I know, I know. Policies and procedures definitely aren’t the most fun part of business, but having the right ones can go a long way in setting your company up for success. We currently have 2 P&P development projects going on and both organizations are already seeing the benefit of having better controlled environments.
One is a young company that is positioning themselves for rapid growth over the next few years. By laying the groundwork now, future employees, clients and vendors will all understand how the organization does business. Documenting everything from corporate planning to paying invoices will give them the confidence to grow organically or via M&A knowing they have a sound business core in place.
The other group has been around for 50+ years. It has been years since their policies were updated. Employees are actually excited about having guidelines on how different processes are supposed to function! Can you imaging working under assumptions for years? Now there are fewer concerns and more relieved faces if questions arise about purchases or who has the approval authority to sign a new contract.
Properly organized and documented P&P’s offer:
- A playbook for ‘how we do business’
- Consistency for all employees, customers, vendors
- Protection for employees
As you can probably tell, I’m a big fan of company P&P’s…now if I can just find a set that my kids will follow!