, or by simply not following it in the first place?
There are so many areas of your business that you can document, so even if the documentation is high level checklists, it at least provides an avenue for someone to step in, investigate and learn. Most of what is learnt in this space is when a key team member is lost, or someone is feeling their way through a new role.
If you’d like to discuss processes that can strengthen your financial management in your business, or what we’ve seen other businesses do, contact your Accru advisor today.
