First: What IS a standard operating procedure?

A standard operating procedure is a set of written/audio/video instructions that describes the step-by-step process that must be taken to properly perform a routine activity.

It’s intended that SOPs be followed the exact same way every time to guarantee that the company remains consistent - especially if you work in a highly regulated or monitored environment such as financial services, some health providers, and even for health and safety reasons…

This is the seventh in the discussion of the eight growth drivers that generate value.

There are many ways to create loyal customers such as providing a valuable product/service and excellent customer service.

There’s another way that you can extend this value that will increase your customer loyalty - creating a model or offering, that solves your customer’s need so they buy what you have consistently.

Recurring revenue makes your company more predictable, extends the lifetime value of your customer, and ultimately makes your business more valuable. Valuable to you now and in the future.

I wrote a couple of weeks ago about how cash moving through your business is its lifeforce. It allows you to fulfill your mission, strengthen the business so it, your employees, and customers thrive.

Creating a recurring revenue stream is another way to bring cash flow into your business to create these automatic sales.

While there are many ways to do this, I’ll share how a simple service contract could be the place to start for many…