About a month ago, I tried to persuade you not to sell your Brokerage, on the basis you might be missing an opportunity to build a world-class business.
Allow me to explain.
A successful business is process driven. This is not an FSCA requirement, but the fact is that processes make a business. In the absence of process, you are simply trying to make some money, rather than building a successful business.
Let’s assume you already have processes in place. Unless they are written down, you do not have processes in place. Employees have simply been told how to perform the diverse tasks involved in operating a brokerage. They may often get it right. In some cases, this could be most of the time. However, when things go wrong, it falls to you to fix the damage to the business, as well as to your reputation. If you want confirmation, have a look at www.WorkTheSystem.com. It will also cost you money – we are not referring to the Ombudsman – as you now have clients who are not referring other potential clients. Let us assume the processes ARE written down. Do you really believe members of your team are going to refer to them whilst they are working?
Actually, there is a far better way.
Employees need to work IN the processes, sometimes called ‘work the workflow’. We propose they complete Step 1, which is then marked as done and afterwards they complete Step 2, which is again marked as done, until they have fully completed the task. An online system has actually been developed for this – www.fspHUB.com
You can obviously tell people exactly what to do in each Step, yet even if they closely follow every process every time, things can still go wrong. Why? Because the process is not perfect!
Here is the million dollar solution:
Empower your team members to find the weaknesses in each process, every time something goes wrong. You are halfway there. It is then their responsibility to decide how to change the process, so that it can never happen again.
Eventually you will have a world-class business which you can duplicate anywhere. And remember, you can also control those businesses from anywhere!
Of course, you may not be interested in owning such a business.
Perhaps you do not have the necessary leadership qualities, as employees will need strong leadership and to be fully briefed about the process beforehand.
If, however this is something to which you aspire, kindly contact me.
021 914 2169