In a Proven Profitable Business Model, work flow consists of the key activities your business needs to perform to create your products and services and deliver your value. These activities fall into three categories:
- Problem Solving
If your company creates or manufactures physical objects, production will be a key activity in your work flow. Companies depending on the creation of information products and intellectual property will also rely on production as a key activity. Service providers focus primarily on problem solving, and delivering new and better solutions to increasingly challenging problems for their customers. Platform development is essential to online business models. Platform development includes the development of the tools used (i.e. website) and the connections necessary to make with large numbers of people to drive traffic and create sales. The important thing to remember when looking at work flow is to consider what key activities create the fastest path to profitability for your business.
For example, you might be a service provider, and you have become convinced that you need a website to deliver your products and services to a broader audience. This is a great idea, but websites require resources in the form of time and money. Is creating a website the best use of these resources at this point in your business, or would spending that time and money on serving and building your current client base into raving fans be more profitable? Only you know the answer to this question. Avoid getting caught up in activities that actually interrupt a work flow that creates cash flow.
Once you have identified key activities that create profitability in your business, develop a calendar or work flow chart for yourself and your employees or contractors. Ask your staff for input and review and revise this chart regularly. Your work flow chart should have times marked for when tasks are due, how long they take, and who is responsible. Delegating tasks and creating healthy a work load becomes much easier when you have this information in written form.
Need help in developing a work flow chart to track key activities in your business? Contact me for a complimentary strategy session and a free template at [email protected].