Hidden in Plain Sight - How Entrepreneurs can Find Waldo through Small Business Processes

Using Small Business Processes to Find Money & Build Sustainability in a Depressed Economy

HIDDEN IN PLAIN SIGHT

© Copyright 2010 - 2011. Alicia Butler Pierre. All Rights Reserved.

Equilibria, Inc. | www.eqbsystems.com | [email protected] | @EquilibriaInc

Purpose

To demonstrate how and why business processes are vital to scalable, sustainable growth –

even for small businesses!

http://www.eqbsystems.com/

mailto:[email protected]

http://www.twitter.com/EquilibriaInc

DEBUNKING

THE MYTH



What It Is & What It Is Not

Sequential steps required to produce a desired result.Exposes inefficienciesReveals bottlenecksRepresented in many waysPerformance Evaluation ToolTraining ToolCreates TransparencyCan be time-intensiveCan be expensive depending on the level of complexity.Is a sign of business maturity.Should be task dependent.

Is NOT a systemIs NOT just for Fortune 500Is NOT an employee manual w/policiesIs NOT a waste of time and moneyIs NOT People Replacement Tool Will NOT be done overnightIs NOT people dependent






Anatomy of a Business Process

Cookbook = Operations Manual

Instructions = Process

Picture = Desired Output

Ingredients = Tools






The ChallengeWhat Does Scalability & Sustainability Look Like?

1. Know What Needs to Be Done.2. Know Who is Supposed to Do What.3. Know How to Do What Needs to Be Done.4. Know What the Contingency Plan Is (Just in Case).5. Ability to Profitably Replicate Your Model.

Main Office

Office 1

Office 2

Office 3

Office 4

Office 5

Office 6




ARE YOU READY

TO BE EXPOSED?



What’s Your Company’s “Waldo?”

=

In this presentation, “Waldo” represents the source of a challenge that you know is there, but you can’t quite find it or figure it out.

You can use a business process to find that “Waldo.” The question to ask yourself is “Are You Ready to be Exposed?”






The Equilibria Story: Finding Waldo

=

Getting clients, but not retaining money. Taking too long to deliver services. Too many services. We knew Waldo was there, but we could not find him. Were we willing to face the truth? We needed to practice what we preached.




BUSINESS PROCESS EVOLUTION

The Industrial Revolution Widget Production ● Factories ● Manufacturing Process






The Franchise Expansion Widget Customization ● Retail ● Manual






Mergers & AcquisitionsWidget-supporting Services ● Companywide Best Practices ● Metrics






Rise of the Small Business Enterprise



Small Business is Attractive Flexibility Technology Access Viable Suppliers Better Customer Service

However…Small Businesses need to prove scalability & sustainability.

Processes are a

way to do that.




THE DEVIL IS

IN THE DETAILS



Warning! – The Rabbit HoleEstablish Boundaries Quickly






Evaluate Identify Assess Document Measure Store Improve







Why Does Your Company

Need Documented

Processes?







How Will Processes Help Your Company Grow?

PROFIT & LOSS STATEMENT

↑ Revenue↓ Expenses

= ↑ Profitability

BALANCE SHEET

↑ Intangible Assets↓ Liabilities

= ↑ Equity

CASH FLOW STMT

↑ Net Operation↑ Net Investing↑ Net Financing

= ↑ Net Cash Flow







ACCOUNTING DEPARTMENT

Submit invoice to client Deposit checks Generate receipt in QuickBooks File receipts & bank statements File merchant account information File bank account information Enter bills into QuickBooks Pay bills Sign checks

Brainstorm List of Tasks for Company

START

Group Like Tasks into

Departments

Group Like Departmental Tasks

into Processes

Accounts Receivable

Process

Records Management

Process

AccountsPayableProcess







QuickBooks User Manual Checks QuickBooks Software Invoice Template Monthly Deposit Report Password List

Take Inventory of Existing Tools

Match Existing Tools to Identified Processes

Accounts ReceivableProcess

Accounts PayableProcess

Records ManagementProcess







Create List of Processes per Department

Prioritize Processes Based on Needs

Assign to an Administrator

Department Priority Processes Administrator

Accounting

1Accounts

ReceivableCFO

2AccountsPayable

Bookkeeper

3Records

ManagementBookkeeper







Develop a Style Guide for Each

Type of Tool

Choose Optimal Documentation

Tool

Capture screenshots and voice recording

- Camtasia- AVS- Zamzar

Web Apps

Flowcharting Software- MS Visio- Orkut- Free Web Apps

Software

Be mindful of copyrightInfringement.

