Why Your Business Needs S.O.P.'s

You've worked hard to create a business that has real value. Not just value to customers, staff, or even the owners, but has it's own intrisnic value that could be valueable in a transaction.

If your business is too dependent upon yourself as the owner, or on your key personnel, that can put the value of your business in a vulnerable position. While having a robust customer base, contracts, and good people is vital for a business, Standard Operating Procedure or S.O.P.'s are vital for creating and retaining value in your business.

Documenting every process and procedure helps to train new staff, create customer expectations, and increase efficiencies throughout the business. S.O.P.'s also make it very easy for someone to buy a business that is more turn-key than personnel dependent, adding more multiples to the value of your business.

One easy way to do this is to keep a running Word document where you drop in notes on any process that you do more than twice. To take your documenting process to a next level, you can make Loom videos where you share you screen on manual processes on a computer and keep a library of these notes.

Whethere you use a document, Loom videos, or create an actual S.O.P. manual, creating S.O.P.'s is important to implement in your business.