In this article we will discuss the 7th Primary Internal Practice every company must have to achieve 9 Figure Success. This Primary Internal Practice is Information Technologies.
Information Technologies or the IT department has changed massively in the past four plus decades and there are many aspects to it that the majority of 7 and 8 Figure founders do not realize are essential for you to scale your company to 9 Figures and more, so let’s get started.
A good IT department today not only manages your computer network, they also maintain and keep all your computers operating at peak performance, as well as your smart phones and ensures they are interfacing with your computers properly. This also includes tablets you may use in your company.
In addition to this, the IT department is responsible for your phone system, your email security, text message security and all other security systems connected to every piece of technology in your company. This includes your website, your landing pages and so much more, it is hard to comprehend.
Unfortunately, in todays world there are countries that do not have any laws against hacking which includes the use of ransomware. Should your system be taken hostage and ransom is demanded you have two choices: One, pay the ransom which they generally require to be paid in a form of bit coin because it is untraceable and easily convertible to other currencies. And hope they give you the security key to unlock your system.
The better plan, is to have a great IT department that will have remote site daily backup that is not constantly connected to your platform or your remote can also be held for ransom. A good IT department will have seven to ten days of daily backups plus three consecutive monthly backups. We have often been asked “Isn’t this overkill?”
Our empathic response is No. One of our rapid growth clients that was generating mid eight figures in revenue, recently had their IT system taken hostage. This shut down the whole company. Thankfully in alignment with the coaching we provided, they had an emergency plan in place. It took the IT department three very long days to perform their magic at restoring all the company’s systems. They estimate the cost of rebuilding their systems, changing all their security, adding additional firewalls plus emergency help and everything; cost approximately Two Hundred and Seventy-Five Thousand dollars ($275,000) not including lost revenue during the shutdown.
This was far less than the amount being demanded by ransom thieves.
With todays cutting edge technology, you can know from minute to minute all of your data and financial metrics, including your company’s profitability for the month and year, within a five-minute window.
You will have this capability if you have a complete ERP system. ERP is Enterprise Resource Planning. Every industry has a variety of vendors with a variety of versions of ERP programs.
The most important part of ERP is when it is properly set up, it tracks everything in your company. And we do mean everything. The average ERP system has over 20 modules in it and will give every executive and manager in your company up to the minute analytics of every department in your company.
Every Executive and manager in your company will have a digital dashboard, just like in your car. A Managers Digital Dashboard will have “that managers” most important responsibilities being tracked on a real time basis. Each managers dashboard can be configured with low and high parameters. When a tracked item falls outside the parameters that have been set, the manager is immediately notified. This allows the manager to be proactive and discover what has happened in their area of responsibility that triggered this warning. This feature is most often used for critical metrics that require real time tracking.
It also provides long term tracking which will spot recurring issues that helps management dig deeper and potentially find what is causing a recurring issue so a process can be developed to help reduce or eliminate this reoccurrence from happening.
Executives dash boards are configured to track their areas of responsibility and are often best used for long term planning.
Marketing can track every strategy and tactic it is using to learn how well its individual programs are attracting prospects.
This can be matched with Sales to learn if the prospects are perfect for the company because conversions are high or help marketing learn the prospects, they are attracting with a particular program, are not the right fit for the company or learn if operations need to modify a product or service that fits better with this particular prospect pool.
Finance is monitoring margins on all products or services being sold and can recommend a price increase or decrease to improve financial results. It also knows every financial aspect of the company on a real time basis.
Human Resources is able to monitor everything going on with employee attendance including the amount of overtime or reduced hours and guide possible transfers to another department to insure employee retention.
Until next time …