Gary Holt Blog

Exit Strategy Series: Turnkey Management Profitable Businesses Use

Posted by Andrea Hewett on Fri, Apr, 10, 2015 @ 10:04 AM

turn keyMany people are misinformed about what a turnkey management is and what is involved. I often hear people say that not every type of business can be a turnkey business. That simply is not true. The concept of a turnkey business is to be able to turn the key in the door and the business runs itself. While this doesn’t mean everything is automated and people are not required, it does mean that the processes are in place so that everyone knows their job and the business is not reliant on one person.

Think about that for a minute. Do you have an owner, manager, or even an employee that the business cannot function without? If that person calls in sick are you scrambling around, fumbling through their tasks, or calling them every 15 minutes to figure something out? Where would you be if something worse happened to them and they were out of commission for weeks, months, or even forever? More businesses shut down because they don’t have the steps in place to keep the business running on its own than for any other reason.

The good news is that this doesn’t have to happen to your business. Once you have turnkey management in place, you can run the business the way you want and also give yourself the freedom to do what you want. Remember when you started your business so that you could work the schedule you wanted? Now you are so busy putting out fires and making sure you are keeping your customers happy that you spend more time in the office than anywhere else.

Before you can have a turnkey management system, you must get started on the steps you need to turn your business around. It takes a lot of work, but the end result is a self-sustaining profitable business that can run with or without you (whichever you prefer).

There are 9 Key Steps to a Successful Turn Around

Step 1 - Strategy Development & Research

Step 2 - Financial Plan

Step 3 - Team Development

Step 4 - Marketing Plan

Step 5 - Operating Plan

Step 6 - Management Plan

Step 7 - Deployment

Step 8 - Recruiting & Hiring

Step 9 - Revisit the Business Plan

To learn more about these 9 Steps and what they entail, check out our page: I Want to Turn My Business Around.

Once you have turned the business around, you can begin the process of creating your turnkey management system.

The Most Important Tasks You Need to Achieve Turnkey Management are:

  • Clarifying your goals and making a commitment to achieve an outcome by a predetermined time frame.
  • Making a list of everything on your mind as well as all of your to-do lists.
  • Prioritizing your lists into a master project plan and sorting them by job categories within business functions such as: Marketing, Management, Operations and Finance.
  • Breaking each project into action steps using the following tools; Project Management Software, Action Plan Forms, Brainstorming Forms, Gathering support information and materials, Planning each action from the bottom up.

(Get your copy of our Action Plan form FREE below.)

 Get your FREE Action Plan Form Here!

  • Prioritizing each action as one of the following:  critical, high, medium, low or ‘good to have’.
  • Planning and tracking action items into an appointed daily schedule. 
  • Keeping your master project list with you at all times.
  • Having your contact list readily available for fast and easy retrieval of information.
  • Getting your critical daily actions on your daily calendar by time and duration and keeping it with you at all times.
  • Ensuring that every employee is getting their critical daily actions on their daily calendar by time and duration and keeping it with them at all times.
  • Taking time to review everything you have accomplished and results that were achieved on a weekly basis with each employee.
  • Creating a master process map for each function within the business and running everything through those process maps – automating repeatable tasks where possible.
  • Planning flexibility into each day by managing everyone’s actions.

There is great info on Why You Need to Turn-key the Business that discusses these important tasks in more detail here.

 

For some great information on what exit strategy is all about, check this out.

So how will you turnkey your business? What have you learned from this post? What comments can you offer that will add value? We’d like to hear from you in the comment section below!

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