When we started our first firm, each of the partners had distinct specialties (OK, 3 distinct specialties). And, we managed to work together, as a team, to grow our business.

Over time, a series of task descriptions and SOP (standard operating protocols) were developed to ensure that any of us could effect the more perfunctory tasks of the firm. (Bookkeeping, invoicing, banking, client reports [with a consistent look and feel] were among our “joint” needs.)

When I ventured into a manufacturing firm (a spinoff from the first company), almost all the tasks were documented and SOP secured immediately. That way, it would be possible for almost anyone to take over a position, should someone go on vacation or become ill.

Which also became critical as we grew the business. Because we kept promoting those who performed well and had been with us for a while. Which meant new folks were picking up the tasks that were no longer being done by those just promoted. And, with the protocols, it meant everything was pretty much done the same way. Our institutional history was intact and available to all.

This is the same sort of services we provide our clients when they retain our services as CXO (the middle letter changes- we function as CEO, CFO, CRO). We document the processes and systems that are needed to accomplish the tasks, honing them so they are easily accomplished. And, we use those systems to train our clients’ staff to take over the functions before we are gone- to provide time for any additional training that is necessary for those folks to be successful in their efforts.

Whether someone is an executive or a production employee, what those folks do (unless there are extra employees around- and given the lean operations for which we all strive, we know that doesn’t obtain any longer) is critical for the establishment success.

Admittedly, if it is a supervisor, then when that person is gone, productivity would be more grievously affected than if one production worker (of a team of 10 or so) is out. Instead of a 10% change, it’s probably closer to 20 or 30%. But, with well-developed SOP, that drop in productivity is short-lived.

Now, years ago, we also took out key man insurance (on all of us). So that if one of us died, we’d have the funds to hire a fantastic replacement, whose skills and abilities could overcome the lack of experience that person may have.

And, in our case, it was death that created a vacuum in certain positions. But, the situation is more complicated now- more often than not, the individual has not (thankfully) met his or her demise, but simply left for “greener pastures.” Which means the key man insurance never pays out- no one died!

That makes it even more prudent to monitor all your staff. So, that you know who could be promoted, who could be placed in that newly opened position, when the situation so demands. Because just like making SOP is a valid corporate consideration- so is knowing who is ready to take up the baton should someone leave or your business is growing rapidly.

Now, you know some of what we do when we help a firm grow its bottom line.

Getting ready to do your taxes yourself?   This will inform you of what has changed for this year’s filing season.  (Of course, you can contact us-  we’ll ensure that you pay the lowest amount of taxes required by law. 🙂 )

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