WHAT ARE THE PROCESSES AND PROCEDURES IN BUSINESS ENGINEERING
In the process of business engineering, we start with a thought. An imagination. What is it that you imagine in your mind this business would look like, do, and seem like from the outside looking in and to the world? What does it mean to you? When do you know it is truly successful? What do you want to achieve with this business? What is your goal? Is it money? Freedom? Respect? Recognition? Opportunities? Creativity? Challenges? Social Engagements? The answer to these questions is extremely important. How passionate are you, really? Are you willing to do the day-to-day operational work of the business? What is your plan for its operation? What is your long-term plan? What is your exit strategy?
How are your finances and liquidity? Can you afford the cost of engineering such a business, or do you need financial backing? What are your plans for obtaining this help? So, before we go to the drawing board, we need to first become very clear about the most fundamental points, realities, and objectives.
The next part is the industry. What industry does this imaginary idea belong in? It is extremely important to be aware of the various pitfalls of each industry and decide how to avoid them. The same idea could be approached in many different ways; one could be a nightmare with a 100% failure rate, while another could be a blast with an almost 100% success rate. The difference is this exact point, and it comes with the decades of education and experience that we have collectively gathered under our belts here in the American Elite.
For example, let’s start with the imagination of an idea you had as a child. All along, you have had this thought, this desire, this dream, and it has grown with you to this point in your adult life. If it is as simple as a small shop selling vintage art pieces or vintage clothing, it is not a very complicated project. But what if it is to own a hospital, a surgical facility, a medical clinic, a home health agency, or any other healthcare facility? What if it is being your own boss as a professional and having your own multi-attorney law firm or accounting office? Obviously, the more elaborate the idea or concept, the more intricacies it entails. The part that usually adds a whole lot of twists and turns to these intricacies are the licenses, accreditations, regulatory red tape, and administrative requirements that each of these “projects” must fulfill before they are able to open their doors and earn the first dollar. And that is after hundreds of thousands and sometimes millions of dollars of money have been spent to get there over months or years. The worst part is that many people keep spending money and time without knowing what they are really doing, and after years, they run out of both. This trial-and-error approach is as bad as engineering a business would be.
So back to the question: what is the process of engineering a business?