It’s so easy to get caught up in the day-to-day of running a business that we often fail to see that things are getting a bit scruffy! Because things are often hectic, we create workarounds on the fly, we skimp on training our staff, and we don’t check our processes or cleanse our data. The business is making money, but all around us, there are signs that the business isn’t as focused as it once was and that operationally things have got a bit well, scruffy! Sometimes we don’t even realise it ourselves and it takes some external input to make us realise that things could be better.
Of course, this type of thing happens to most businesses, so you’re not alone but, the key thing is to do something about it. Just as you need to get your car serviced at regular intervals your business operations need an overhaul to make sure they are as focused and working as well as they should be.
The starting point for such reviews should be to ensure that your ‘mission and purpose’ is still appropriate for your target market. As we know the Financial Advice market is changing rapidly with new regulations being introduced all the time and new technologies emerging at an ever-increasing pace. So, it makes sense to ensure that your ‘mission and purpose’ is not only relevant but that it is correctly aligned with your business operations. It is also vitally important that it is communicated, fully understood, and implemented by your staff.
Next, you might want to think about your data. As you’ll no doubt realise the data you use within your business has become fundamental to your operational success. Capturing the right data at the right time and in the right way lies at the heart of firstly, being compliant, and secondly enabling operational efficiency. Good quality, well-maintained data is essential if you are going to take advantage of the new technologies that are starting to flood the market. For example, your use of incredibly powerful AI applications simply won’t be possible if you don’t have data that you can rely on.
Which leads us to talk about your use of technology. There’ve been so many developments over recent years that it’s hard to keep up. So, it’s good to take some time out to hear from an independent voice as regards which of these developments really work and how to introduce them into your business. There’s no doubt that some of the new emerging technologies could improve your productivity several fold, but then again, you need to avoid wasting your time on those that are “solutions looking for a problem”!
Perhaps the time will come when the technology is so clever that you don’t need operating processes and procedures, but that time clearly isn’t now. So, in reviewing your business you’ll need to pay close attention to your processes making sure they are as slick and easy to follow. As far as humanly possible your processes need to avoid re-keying data, duplication of effort, and build-in quality controls.
Finally, but maybe most importantly, you need to consider your people. Have you been able to invest enough time in their personal development, giving them the skills and knowledge they need to use new systems and processes? Do they really understand what you’re trying to achieve from your business, your goals, and your plans, and most crucially, are they enthusiastic about playing their part in making your business a success? Here again, an external voice (and ears!) can be extremely useful as your staff are sometimes more willing to talk openly and honestly about their concerns than they are to discuss them with their superiors.
So, if you think your business operations might have become a bit “scruffy” then why not reach out to Jigsaw Tree and ask us about our new Business Operating Support System (B.O.S.S.) consultancy service? If nothing else it will reassure you that your business operations are as sharp as possible but, we suspect it’ll identify a whole host of ways in which you can enhance your business.
You can call on 0800 246 5416 or email us at hello@jigsawtree.com
We also offer a free 30-minute Discovery Call.
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