Have you documented your procedures and systems lately? Have you stopped to review your existing procedures? You may need to look or document your procedures throughout the client lifecycle from marketing to customer acquisition, output and retention.
As your company grows it is easy to become complacent and feel your systems and procedures are fine, however, over time procedures can fail or degrade in performance. It becomes critical for your success to review these procedures. As complacency sets into a procedure often elements are missing, fail to evolve or are not being completed to a sufficient level., this in turn could be costing your business time and money.
A recent case study when a review was performed on a client, we found that one of their main ticket machines had been broken for several months. As such the cash was manually being counted and reconciled by one person. Whilst nothing appeared untoward this was not something management knew about and had a huge risk of cash being taken.
This case study really outlines the importance of system reviews regularly, having procedures in place for breakdowns and accountability for all staff and management to be on the same page. We have put together a hand full of tips below to help you get started.
- Document procedures and have them stored in one accessible location that is known to all relevant stakeholders. This will help to improve accountability and make it much easier for all to be on the same page.
- Educate all staff and management on how to access the procedures and which procedures are relevant to them performing their individual role in the business.
- Locate and encourage people to buy into the concept and assist them to get others on board.
- Create a schedule to review and adjust processes. Check that processes are being followed, changes documents and feedback is being provided to management.
We really hope that this article has assisted and motivated you to review your procedures, look for improvement, optimisation and changes that could be made. If you need professional help to achieve your business goals and to implement these kinds of practices, please reach out to the team at Meritous Accounting & Advisory.