One of the biggest challenges we entrepreneurs face is knowledge transfer.
Our expertise is buried not only in our heads, but also in a combination of old files, journals, unbounded notes, emails, and the list goes on.
Intellectual property is one of the most valuable assets a service-based business has. Yet many small business owners overlook it and miss the opportunity to capitalize on this equity-building tool.
This is where business processes can help.
Documentation of proprietary information in the form of a business process makes an otherwise intangible asset more tangible and therefore easier to valuate.
Further, processes expose areas of waste and once removed, can lead to reduced expenses along with higher profitability and cash flow. Learn more in the presentation below:
Processes also serve as a foundational tool when you are preparing to:
- Sell or Franchise Your Business – This applies to Entrepreneurs whose growth strategy includes licensing and/or cashing out.
- Train New Staff – This applies to Entrepreneurs that need to hire others, reduce the onboarding cycle time, and ensure consistency in product or service delivery.
- Develop a Trade Secret, Patent or Copyright – This applies to Entrepreneurs who rely heavily on their knowledge base as intangible assets and need to protect this as a competitive advantage.
- Develop Software or an App – This applies to Entrepreneurs working with programmers to develop proprietary software either as a product to sell or an in-house tool.
- Secure or Renew Business Certification – This applies to Entrepreneurs with companies that are audited and/or need to maintain a certification in order to legally operate.
- Plan an Exit Strategy (Succession Planning) – This works for Entrepreneurs ready to pass leadership and/or ownership to someone else.
Whether you are looking to increase cash flow, profitability and/or equity in your company, I am confident that business processes will guide you to hidden treasures in your company.
When you find them, contact me to let me know so we can celebrate!
Or, leave a comment below and share with our community.