38 SOP Secrets Revealed
Bill Farirman (00:04):
Hey there. It sounds like a ding dong. I heard that, didn’t you? Bill, Wendy and Jonathan. We’re going to talk about SOP. Standard Operating Procedures to be confused with SOV. Yeah. We’ve got plenty of those. It can be an SOV if you don’t do your SOP.
Wendy Sweet (00:22):
That’s right. That’s right. And what really made us think about this is cause right before we started recording for today, we were in a meeting with our entire staff talking about everybody had to put together their own standard operating procedure. And it’s important for several different reasons, even if you’re just one person in a business, right? Yeah. Because if something happens to you and someone needs to come in and sit down and do your job for you, they need to know where to even start. Right?
Jonathan Davis (00:52):
Yeah. Just think about how would you explain to your four year old how to do this and then that’s a good starting point. Hopefully your four year old’s not your replacement, but you make it so granular and so detailed that it is literally a step by step process. It’s not like, Oh yeah, we print out whatever form and then where do I even find that form? That’s right. So it’s very granular. Yeah.
Bill Farirman (01:18):
If you want a good outline, look at the back of your shampoo.
Wendy Sweet (01:21):
Yeah. Rinse and repeat.
Bill Farirman (01:27):
Yeah. Well, and the other thing I think that that we discover when we go through these is, especially when you’ve got a team like ours where we’re at, what, nine or 10 people now that you don’t want to step on each other’s toes, you find that maybe something that you’re doing, someone else should be doing or someone, two people are doing the same thing. That’s right. That’s right. Which is double work.
Bill Farirman (01:51):
Yeah. By the way, it’s really easy to record these things. You don’t have to sit down there and type out all these instructions. You can just do an audio recording. You can do a screen capture of your computer. If it’s something I’m doing on the computer and narrate it, you can just hold your phone up and record something if you need to. And yes, they’re going to be subject to change and you need to update them. But you know, if you’re out sick and somebody else in the office needs to do something, you know, they need to know how to do it. Yeah. You know, God forbid you step out in front of a bus and it might be a little long recovery period. It can’t stay in your head. Yeah. It needs to be in some sort of a platform. Yeah.
Jonathan Davis (02:34):
You know, we talk about it in our, in our meetings is, you know, it’s a tendency of us, of humans to want that security and safety. And if I don’t share the detail, they need me, they need me. And then, you know, I tell them, that’s great. I hope you never want a promotion.
Wendy Sweet (02:48):
That’s right. That’s right. Cause if we promote you, who’s gonna replace you? How do they know to do what you know? That’s exactly right. And I like the idea. You said it was all in your head. You know, back in, uh, 2003 when I started lending hard money, it was just me and it was all in my head and I thought I knew how to do it all. And well, I did at the time and I didn’t have any, you know, notes of what needed to be done next. I knew that this needed to be done and that needed to be done and I was younger so I could hold more in here. Now I can’t, sitting in that meeting, it was really kind of funny for me because you know, each person is talking about the little things that they’re doing and I’m sitting there going, I don’t, I don’t know how in the world that I didn’t even know all this stuff was getting done. It was great. It’s great. All the little details that are in there. In fact, I got a little bit nervous too because we’ve got this new program, this, this TMO that’s coming along. I have no idea how to work in. I thought to myself, should I know, should I stop and learn how to work this? Am I ever going to really need it? You know? Cut a little nervous by that. No, I don’t have time for that. But I’m glad there are other people who do SOP on it. That’s right. That’s exactly right. And that’s a great way to look at it. Yeah,
Bill Farirman (04:00):
But bottom line is if you’re a one person shop or you know 25 you need to have SOPs in place. If you’re a one person shop and you want to expand, do you want to spend all your time training the person you’re bringing in or can you just cinematic computers.
Wendy Sweet (04:18):
Or if they get through people having a retrain the same stuff.
Bill Farirman (04:23):
If you have a virtual assistant It’s easy for them just to log on and go through the videos and understand it.
Jonathan Davis (04:28):
Yeah, it creates scalability. Utilizing virtual assistance immediately. They can just go in, watch it, read it, whatever it is and take off with it. That’s right. And virtual assistants, I think it’s really important to understand what it is you’re telling them to do. I know a lot of people that have virtual assistants, we’ve had them on and off, you know, with the needs that we’ve had. And I think the biggest mistake most people make when they say, Oh, I don’t really like having virtual assistants. The problem is is they haven’t train them right. Because it’s, you know, it’s a great asset to have one or two or 10, but you’ve got to really train them on what it is that you do. So if you already have these standard operating procedures already set up, whether they’re on paper or on video, it’s something you just give that person and, and they pick it right up,
Bill Farirman (05:15):
Right. And they’re always going to ask a few questions. But if they have the basics down and you have that there, it’s not taking up as much of your time. And if they can continue to review it as well and improve on it. Yeah.
Jonathan Davis (05:27):
And, and think about the nice sleep that you get as a business owner knowing that your company is profitable, not because of accidents, right? There’s actually assistants and processors like, Oh Whoa, we actually made money and we over looked all this, this and this, you know, that’s right.
Bill Farirman (05:43):
And so here’s the standard operating procedure I’d like to share with everyone. It’s currently 10:54 PM Eastern standard time. And my SOP is, this is the time I start to eat lunch. I started with two slices of pizza anyway, every day. So he can do that. Right. Thank you so much for joining us. I hope this was helpful. Don’t forget to share, like, and subscribe and eat your pizza here. Carolina capital management is the name of our business and CarolinaHardMoney.com for more information and if you want a bigger slice SOP getting into detail, well done have a great day.