All Systems Go!

If you are like a lot of small business owners, you probably have a business that does a great job at the product or service you sell.  You may have had some good success with it, or maybe you are still striving for that elusive set of conditions that will catapult your business to the proverbial “next level of success”.  Without a doubt, that combination of factors can and does occur.  But the odds are not in your favor.  More businesses fail than succeed by a wide margin, and many simply limp along in survival mode for years.

The folks at AdviCoach coined a word a few years ago that makes a lot of sense.  The word is Franchisitize®.  The idea comes from the observation that franchise businesses succeed at higher rates, in general, than non-franchised businesses.  One of the reasons for that success is that franchises usually have a well-developed set of business systems that the franchise recommends or requires.  Regardless of who the business owner (franchisee) is, they should be able to follow the systems of the franchise, and if they do, their odds of success increase.

So think about your business!  How extensive are your business systems?  Are they documented?  Do you and your employees follow them?  What are these systems anyway?  Well, in simple terms they are just the way your business performs the various functions of the business.  If we’re talking marketing, for example, it is the type of marketing performed; the message, brand, placement, frequency, cost and more that define how your business generates leads and ultimately, revenue.  If we’re talking accounting, it consists of the accounting software used, the way invoices, bills, payroll, taxes and other transactions are handled and reported.  If you haven’t thought through the systems that support the way you do business, how could you ever expect to explain it to someone else you may one day hire to do that work?  Or how could you sell your business to a new owner who would like to have even more success in the business than you achieved?

Give some thought to how you perform the critical functions of your business.  Before you can define them, you have to think about whether the way you do things is the most appropriate for your business.  What details of your systems will give you the most efficiency, sales, profit, exposure and value?  If your current methods aren’t getting you the results you’d like, perhaps it’s time to revamp certain systems to fine tune your performance.  To help you consider the systems you need, here is a list of the ten common systems most businesses operate with:

• Market & Competitive Intelligence
• Branding
• Marketing/Lead Generation
• Sales
• Finance/Accounting
• Customer Service or Customer Experience
• Operations
• Team & Culture
• Technology
• Leadership

This last one starts with you, and it requires the most important consideration.  What kind of leader do you want to be?  What kind of leader does your business need you to be?  This is also a system of your business, and it deserves your thought and attention.

Please let us know if you’d like some help defining the systems of your business so that you can build a franchisitized® business of value.