Recently I read in a newspaper an article about a company that thought about selling. When they had their business appraised they discovered the business could not run without the owners.
Most small companies are busy growing their business and never realize what is needed to expand or sell. Most small and medium-size companies do not have any documentation including employee handbooks, organization charts, job descriptions, process flowcharts or any formal documentation that helps run their company more efficiently.
Speaking from experience in the 90s when I sold my first company, GLTN Computer Consultants, I called my brother, Gary Trugman, the principal at Trugman Valuations and asked how can I sell my company and show that the company can run without me. I was told, “write the book”. Back then I had no idea what he was talking about.
One year after my staff and I wrote the book, GL to you in computer consultants was sold. I did stay with my new employer for year as did the majority of my staff.
Today I talked to all of my clients and stress the importance of documentation. Whether it is workflows for your processes or step-by-step documentation to capture the knowledge, the bottom line is that documentation brings more value to your business.
To understand more about documentation, read Continutity Tools or call us today at (516) 935-5641.