In this video, Adam Abela, CEO of Float Accounting, discusses how to build processes and create process documentation in your business.
Transcript
“Hi everybody first video of 2022, well at least my first video of 2022, and as we spoke about in our introductory videos we’ll be delivering a lot more content this year, particularly in and around some of the consultations that we have with our clients, and really just aiming to be able to share information across all of our clients so I’m really happy to do that.
Before I get into the subject that we’re talking about today which is our processes and why process is so important I do want to talk a little bit about 2021 and just give everybody and all of our clients a little bit of an update on 2021 and obviously 2021 was a challenging year for businesses and for clients but we’re really pleased to report that all of our clients with Float, all of our businesses with Float have come through 2021.
It was our focus last year to make sure that no businesses collapsed under the pressure of covid and we really put a lot of focus on that in making sure that all of our businesses had the support and were getting the funding that was coming through from the government in a timely fashion, and that was really where we were laser-focused last year and really happy to report that all of our businesses have come through 2021, certainly not without battle scars I’m sure, but we’ve gotten through and we’re really optimistic about 2022, so that’s really really great news.
And you know what was really pleasing as well was just to see the amount of goodwill that we’re creating within our business and as far as clients helping each other out and you know we really want to build on that. We’ll talk a little bit about that maybe in our next video.
So guys there are three things I want to touch on today when it comes to process and really the three reasons why we implement processes in our business.
1. Gain efficiencies with process creation and process documentation
The first reason why process is so important is because it allows us to gain efficiencies and first of all if you want your business to run efficiently and you want to be able to get a little bit more balance into your life process is the answer. If you have processes that are robust and they’re documented the people around you are going to know what to do, you’re going to know what to do and you’re going to find that you’ve got a lot more support in your business, so that’s number one guys efficiency you’ll be surprised that if you implement prices documented processing your business just how much time you’re going to be able to save.
2. Measure success
The second thing is if you don’t have process you can’t gauge success or failure on a process so if you have inconsistent processes in your business if you’re doing things inconsistently then you don’t know why things are failing or why things are succeeding. Understanding the metrics of success in your business and failure is so important for your business to continue to grow for example if you are a tradesman and you go out and you quote and you’re not getting enough customers from your quoting process and in three months you want to look back, if you’re doing things constantly a different way you’ll never be able to tweak, modify and adjust to know what’s working and what’s not, so you need to be able to have a point of reference and the point of reference needs to be consistent.
3. Move away from key-person dependence
The third thing is because we want to move away from our business being person dependent, and you see that in a lot of businesses where there might be an admin person in the business who knows all the processes but there’s no documentation, and if anybody needs to find out any information about a process they have to go to that person. Now that might not be necessarily an issue too much when that person is in the business but if that person’s sick or that person leaves then we’ve got an issue, and the issue is no one knows the processes because that person’s left, and when you get that new employee that new employee needs to be trained and there’s no one to train them, or if there is someone who also knows the processes then that person is tied to that training and the new employee can’t train themselves based upon the document workbook. So the third reason guys is we want to veer away from our business being person dependent and go more towards having documented process.
So thanks a lot for tuning in guys i hope that was helpful and if you’re a business who hasn’t put a lot of attention in your process development it’s never too late to start, and if you’re a new business i’d strongly recommend that you invest in process development and implementation.
I certainly recommend that you make sure that you are building your process as you go and just remember process is constantly evolving so it’s really important that your process documentation is updated, and current and that people in your business understand that if you’re going to update process, it needs to be documented, we don’t update process unless it’s documented.
So guys thanks a lot really appreciate the time that you’ve given me in listening. We’ll see you in a bit and we’ll chat soon catch you guys.”
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