In this episode of the Lucky 13 podcast, hosts Mike Lantz and Josh Hauser discuss the significance of systems in business. Mike introduces SRV HR, a new venture by his company, ML Talent Strategies, which packages their HR expertise into a licensing model for HR executives to start their own businesses. They emphasize the value of repeatable systems for scaling businesses and improving their worth at exit. The conversation touches on the importance of documented processes for consistent outcomes and the attractiveness of such systems to potential hires. They also highlight the risks of not having systems, such as the loss of key personnel without succession plans. The episode underscores that well-documented processes are crucial for business growth, talent attraction, and increasing enterprise value.
The importance of creating repeatable systems and processes (00:00:49) Mike discusses a new venture with his company, creating a licensing model, and enrolling HR executives to help them start their own business.
The value of repeatable systems in business (00:03:18) Mike and Josh discuss the significance of having predictable systems and the impact of not having them in business operations.
The impact of documented proven systems on company value (00:05:09) The conversation centers on the increased value of a company at exit if they have documented proven systems and the implications of lacking repeatable systems.
The role of systems in creating enterprise value (00:08:48) Josh explains the concept of enterprise value and how structural capital, including processes, influences the value of a business.
Coaching businesses and leadership teams to create processes (00:13:02) Josh explains the process of identifying core processes, simplifying documentation, and the importance of having clear processes for all business functions.
Strategies for creating processes and systems (00:15:29) Mike and Josh share their personal approaches to creating processes, including using recording tools and visual aids, and discuss the importance of understanding how individuals learn.
Delegating the creation of processes and systems for the podcast (00:17:06) Mike delegates the task of building processes and systems for their podcast to Josh, emphasizing the importance of documenting and delegating tasks.
