Getting a 17-year old to run your business?!?
Sound crazy? It’s not. In fact, fast food restaurants and retail stores have successfully created billions of dollars in revenue with this approach. These companies have developed systems that practically guarantee success.
But you don’t have to flip burgers or sell clothing to benefit from this type of structure. With the proper planning, any business can be put on autopilot.
Is it worth the effort? Well, just take a look at a few of the major benefits this type of business model offers:
- Liberates Owner
Many owners get consumed by the daily demands of running a business. With this structure, owners are free to work on their business instead of in their business.
- Improves Success Rate
Since you scrutinize every aspect of your business, document each process, and measure your performance, you leave little to chance.
- Increases Profits
If all systems are detailed, documented, and measured, you will reduce unnecessary overhead (i.e., labor, inventory, etc.) and improve productivity.
- Encourages Growth
When a comprehensive system is in place that produces your desired results, it can be duplicated. This means you are able to expand your business with reduced risk.
- Attracts Attention
A business that can replicate successful results by way of its systems is very appealing to investors and potential buyers.
At this point, you may be thinking, ‘Sounds good but what’s involved with creating this type of system?’ It may not be as complicated as you think. Let’s take a look:
- Simplify Processes
Break down all systems into bite-sized pieces. Use a step-by-step approach to clearly define each process.
- Document Processes
Once you have broken down your processes, you must document them so that your employees will have a roadmap to refer to and follow. Have a “How To” manual for everything.
- Provide Management Training
Although it is important your managers not only understand, but master your systems, it is vital your managers also know how to manage people. Their ability to direct staff and satisfy customers will define your company’s success. Therefore, your management training must include both processes and people.
Encourage your managers to make decisions independently. The more control they have over their environment and their destiny, the more committed they will be to the success of your business.
- Establish Boundaries
Although empowerment of your staff is important to your success, it does pose some risks. Therefore, reduce your exposure by providing specific limits to the decisions being made. After your staff has proven they can make wise choices, expand their limits.
Provide the tools, training, and guidance your staff needs to excel at their jobs. This includes a work environment that promotes productivity.
From mandating specific check-in procedures to monitoring the work environment through software or video cameras, ensure that you incorporate systems that will provide real-time, comprehensive information as to the status of each aspect of your business.
This approach is versatile. It has been successful in a variety of industries, and odds are it would do well for you also.
Take a look at your business. Can you break down your processes? Simplify? With a little effort you may find that you can create a system that is so well structured and organized, anyone can run it…even a teenager.