Trainual’s 2023 State of Small Business Knowledge & Training Report recently came out with an important lesson for small to medium-sized business (SMB) owners: documentation is crucial for your business’s revenue, retention, and performance.
The proof is in the pudding: Out of 600 SMB leaders surveyed across 20 industries, 40% of businesses with well-documented processes said their revenue increased during the pandemic.
Your business’s documentation will act like a rule book and keep everyone on the same page. New employees will know what to expect, current employees will know exactly what they need to do, and everyone is held accountable for their roles and responsibilities. Without a proper rule book, it is difficult to pinpoint what’s working and what isn’t in your business, and, if you have plans to grow your business, lack of documentation will make it difficult to scale.
Is improving your business’s documentation—onboarding, training, SOPs—on your 2023 list of resolutions? Schedule a consultation with IMS so that we can review what you already have and find the hard numbers as to what’s working and what can be improved. Let’s make 2023 your strongest year yet!
To see other insights from Trainual’s 2023 State of Small Business Knowledge & Training Report, visit https://trainual.com/manual/state-of-small-business-2023
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