That analysis was based on finding the biggest bottleneck tasks in your business. These are the things that require time and bog down efficiency.
In this post we’re going to analyze how you should create procedures for the tasks that generate the most revenue for your business.
Many business owners stumble through the process of delegating tasks that generate revenue. It’s hard to offer such an important task to another person because you know you can do the task effectively.
However, in order to scale you know you need to delegate this tasks.
After reading this post you’ll know how you can create a procedure that will ensure success when you delegate your revenue generating tasks.
Step 1: Identify the Tasks that Generate Revenue for Your Business and Prioritize Them
Most entrepreneurs get caught up in urgent tasks instead of moneymaking tasks.
This is what author Michael Michalowicz discovered. He’s created a way for entrepreneurs to prioritize their work so they are always generating money.
The idea is to focus on two types of tasks. The first type is the tasks that make you money within 6 days. The second type is the tasks that wow your customers or make them happy because when your customers are wowed they’re going to tell others and you’ll earn more customers, which means more money.
Mike’s method is a great way to start your list of revenue-generating tasks. Create a list of your moneymaking tasks and rank those in order with the highest revenue-generating task at the top.
Expanding on the idea of prioritizing is Eddie Leonard. He cites the work of productivity expert Julie Morgenstern. She has found that entrepreneurs often prioritize tasks based on ease of completion. This gives the entrepreneur a sense of satisfaction by completing tasks even though those tasks might not be revenue-generating tasks.
Her recommendation, and that of Eddie Leonard, is to focus on revenue-generating tasks as the highest priority. By doing this, entrepreneurs give themselves opportunity to succeed instead of getting caught in the common productivity trap of working on tasks that don’t move the business forward.
Instead of creating a to-do list, create an intelligent to-do list focused on revenue-generating tasks. (Click Here To Tweet This Quote)
Take Action: Create a list of your revenue generating tasks. Prioritize the list and begin with the highest revenue-generating task. This will be the first task that you create a procedure for because when delegated to your employee it has the potential to provide the biggest return.
Step 2: Document the Procedure for Your Employee(s) to Follow to Complete the Revenue Generating Task
Once you know what your highest revenue-generating task is you can really take control of your business and take it to the next level.
To do this you need to create a procedure so that an employee (and later, employees) can take over the task to scale your revenue-generating tasks.
In this article, sales coach Jeremy J. Ulmer discusses how he’s worked to improve the sales procedure for multiple companies. One way he was able to improve a sales procedure was by setting aside time blocks for selling. This gave employees specific times to work on selling instead of having them work sporadically throughout the day on the task.
By providing direction to your employees with a specific procedure you are giving them something to follow so they can be successful for your company.
There is a lot of work that goes into creating a procedure, but in the long run it can lead to a better business process.
In this example, Matt Heinz explains that since you are in business to generate revenue by meeting the needs of your customers, you should actively be involved in completely defining the sales process so that your employees have a clear roadmap to follow because it is the foundation on which successful, streamlined sales focused businesses are built!
To create the best procedure for your employees you need to use your knowledge and those of anyone that touches the process. This will take extra work, but it will lead to a better procedure that will be easy for employees to follow while being efficient and profitable for your business.
Take Action: Document the procedure by outlining every step and detail your employee will need to follow to complete the task effectively. This is the most important step. If you do not provide the required information your employee will miss steps in the procedure and you’ll lose out on revenue.
Step 3: Identify the Best Employee capable of Executing the Revenue-Generating Task and Delegate it to them
At this point you’ve already prioritized all your revenue-generating tasks and created an easy to follow procedure for the repetitive task that generates the most revenue.
Now it’s time to identify the employee that can best perform the first revenue-generating task on your priority list.
Here is an example from sales expert Norm Brodsky. He says that the best salespeople focus on the single most important thing the prospect cares most about. In another example from Michael Michalowicz he highlights eight things that the best salespeople do.
These traits represent salespeople that are not pushy with prospects. They are more likely to put in the work ahead of time and let the customer sell his or herself on the product or service.
In both examples the salespeople follow a specific procedure for selling, but they also possess the right character traits that make them the best fit to handle their designated roles.
If you delegate a revenue-generating task to an employee that does not possess the right character traits to handle that specific task, you will lose out on revenue.
Delegate your revenue generating tasks to your Employees with the best character traits required to deliver results! (Click Here To Tweet This Quote)
Take Action: Give the procedure for the most revenue generating task to your employee best suited to execute the task. You want the person that can follow your procedure and also is the best fit character-wise.
Step 4: Measure the Results Delivered by the Employee and Make Improvement to the Procedure when Necessary
In this article, Tom Freese discusses how sales processes and salespeople can lose effectiveness. Over time, processes can lose effectiveness and if you don’t have the right people in place your business can start heading downhill.
Tom’s example brings up a good point – to have an effective procedure you need to measure the effectiveness of both your procedure and your employees.
One method for measuring the effectiveness of your procedure is to track the amount of revenue generated back to the specific employee executing the procedure. You could even take it a step further just like Andris A. Zoltners suggests and identify the common attributes of the employees using your procedure to generate the most revenue. Learn from their shared attributes and use that knowledge to help you improve the procedures for your revenue generating tasks.
Take Action: Measure the amount of revenue the employee is generating based on your experience with the procedure. If they are falling behind have a discussion to see if there is a problem with the procedure, the training or with the employee. If the employee is generating more revenue you can ask them how they are doing it and improve the procedure for others.
Step 5: Move Down the List to the Next Prioritized Revenue Generating Task and Repeat Steps 2 through 4
Once you have created a procedure for the repetitive task that generates the most revenue for your business and have gone through steps 1 through 4 highlighted above, then you can move down your list to create a procedure for the next revenue generating task.
This is what Jeet Banerjee did for his business. The first item on his list for his business was to create a product that was scalable; one that could be created by following the same series of steps. A lot of effort went into creating the product. After he created the product, he created a procedure that his employees could follow to deliver the same product on autopilot to his customers without his constant involvement.
From there, the next item on his list was to create a procedure for his salespeople to use to convert leads into paying customers. Jeet came up with a procedure that outlines his entire sales process. Now when his sales representatives get a new lead they simply follow his procedure to deliver his desired results.
Take Action: Once things are going smoothly with your highest revenue generating task you can go back to your list and follow the above steps 2 through 4 for the next item.
Do You want Your Employees to Help Generate More Revenue for Your Business?
The task that generates the most revenue in your business has the potential to generate even more if you are able to delegate the task to other employees.
Many business owners struggle with this because it’s hard to document the procedure so an employee can effectively handle the important task.
Documenting a procedure for your revenue-generating task gives your business the highest chance to grow because you’ll be scaling the task that generates the most revenue.
Follow the steps above to ensure your employees have everything they need to succeed in the task.
Empower your employees to generate more revenue for your business! Use SweetProess to quickly and easily write procedures for those repetitive tasks in your business that generate revenue. Click here to Sign up for a FREE 14-Day Trial of SweetProcess!
Do it with SweetProcess, click here to learn more
Thanks for another great article. I really like how you guys link out to so many other good sources and examples.
Thanks @gohnjanotis:disqus for your compliment. We appreciate it!