#12 - Getting Your Ego Out of the Way: Building Effective Systems and Processes

If you want your business to grow beyond a certain point, you'll eventually need to hire employees, and you'll need to let them take over some of the work that you have been doing. Many business owners get hung up on delegating tasks to others, and taking the time to train employees. Whether it's perfectionism, unwillingness to let new employees make mistakes, or fear of someone else being better than you at a given task, business owners that want to grow have to put their ego aside and let others become expert in the various operations of the business. How do you train employees? First, you have to understand and be able to communicate exactly what it is that your business does, and to do that, you will need documented systems and standard operating procedures (SOPs).

Systems are critical for helping a business grow. Systems ensure that business operations happen on time, are consistent, and can be communicated to others. When you need to onboard new employees, having a set of documented systems allows you to train them efficiently. Systems are also an opportunity for process improvement. If a talented employee figures out a way to do something quicker, more efficiently, or more profitably, document it! Over time those iterative gains in efficiency can unlock tons of untapped value in a business. When it comes time to sell the business, it also leads to better valuation, since you can accurately communicate the business to buyers.

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