In this episode Kevin and I discuss starting small, knowing the value of your time. Other miscellaneous topics include documenting business processes and farmers as entrepreneurs, hand crafted products that complete the customer versus mass-produced products. Ops – Document the things that you do in your business. A real life example.

Actions and notes

References made during the podcast:

Start with small initiatives
Often we think that large is the best route to get started – for example A dressmaker goes out and borrows  money and opening a storefront may mean that you are in business but wouldn’t sewing three dresses and placing them in an online marketing place such as Esty (a marketplace for creators) be a quicker and easier way to start.

  • Blog, Facebook page, Esty page, attend a farmers market

Penn_State_Morelli_handoff_to_Scott_cropOne of the reasons for creating documented processes for your business is portability. Meaning that the day may come when you want to hand off ownership of your business to a third party. It could be that your business is being acquired or that you have decided to bring in a manager to run it for you. Either of these scenarios  are going to be a challenge if you do not have your business processes documented.

It’s like going to ikea and buying a brand new entertainment center and having the sale rep say that there is no manual. Can you figure it out without a manual? Some people can others won’t even consider trying. That is exactly how people will view your business if there is no manual and documenting business processes provides that manual.

I’ve seen this scenario play out before. A valuable deal fell apart because the companies founder had never documented any of the task required in the day-to-day operations of his company. 10 years in, he had no idea where to start and  when he figured it out, the timeline was lengthy. As a result, the prospective buyer lost interest and moved on.

In fact, I am currently in a the middle of a small deal myself where I am the buyer. The original agreement was to close the deal in two days. We were making good progress toward that end, until I found some documentation to be missing. This documentation is critical to the deal. Ten days later the deal still has not closed, my time planned for other things is now being impacted as well as the sellers. The seller is scrambling through what should be a vacation to get this documentation or I will walk away.

All of this could have been avoided if the owner had documented processes for the business. Very simple if it had been done upfront or overtime and because it was not, it is difficult for him to put together now. So get your business processes documented because you never know when not having them could prevent you from handing your business off to a 3rd party for sale or to be managed.

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Jeff Hardy (AUS) dive action Swimming 2000 Sydney PG

Start today!

Today we spend time talking about taking action versus of planning.

  • Take action on something today.
  • We think it is all good to wait on what we want until it is taken from us via pink slip, so why wait?

Actions and notes

  • Planning has its place but won’t get you to your goal without action.
  • Take action on something today.
  • Trying new things is only a waste if you don’t learn something.
  • Taking action buys you experience that you can not get from a plan.

Other episodes are available here or at iTunes.

coffee-bar-021412jpg-6af6170033a23ceaI was at a coffee shop that I frequent and working on my book. A gentle man sat down next to me talking on his phone with what appeared to be his wife and kid. He wasn’t talking loudly but this coffee shop was small so it didn’t matter  and he was only about two feet away from me anyway.

So I overheard most of his conversation not by choice and if you have ever been in a small coffee shop then you can relate. He was going on about how he needed to interview a large number of people because he at least 50% of them would leave shortly after being hired. Being a thinker by nature, I am constantly running through improvement ideas in my mind. Small or large, it doesn’t matter. It is what I do.

Now I know that churn, also know as turnover rates, can be high in some businesses by nature but if you have to replace 50% of your staff on a routine basis, then you have room for improvement somewhere inside of your business. Where is that some place? Well only you would know that for sure or maybe you have never thought about it but it’s highly likely that it is there.

He went on with the person on the other end of the phone about looking into the book and setting-up a couple of interviews per day. At first it sounded like they were using some type of guidelines to hire people so maybe lack of hiring process was not the issue. However, I later learned that was not the case. In fact, the book contained applications of candidates. My original suspensions appeared to be valid especially after he spent the next 30 minutes explaining to the person on the other end of the phone what to look for in the candidates resumes, type of attitude, background, experience, etc.

These are all things that could be documented in a hiring process of some type and provided to his team so that he would not have to spend that time himself explaining it to someone over a phone call. And considering a 50% turnover rate for employees , I can only imagine how often he is having this phone call or performing this task himself. This is a clear case where process can save tremendous amounts of time and money. Now as far as the 50% turnover rate, well I am sure there is more going on that could be improved but a hiring process appears to be an easy win to save time by avoiding repeatable task in this scenario. Of course this is all based on a conversation I overheard in a coffee shop but I have seen this scenario play out in businesses before so I know it happens.

Especially when you are supposed to be spending that time with your family, which based on the look on the womans face that was with him, is clearly what he should have been doing.

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