The Process ShopTM

MS Office Online- Checklists- Databases

• SlideShare Presentations

Templates

Digital Camera to Record. Social Media TV Channel

- Create Custom Channel- Subscribe to others.

Video




http://www.eqbsystems.com/smallbusinessprocesses.html




Department Priority Processes KPI UOM Administrator

Accounting

1Accounts Receivable

on-time collection

collected/owe ratio, %

CFO

2AccountsPayable

late fees <amount, $ Bookkeeper

3Records Management

internal & external audits

deficiencies, min. %

Bookkeeper

Determine How to Measure Process

Performance

Link to Performance Evaluation

Conduct a Trial Run to Test Feasibility







Key Components:- Table of contents- Flowchart of Process- Procedural Format of Process- Accompanying Tools

Choose Optimal Storage Solution

ELECTRONIC/NETWORK STORAGE PAPER / HARDCOPY STORAGE

THE “CLOUD” & SOCIAL MEDIA

SlideShare Wiggio, BaseCamp Google Docs, DropBox, Box.net MS Sharepoint Wikis YouTube







Improve Processes

Six SigmaLean Sigma

Process Automation

END




THE TRUTH SHALL

SET YOU FREE

1. Evaluate. Looking in the mirror. Growth = licensing IP.

2. Identify. ~30 total processes. Service Delivery top priority.

3. Assess. Leverage existing MS Office applications for automation.

4. Document. Converted sequential steps to software.

5. Measure. Mapped & timed process to expose bottlenecks.

6. Store. Combo of remote data backup, cloud & external hard drive.

7. Improve. Changed target client & virtual service delivery.

© Copyright 2010-2011. Alicia Butler Pierre. All Rights Reserved. Equilibria, Inc. | www.eqbsystems.com | [email protected] | @EquilibriaInc



The Equilibria Story: How We Found Waldo











RECOMMENDATIONS

1. Ask your clients/customers and employees for feedback. LISTEN.

2. Seek methodical, detail-oriented thinkers to document processes.

3. Request original copies of processes from third-party consultants.

4. Ask someone outside of a particular dept. to review a process for validity and accuracy.

5. Consider the sensitive nature of the information recorded.

6. Remember, just because you write the process does not mean that everyone will understand it.










Determine the purpose behind your processes

Begin with the end in mind

Take an inventory of existing tools

Integrate existing tools into processes

Document, secure and maintain

JUST GET STARTED! Templates = Head Start










Download a complementary

Accounts Receivable Process & Flowchart from. The Process

ShopTM. Click here.

1Request a complementary

30 minute phoneconsultation & learn 3 things

you can do to immediately improve back office

operational efficiency.

2Recommend, Like or

Share The Process ShopTM with your social

networks and receive an additional 10% off any

product or service.

3









THANK YOUThis presentation was originally shown in 2010 at the Fast Trac Growth Venture

class through Georgia State University’s Small Business Development Center.

Thank you to Tim Fulton for facilitating the leading and follow up discussion to the presentation and to Georgia Power for providing the presentation facilities. And

most importantly, thank you to all the entrepreneurs who build the foundation of the American economy.

Note: This presentation is changed and re-formatted with each class so feel free to bookmark this page and check again in a few months for possible updates.



http://www.linkedin.com/pub/tim-fulton/10/a5/a1b




IMAGE CREDITS

Waldo images: http://findwaldo.com/Slide 3: Money: http://30goalsby30.wordpress.com/2011/08/07/18-save-a-pre-determined-amount-of-money/Slide 4: Scroll https://teams.cokecce.com/sites/VendingWholesaleTeam/ops/Strategic%20Initiatives/Forms/AllItems.aspx?RootFolder=%2Fsites%2FVendingWholesaleTeam%2Fops%2FStrategic%20Initiatives%2FIntelligent%20Vending%20System%2FProcess%20Documentation%2FIVS%20Fulfillment%20TasksSlide 5: Recipe Card: http://www.razzledazzlerecipes.com/artistcafe/recipecards/brown-recipe-card.htmSlide 13: http://www.lightinghomes.net/gallery/company.htmlSlide 14: Child Entrepreneur: http://www.cosmoloan.com/investments/10-inspirational-child-entrepreneurs.htmlSlide 15: Alice in Wonderland: http://tuningintoscifitv.com/wp-content/uploads/2009/11/Alice_04.JPG



http://www.razzledazzlerecipes.com/artistcafe/recipecards/brown-recipe-card.htm




Hidden in Plain Sight - How Entrepreneurs can Find Waldo through Small Business Processes

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Transcript of Hidden in Plain Sight - How Entrepreneurs can Find Waldo through Small Business Processes