Hello Business Builders, it’s been a minute!
Trust your business had been thriving despite the not so pleasant economic turns and events.
Don’t worry, keep pushing, the year is ending. Policy makers are busy and implementations of decisions for a better economy are ongoing and it would hopefully favour so keep the fingers crossed while watching your books (finances).
Today at the Startup Corner, we will be focusing on your processes and how processes can really improve your business values. Processes are essential for all business, some companies fail because they did not have processes in place or failed to see through their processes.
For example a company that has procurement policy that mandates that a quality assurance officer verifies each order for a purchase before payment is made skips that process on one occasion probably because the procurement department is trying to meet up with a desdline could end up spoiling their goodwill and discredit all the reputation they might have built over the years. You wonder how?
If the purchase made by the procurement officer is not the same quality or of the same authenticity that has been used in the past for their production, they would use inferior products procured and this in turn affect their final production.
The consumers and end users will not be pleased and might decide never to patronize that particular business again because of the dissatisfaction they might have experienced which actually can be traced to skipping the process of procurement verification by the quality assurance officer.
You now understand how processes can make or mar your business. In corporate jargon these processes are termed standard of operating procedures.
They are step by processes that have been put in place to guide the different stages, units & departments and general activities of your business.
Most times, large corporations engage the services of consultants in identifying and Implementing SOPs specific to their business operations.
As an SME or large corporation wannabe (lol, I won’t dare to throw shades at you). Here is a free guide on a DIY SOP.
1. List out all the core areas or activities of your business.
2. Identify the risk areas of your activities for example: loopholes for theft or fraud, bad business representation if you have customer service reps, bad procurement, possible scenerios for your stock/inventory being outdated, what can cause loss of customers.
3. Think of how to mitigate the risk. Consult other business owners, benchmark learning by observing how other businesses do it, learn wide etc.
4. Draw up documentation and a guide on processes to follow while executing activities highlighted in 2 above including activities to mitigate the risk.
5. Train your staff on adoption of 4 above.
6. Monitor 5 above.
7. Review as necessary.
I hope you find the above corporate DIY useful and I would look forward to hearing your comments, reviews on enquires about our discussion today!!