Aug 1, 2022
If something in your business can be measured, it’s something you can improve. But we business owners often don’t measure; instead, we’re keen on licking our forefingers and sticking them up in the air to see which way the wind blows. If we want to scale our businesses and increase their value, we need to create a systematic guideline that’s objective, measurable, and repeatable.
In this episode, I discuss what standard operating procedures are and why every business needs to have them. I explain the importance of putting standard operating procedures (SOPs) into writing and how you can choose the appropriate format for your SOP manual. I also discuss how writing a solid SOP document can increase the value of your company and underscore how having effective SOPs can give you the freedom that you deserve.
“SOPs are instruction manuals for your company; they ensure that you’re documenting every step you’ve done, so you can control the quality in your company.” - Justin Goodbread
This week on the Financially Simple Experience:
- What standard operating procedures mean for your business
- What tasks require standard operating procedures
- Why SOPs need to be put into writing and what it means to “train-scale”
- The KISS theory of business and how to write company SOPs
- Choosing the appropriate format for SOP documents
- Different CRM systems for your SOPs
- Deciding who writes your operating processes
- Outsourcing the creation of your SOPs
- How creating solid standard operating procedures can give you freedom and liberation
Resources Mentioned:
Our Favorite Quotes:
- “There are so many tasks in a company. If you see a major process, you’ll want to make an SOP for that, especially if it’s a repeated task.” - Justin Goodbread
- “When you delineate SOPs into writing, it gives your team the rules on which it can operate, providing them with consistency while decentralizing management.” - Justin Goodbread
- “You don’t have to let your business own you. Processes and SOPs are the keys to efficiency and liberty in business; they give you freedom.” - Justin Goodbread
About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the
challenges and puzzles of running a business, you’ve come to the
right place. The Financially Simple podcast was built for you. With
over 400 episodes and counting, our host Justin Goodbread covers a
broad range of topics, from starting a small business to prepping
it for sale, to growing your personal wealth. Justin’s combination
of analytical skills, tough love, and a healthy dose of experience
delivers practical ideas that will benefit business builders at
every stage of their business journey.
If you have questions or comments for Justin, submit those at:
https://financiallysimple.com/ask-justin/
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Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and does not necessarily represent the views and/or opinions of WBA, WSP, or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP, or their representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.