What Is The Recipe For Business Success?

Do your want to have your business run smoothly?

Are you interested in selling your business someday?

Have you ever wondered why some business owners get to take all kinds of time off while others can’t ever seem to get away?

Today’s episode of Four Minute Fixation will help you realize all of these goals.

Standard Operating Procedures not only help your business run more efficiently and effectively they also add value to your business so you can sell it for a premium.

That’s what we are fixated on in this episode.

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Below is the transcript of this episode of Four Minute Fixation:

Hi, I’m Dave Lorenzo and today I’m fixated on making a great recipe.

Yeah, that’s right, we’re here in my kitchen and we’re whipping up a little something for dinner tonight and recipes are really, really important. Even if you’ve made something a hundred times, it’s great to have a cookbook or a book full of recipes that can help make sure you number one: make things the right way, number two: are consistent in your delivery, and number three: that you stay on track and you keep focused on the task at hand. In business we have lots of recipes we use in order to make sure that we’re successful and most of those recipes unfortunately are not written down in books, they’re right here in our heads but what I encourage business leaders to do is to create a cookbook of their own if you will and that cookbook is called your book of Standard Operating Procedures or SOP’s.

Your standard operating procedures are designed to do exactly what a book of recipes or a cookbook would do. Your standard operating procedures are designed to make sure that service and products are delivered consistently to your clients or customers, they’re designed to help with training of new team members, and they’re also designed to make onboarding or the indoctrination of new team members much, much easier. Exactly how do you create a standard operating procedure? Well, what you do is you take a specific task, for example you can take the task of replacing the toner in the copier and you could write down step by step the things you need to do in order to replace that copy toner effectively. This may seem mundane, it may seem like something that’s intuitive, but think about the time you save when someone new has to do that specific task.

You should have standard operating procedures for everything in your business and the way you should do this is you should start with some of the most important tasks, some of the tasks that have the most at risk, the biggest tasks, and then work your way down to some of the smaller, or more mundane tasks. Standard operating procedures help you in one final way as well; they add value to your business because when someone purchases your business they’re not only purchasing the products, services that you manufacture and deliver, they’re also purchasing the good will you have with your clients and your customers. Part of that good will is the intellectual property that encompasses the service delivery and that intellectual property, the value, is intangible so you can influence it based on the way that you’ve chronicled that service that you deliver and the best way to do that is to have standard operating procedures in your business.

Today I’m fixated not only on making a great meal for my family, I’m also fixated on your success with the standard operating procedures you have in your business.

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