We have devoted a significant amount of time to discussing stock valuations, fundamentals of cap tables, and other issues directly tied to the financial challenges that high-growth companies face. However, managing time is equally important. It isn’t uncommon for entrepreneurs—especially in the early stages of a company’s lifecycle—to spend 75-90 hours a week working. Even the average American employee spends 14 hours (approximately 35% of their week) solely on email. Developing systems and processes early enables you to allocate your limited time towards advancing your business instead of maintaining it, fostering culture—and their appropriate implementation makes your business infinitely scalable.
Entrepreneurs can create a business system for anything that moves their company towards their desired objectives. Don’t dismiss a process as an unnecessary element whose sole purpose is to achieve a higher degree of work-life balance. Control adds value. Your established systems speak to command, control, and consistency if you decide to sell your business.
The key to establishing a system is ensuring that it is repeatable. This applies to everything from the relatively minor task of how employees manage email to the fundamental need of ensuring the products your west coast team creates can be used or matched by your east coast one. Implementing a process that generates a company-wide standard begins with identifying who the system is for and how the task will be accomplished. Begin with the end in mind and have an idea of the expected outcome that needs to be completed. During the initial stages, you can recruit people for whom the process is for and ask for their input. Generate something as simple as a checklist. When the basic framework of the process has been established, create a method of dissemination. Lastly, have a means of storing your processes so that they can be referenced by current and future employees.
Even if the process is an outright failure, you are still ahead. Action leads to traction. The pain points offer you something to react to. The system must be refined after it is implemented if it does not create efficiency, add revenue, or improve any other Key Performance Indicators (KPIs) of your choice. Time can be as valuable as money, and systems and processes enhance both.
Inceptiv Law
With large firm and in-house experience, Inceptiv Law has intricate knowledge of the unique needs that high-growth companies face and what they demand from their attorneys. Our background and operational understanding enable our lawyers to be risk-aware instead of risk-averse. To learn more about how we can support your company, contact Inceptiv Law to schedule a consultation.
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