The processes every Million pound business gets right

It’s Nishi Patel at N-Accounting. And today what I want to do is talk you through our million-pound processes. So these are the processes every million-pound business gets right. And what I’m going to do is I’m going to share my screen and show you how we’ve organized them.

So what we’ve got here is our million-pound processes model. So what this is, is there’s 51 processes that I’ve recognized over the years from talking to successful business owners and educating myself about how successful businesses work. These are the 51 things that I’ve identified that every million-pound business does. And these are all processes that can be built within a business.

So what I want to do is just give you… I’m not going to go through all 51 of these, but what I’ve done is this is probably the most important thing for a small business, especially a small business that wants to scale that I’ve ever identified. And getting these 51 things right means you can take your business that might only be worth £50,000, £100,000, and you can take it to something that’s worth over a million pounds. Why do you want it to be worth more than a million pounds? Because a million-pound business is a lot easier to run. It pays you a lot more money. And then one day when you do want to retire, even if that’s an early retirement, you can sell that million-pound business and then live off the proceeds.

So you might be thinking, well, 51 processes, that’s a lot of processes, but actually what I’d say to counter out that is a million pounds is a lot of money. So if you’re the kind of person that can work through one of these processes every single week, then you’ll be done by Christmas and you can Christmas off. But what I’ll do is I’ll give you an overview. These 51 processes break down to nine sections. So I’ll just help you understand what they actually are. And if this is something you’re interested in, just remember to like, share and follow because we do a lot more videos like this on Facebook and YouTube.

And one other thing, this is not just a really cool infographic. What it is, is an online course that we’re currently building, should be finished in about six weeks time. And it’s available to our clients on our APEX program. So this is the Million-Pound Processes course. And what it is, is series of tutorials and videos that people can work through. So by the time we’re going to be done in about six weeks, there’ll be about 70 videos here. We got the start of it in place, but there’ll be about 70 videos. They cover really important, useful stuff like, what is a business worth? How do you value a business? Building your team. But what I’ll do is I’ll talk you through our model here.

So as I mentioned, there’s nine sections and they pretty much cover the nine most fundamental areas of a small business. So really one of the first parts is just getting your financial goals right because if you don’t know what you’re aiming for, then it can be difficult to really focus and direct your business towards those goals. Then we talk about things like profitability. So this is about making sure that you’re getting the very best value out of the value you deliver for your clients. We talk about scaling up. Ultimately, you get financial value out of something, but how are you actually going to get your business to a point where it runs without you? So these are the processes that relate to getting your business automated and being run by your team rather than yourself.

We’ve got a whole section here on the sales and marketing funnel. So ultimately, if you watched any of my other videos, you will have recognized that for any successful business to really work, you need a thorough and comprehensive sales and marketing funnel. The sales and marketing funnel means you get the best value for the marketing investment that you make. But what it also does is it means you’ve got a consistent steady stream of leads coming into your business. So this is what we look at here, building your funnel for marketing, making sure you’ve got leads going to the funnel so you’ve got stuff coming out as well. And then making sure you’ve got your conversion process right. So that’s your sales process where you’re not losing prospects along the way because you’ve really linked it all up and it’s really comprehensive. So, that’s important. And million-pound businesses definitely have really, really good sales and marketing infrastructure.

And then it can be difficult to run a million-pound business without a team. I mean, I know million-pound businesses that have sold for the lower end of that. And typically there still tends to be one or two people in that business plus the owner because you’re always going to need an assistant. Most businesses, the team and the quality of the team will be a huge part of that business’ value. So that’s really important to get right, making sure they’re engaged, you’ve got the right people there, you’re all on the same page. Recruitment. Even the best businesses do have turnover because things change when human beings are involved. So you’ve got to have a solid process to continuously bring in good quality team members.

And then what we’ve got is a section on processes itself. So a million-pound business, it can only exist if the team are doing the majority of the work and not the owner. For the team members to be doing the majority of the work, they have to be able to utilize and build really good processes that can follow time after time to give an excellent and consistent result. We do briefly cover it as well in the scaling up section, because you need operational processes as well as management processes. So scaling up covers the management processes a bit more, whereas the processes actually covers operational stuff, which you can give to a team member and get them to do the job really well.

So this ultimately is the overview of Million-Pound Processes. As I said, it’s an online course that we’re currently building, which is available to our clients on the APEX program. So if it’s something that you’re interested in, then please get in touch with me and book yourself in for a strategy session. We’ll give you a really good idea of what your business is worth today and then with the right processes in place, what it could be worth. So have a great day, and I’ll see you at the next video.

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