As a business owner, you are likely always looking for ways to increase efficiency and grow your business. One common way owners achieve this is by implementing “repeatable processes”.
A repeatable process is one that can be followed every time a specific task needs to be done within your business. Our own Brian Hill says: “If you have to repeat a task, try and eliminate it so you don’t have to do it again; if you can’t eliminate it, automate it; and, if you can’t automate it, delegate it”. Too many advisers earning £100,000 a year or more are doing tasks they wouldn’t pay someone £30,000 a year to do.
Kitces.com reports repeatable processes make it possible for solo advisers to employ a paraplanner who can perform back-office tasks, and even some aspects of the financial planning meeting process. This allows solo advisers to service an average of 64% more clients and generate 80% more take-home pay.
With this kind of productivity boost possible, you may want to start implementing repeatable processes in your own business. So, read on to learn about the advantages of these systems, and how they can help you when you sell your business.
Developing repeatable processes has a range of advantages
Starting with a blank slate and developing a series of repeatable processes may seem like a daunting and time-consuming task. However, in the long run, implementing these systems can save you a lot of time.
There are several ways to introduce repeatable processes into your business. For example:
- When it comes to explaining concepts such as taxes, pensions, or other products to your clients, it can be beneficial to have pre-written “stories”. These are essentially pre-planned ways of explaining complex financial concepts quickly and effectively.
- Task delegation can become easier with repeatable processes in place. Employees can learn how to perform and repeat jobs, so you don’t need to explain what to do every time they perform a task. Employees can also then train new staff members without you having to intervene.
- Repeatable processes can also increase the efficiency of experienced staff members. If you have a process to follow, you don’t have to start from scratch every time you do a task, saving you both energy and time.
- Efficient and repeatable processes also allow you to develop a competitive edge over competitors, helping to keep your business profitable.
Repeatable processes can ultimately increase the value of your business
By increasing the efficiency and profitability of your business, you can create value and increase your sale price when you exit.
Additionally, when considering your business for purchase, potential buyers will assess your processes and systems. If you have a range of efficient and repeatable processes in place, a buyer will have to do less work post-sale, which can make your business more attractive.
Developing robust, repeatable processes is just one of the many things you can do in the run-up to selling your business in order to prepare for your exit, helping you to achieve a better sale price, and making your life easier down the line.
Get in touch
If you’re looking for a specialist to help you with your exit planning, The Exit Partnership can help. Email contact@theexitpartnership.co.uk or call 0113 4656 111 to find out how.
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