As a business owner, have you ever stopped to think about how your business operates day-to-day, week-to-week, month-to-month? Have you thought about the policies and procedures that make your business tick?
Of course, the answer should be yes; after all, you’ve been working in the business for years – unquestionably you understand how it operates, and what your business systems are. However, on closer inspection, many systems are intrinsically linked to the business owner themselves, and are usually not well documented enough to translate into a third party successfully taking ownership. As such, the dependency on you, as the business owner, can have a serious impact on both business growth and sale value.
In Episode 3 of the Business Owners Podcast, we discuss the best ways to build and refine your policies and procedures to liberate you from the daily grind, and create a valuable and saleable business.
*Please note that any strategies discussed by Martin and the franchising panel are general in nature and do not take into consideration any of your personal circumstances. You must seek individually tailored advice to ensure you properly address any issues you may have around your business.