Stupid Tax

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

Nov 20, 2023

Learn how to get your ego out of the way and build effective systems for business success. Explore the importance of delegating tasks, training employees, and documenting systems. Discover how systems can improve efficiency, lead to better valuation, and unlock hidden business value. Gain insights on navigating acquisitions, delegations, and overcoming personal limitations in business growth.

01:28:13

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Quick takeaways

Delegating tasks and training employees requires putting aside ego and allowing specialization for business growth.

Creating documented systems and SOPs is essential for operational consistency, efficiency, and facilitating employee training.

Transitioning from handling all tasks to delegating responsibilities empowers employees, allowing focus on strategic vision.

Deep dives

Maintaining Detailed Standard Operating Procedures

Creating and maintaining comprehensive standard operating procedures (SOPs) is crucial for ensuring operational efficiency and consistency in a business. By documenting all processes and protocols, businesses can facilitate training, identify areas for improvement, and ensure tasks are performed correctly. SOPs serve as a valuable reference point for employees, help in troubleshooting issues, and aid in maintaining quality standards.

Introduction

2min

Navigating Business Growth and Niche Services

3min

Navigating Boundaries and Work-Life Balance

10min

Financial Insights and Business Value Perception

3min

Unlocking Hidden Value in Service Businesses

25min

Navigating Acquisitions and Delegations in Business Growth

13min

Building Effective Systems and Processes for Business Success

18min

Systematic Tax Planning and Business Scalability

12min

Overcoming Business Challenges and Personal Limitations

2min

10.

Insights into Business Negotiation and Game Playing in Interactions

2min

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.

Get in touch with the show!

Email: show@stupidtaxpod.com

Mitchell Baldridge

Twitter: @baldridgecpa

https://baldridgecpa.ck.page

https://baldridgefinancial.com

Scott Hambrick

Twitter: @hambrickscott

IG: @ogscotthambrick

https://onlinegreatbooks.com

https://scotthambrick.com