In this episode #1 Bestselling Author and Highly Acclaimed business & Entrepreneur Expert, Mel Abraham goes in-depth about Business Systems. He talks about the characteristics of a good business system and the keys for its success. A good business system leverages your time so you can focus only on the core elements.
The Anatomy of a Good Business Systems
Customer Focused: Everything we do needs to be focused on customer experience. The system is no good if it creates friction. So we need to create a system that transcends customer experience.
Best Practices: We should make it world class while avoiding the perfectionist syndrome which gets nothing done. Get the best practices that exist. Be flexible to improve on it regularly and build a system that grows with time.
Single Outcome: The system should be focused on a single outcome because then we can measure it. Make sure it typically has a specific outcome focused on it.
Single Ownership: It should have singular ownership where one person is responsible. At the beginning, it will be you. But as you grow, transfer the responsibility.
Simple: A simple business system is the one that gets followed. It will not be respected if it is complex. So make it a simple system that works.
Documented: It should be documented so that the person responsible for it can be replaced. It might take time to document it but it's worth the avoidable future aggravations.
Measured and Rewarded: It should be measurable so we can manage the process, inputs and outputs. If the value creation goes up, the team should be rewarded,
The Key Systems for Success
Attraction System: A marketing system to attract the right people. It should be constantly connected so clients are brought in regularly.
Conversion System: After attracting people, how do we shift them from interested to buyer? Have a way to convert them.
Delivery: After something is bought it needs to be delivered. Have a fulfilment house that can ship the goods and deliver the services.
Connecting: Have a people system to connect with your vendors and teams. Your success is a team pursuit. So, have one in place to nurture, coach, support, evaluate and bring in people.
Tracking System: It is meant to track your productivity, profits, cash flow and other elements. It deals with data and accounting which is the life's blood for your business.
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ABOUT MEL ABRAHAM
Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s So
