“Growth is never by mere chance; it is the result of forces working together.” – James Cash Penney, author and businessman
Every business owner needs to review and evaluate their systems and processes on a regular basis in order to maximise growth, while also remaining competitive in their industry.
Growth is never about chance. It is about reviewing and evaluating what you are doing in your business so you can do more of what is working and improve or get rid of what is not.
Business growth needs to be calculated and you start with a business review to evaluate and plan your future growth.
Any good review process consists of four distinct phases:
- Implementation and taking action
- Completion/Review and Tweaks
- Reporting and communication to team and clients
The planning phase involves thinking about various concepts and strategies, such as your short and long-term goals, your business’s current operational processes, and identifying your target market. You will also need to plan how you will collect your information and decide how you will assess the information collected. In this planning stage, you also add in your KPIs and long-term vision.
In the implementation phase, you will put your planning and evaluation into effect, while focusing on documenting your evaluation processes and strategies for future reviews and so you can outsource those tasks. Implementation could involve making certain changes to your company’s structure, systems, or processes, or changing a technical set-up, tools, or team.
Once your evaluation and review have been completed and you have implemented those changes, you will see your specific outcome come to life. Part of the implementation is a timeline and deadlines. Completion will depend on what needs to be implemented and how you execute that, which is why it is important to have an expert guide to help you do this effectively. It is in this stage of the process that you will need to review and tweak your new or updated systems and processes to make sure they work for you and not against you.
The reporting phase requires the summarising of the review process and then communicating the results with your team and even clients, depending on what areas of your business you have worked on and what has been actioned.
Why is this such an important task?
The review process, evaluation, and plan is very important as it can show you where improvement is needed, such as in the areas of employee training, software upgrades, or streamlining workflow.
Additionally , a review can help you to reevaluate your goals by implementing new ones and tweaking current ones.
3 mistakes business owners make
By conducting a thorough review and evaluation of your company’s processes, you can avoid the 3 common mistakes that most business owners make:
- Firstly, some business owners waste an inordinate amount of time on administration, inefficient processes, and a flow of work that is not automated. An operational review can reveal where you are wasting the bulk of your time, if any processes can be automated, and if you should be delegating any tasks.
- Secondly, many business processes are too complicated or overly constructed and you could be wasting money in this area. Also , you may be wanting to get involved in every aspect of your operations, thinking it is for the best, but this can result in a bottleneck. In doing so, you are actually creating more work for yourself and your team, and a business review can show you how to simplify things and free up time for the more important tasks.
- Thirdly, expensive and complex software and hardware can seem impressive on the surface, but a common mistake is paying more for hardware and software than what you actually need. With a detailed company evaluation using your historical data, you could understand exactly what you need in terms of hardware and software and potentially save money!
How can I review and evaluate my systems and processes?
If you would like to review and evaluate your systems and processes, the best way is to set some time aside specifically for this task.
You will need to brainstorm with key staff members and your systems and processes expert, both about what is functioning well and what is not functioning optimally in your main areas of business.
For well-functioning areas, we can help you find ways to streamline and improve functions even more, while for poor-performing areas, we can pinpoint exactly where the problem is and devise steps to rectify and improve this.
This may involve restructuring certain departments, revising job functions, and improving technical systems.
At the end of the day, a great review will boost your productivity and business performance so you can concentrate on growing the business. Additionally, operational improvements will help your company maximise its potential and be viewed as a more reliable company – one that is a go-to in your industry.
We can help you to conduct evaluations on a monthly, quarterly, or bi-annual basis and provide reviews, audits, and personalised service using our proven REAVA method.
If you need help, please get in touch here.
Join our free weekly Online Coworking Sessions
Meanwhile, it’s official! Our Online Coworking Session is no longer a COVID-19 event; it’s a regular weekly event for business owners who need time to work on their businesses to implement their systems and processes.
To begin with this was a short-term free offering to help business owners get through COVID, but now it is a long-term commitment to our followers and you’re welcome to join us.
We meet weekly, on Thursday afternoons at 1pm (AEST), and each week we discuss a particular topic and then work on that area of the business. If you would like to join us, it’s free and easy: Just click here and sign up.