23rd July
1. Repetitive processes
If the business involves repetitive processes, implementing systems can enhance efficiency and free up time of senior officials to focus on more important aspects of the business.
2. Employee turnover
When people leave, the acquired knowledge and expertise of number of years is generally difficult to pass to the new joinees. By implementing SOPs, the organisation ensures that well documented processes are referred by to new employees, which generally reduce the training time and also the impact of employee turnover.
3. Business is experiencing rapid growth
If the business is in a rapid growth stage, it is pertinent to standadise the procedures by implementing SOPs. The SOP shall maintain consistency across different departments which is vital when the business expand and workloads increases. Implementing systems ensure that the effort of people are directed towards organisational objectives.
4. Enchanced inefficiencies and error percentage
If things are falling through the cracks, tasks are taking longer time than desired, it’s time to put appropriate system in place. By creating standard procedures you can eliminate inefficiencies, reduce errors and ensure everything runs smoothly.
5.Business is experiencing increased complexities
If your business has become more complex its the right time to “simplify complexities”. Implementing standard procedure will be worth the time and effort.
#SOP #Finance #Accounting #Processes #Efficiency #Effectiveness #Internalcontrols
