Driving Value for Your Business & Defining Processes with Alane Boyd
Jul 02, 2024In the latest episode of the "Keep What You Earn" podcast, Shannon is joined by Alane Boyd as they delve into the importance of defining and automating business processes. If you're an entrepreneur feeling overwhelmed by the daily grind, this episode offers valuable insights on streamlining operations, reducing burnout, and building a scalable business.
Shannon begins by highlighting the need to turn your business into a product for sale, which is only achievable with well-documented processes. "Imagine if when Richard Simmons sold his videos, he had to come to your house and show you how to use it," Shannon jokes, emphasizing that a business should operate smoothly without constant owner involvement.
Alane, co-founder of Workday Ninja and an expert in operations and growth strategy, shares her firsthand experience. She successfully scaled a hybrid agency and software company to eight figures and sold it in 2018. "When we got acquired, the company wanted us to stay on for 18 months to implement our systems," Alane recalls. This success underscores the importance of having robust processes, both for operational efficiency and creating a sellable business.
One of the first actionable tips from Alane is to implement a strong project management system. Tools like Asana, Monday.com, and ClickUp can serve as the backbone for documenting and streamlining your business processes. Alane even offers a tool on her website, Workday Ninja, to help businesses choose the right project management software based on their needs.
Both Shannon and Alane stress that technology has made it easier to document and refine business processes. Shannon shares her experience: “I voice-noted a whole story about how I want the client onboarding to go. My team transcribed it, put it in ChatGPT to bullet point the process, and then refined it.” Alane adds, “Take that transcript, put it into ChatGPT, and have it write out the process. This can save you a lot of time and ensure clarity.”
One of the biggest challenges identified is the resistance to documenting processes due to a phenomenon Shannon calls "Hero Syndrome." This occurs when business owners or key employees feel indispensable and resist making their roles replaceable. Alane notes that this mindset is harmful to both personal well-being and business scalability. “If you can’t leave your company for a day or a month, you are your company,” she warns.
Alane also discusses the importance of making employees feel valued while ensuring they are replaceable. “You don't want them to feel replaceable, but you want them to be replaceable,” she asserts. This not only enhances operational efficiency but also contributes to employee satisfaction by reducing constant work-related stress.
Both hosts underscore that while setting up these processes can be time-consuming, the long-term benefits far outweigh the initial investment. Effective documentation can make your business more attractive to buyers, enable you to scale more efficiently, and improve customer satisfaction by delivering consistent service. Alane shares a compelling statistic from her own experience: “In 18 months, we saw the lifetime value of clients increase by 20%, and employees stayed on longer. This illustrates the long-term benefits of well-documented processes.”
To build a sustainable, scalable, and potentially sellable business, start by documenting and automating your processes. Use project management tools to centralize your operations and leverage technology to make the process easier. Overcome resistance to change by focusing on the long-term benefits for both you and your team. As Alane and Shannon illustrate, these steps can lead to a more enjoyable, profitable, and less stressful entrepreneurial journey.
Alane Boyd, Co-Founder of Workday Ninja, is an operations and growth strategy expert specializing in AI and automation to enhance client efficiency. Her entrepreneurial success includes scaling her first business, a hybrid agency and software company, to 8 figures and successfully selling it in 2018. She has been featured in Entrepreneur, HuffPost, and SXSW and is a three-time published author.
KWYE Listeners - here are two free tools to use:
- Project Manager Tool Selector Tool: https://bit.ly/wmspicker
- Automation Idea Generator: https://form.typeform.com/to/IiX7bCVX
LinkedIn: https://www.linkedin.com/in/alaneboyd/
Website: https://www.youtube.com/@WorkdayNinja
What you'll hear in this episode:
04:57 Documenting processes helps visualize and streamline operations.
08:52 Prepare business like selling a house.
11:49 Guidance, empowerment, and ownership improved team processes.
16:18 Key to company success: project management system.
18:15 Use a knowledge base to save time.
20:11 Long-term involvement may indicate over-attachment.
23:18 Initial resistance to change ultimately led to success.
If you like this episode, check out:
My Biggest Takeaway from "10x is Easier Than 2x"
The Little Things That Unlocked Growth in My Business and Life
Creating an Outstanding Customer Service Experience
Want to learn more so you can earn more?
Try Kajabi free for 14 days here: https://app.kajabi.com/r/zGmoZA9E/t/tsfmvbq4
Visit keepwhatyouearncfo.com to work with Shannon and her team
Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
