Ed has invested more than three decades into learning how to build successful, thriving businesses. Starting his first business with a $5,000 loan, he created a $36 million organization, within seven years. From there, he went on to create 12 other businesses.
Through this life experience, Ed developed the desire (and passion) to share his extensive business knowledge. In 2004, he founded ABEL Business Institute, an education center for business owners seeking expertise on how to create a sustainable and profitable business.
Additionally, Ed is an adjunct professor of entrepreneurial studies at New York University (NYU), business adviser and instructor for NY Designs, part of City University of New York (CUNY) as well as the Director of the business division at the world class Institute for Professional Excellence in Coaching (iPEC).
Every business has its operations, whether they are highly organized, in disarray, or somewhere in between. Your business operations are HOW you design, produce, deliver, support, and maintain the products and services your business offers. The purpose of having business operations is to document, manage, and improve repeatable processes and systems that make your business sustainable, efficient, and profitable.
Document Your Operations: Building your business operations is not a one-time activity. It’s a process and an evolution. Keeping in mind that the purpose of your business operations is to help you maintain sustainability, efficiency, and profitability, it’s important to remember the benefits of establishing, maintaining, and improving your business operations.
- By documenting your business operations, you will: Create clarity and consistency with HOW you do what you do
- Support process improvement and lead to more efficiency
- Create worthwhile systems and avoid the "winging it" mentality that is more stressful and time-consuming than you could have ever imagined
- Set you up to train your employees more easily
- Empower others to do their work, which reduces employee stress and turnover
- Make it easier to secure investors and financing
- Allow someone else to take over in the event you can't be there to do the work (e.g., vacation, illness, emergencies) or you choose not to do the work
Operations Manual: Your Operations Manual is the vehicle through which you document and hold your operating procedures. When you create your Operations Manual, think of it as being organized like a cascade of information. Within each of your operational areas, there are more specific sub-areas, and each sub-area has its own policies and procedures.
Your policy might look like this:
Operational Area: Finance
Sub-Area: Financial Reports
Policy Name: Keeping financial reports up-to-date
Purpose: The purpose of this policy is to ensure that my financial reports are kept up to date
Description: I will keep track of my recurring financial tasks using a calendar or to-do list. I will enter my financial transactions into QuickBooks on a weekly basis. Then, monthly, my bookkeeper will review the transactions, balance them to my statements, and correct any mistakes that are made.
By carefully defining (and improving) your business operations, you will make your business sustainable, efficient, and profitable. Though it will take some time and effort, your energy will reap huge benefits through gain productivity.
Learn more about Business Operations and System by listening to this week’s episode of the SkillPreneur Radio Show: