Plugging up the money holes – are you leaking money?
Had a really great call at the IAOBM last week with Beth Schneider, President and CEO of Process Prodigy and all around systems whiz.
She shared her Top 10 Systems Needed To Get More Done With Less Effort, and let me just say it was one heck of a call!
We were joking that most business owners find the idea of systems to be boring – some are downright afraid of systems and let’s face it, creating systems isn’t the sexiest thing in the world right? I beg to differ when you consider…
There are two types of businesses – those with systems in place and those without. Those with systems in place are able to take time off from their businesses, as they have clear tools, processes and a team in place to take care of things in their absence. Which means you – the business owner – can take time off from your business without the whole thing falling apart.
Could you take a month off from your business if you wanted to? If the answer is no, my guess is that you don’t have enough or the right systems in place. Systems = more time off, that’s pretty sexy in my books! 
There is another equally important consideration that Beth shared, and that is the fact that putting systems in place can actually find money in your business.
An example is having a good billing system in place. It’s actually surprising to me how many businesses don’t have a billing system in place, one that makes sure everyone is billed properly and money is collected. Beth gave the example of one of her clients who, after putting a billing system in place, actually found over $100K in outstanding payments that were still owing to them. Yowza! I don’t care if your biz is big or small, that’s a good chunk of change.
This made me consider – we spend so much time working to find clients, build new business and bring new money in the door. But are you actually losing any of that money once it’s come in the door?
If you have a membership program, do you have a system in place to follow up with monthly payments and take care of any declines?
If you are a service provider, do you have a system in place to track your time/projects easily and invoice your clients each month? (I’ve actually had to ask contractors to bill me months after they’ve done work for me… yes, I want to pay you but you need to bill me first!)
Is there anywhere in your business where you might be leaking money?
Serious stuff, and could have a big impact on the ole bottom line. For more info on getting your systems setup check out Beth’s Outrageously Effective Systems and get instant access to the 3 systems every biz needs.
I also agree that systems are an awesome success tool. I do a lot of article marketing and a lot of people wonder how I’m able to get it done and not worrying so much about perfection.
This post made me realize that it’s because I have a system to it. I approach it the same way every time so that there’s no variables involved. I guess it was just so ingrained in me that I didn’t even realize what I was doing.
I want to work on creating financial systems like you talk about – especially since I’d like to specialize in membership websites one day.
Great post! Thanks!