You have a record
Now that your long-term and short term goals have been set, a smart practice is to review your progress every six months. You must determine whether the paths you have chosen are working well, and if not, to alter them. This activity will put your business on a faster track for achievement.
Employees know what to do
If you currently have employees or eventually plan to have them, it is wise to document everything you do so that you may easily train them. A CPA once shared that it costs $25,000 to hire and train an employee. The more efficiently you can get your employees properly trained, the less the expenditure and the greater likelihood of their contentment and willingness to remain in your good hands.
Easily write a book
When you have built a successful and/or unique business, if you have all of your documentation in place, you will easily be able to write a book on how you did it. It will be a book that new business owners will want to read. The published book may well open new doors for you to expand your business.
License your work or franchise
Large companies franchise and small businesses license their work. If you have any thought of doing either, your documentation will make this process a natural to implement.
Create a product line
You have already written your book so it is now time to expand your product offerings. Reports, articles, newsletters, audio files, videos and online education are all at your fingertips now that everything is documented and in place. You are in control of where you take your business.
Reveal your bottom line
When you review your record as stated in step #1, you will quickly realize what your top money-makers have been. The idea is to spend more time on your top money-making activities and slowly discard the ones that have not contributed to your bottom line. This will help you achieve financial success far more quickly.