If your are a small business owner who has people double-checking, QCing, or verifying things a lot in your business, I want to share how you can automate that (and how it works).
Maybe:
Invoices : packing slips
payments : invoices
schedules : billed
parts : orders
orders : plan
2/ First, let's understand what is being done.
A person has existing data or knowledge that allows them to compare incoming information to that existing reference.
So you get an invoice, you compare to existing packing slip to make sure you are billed right. This is to data.
3/ You get a list of items to quote, and use your industry knowledge to price them. This is comparing incoming information to knowldge.
Now lets take a break here, and discuss something else.
Deep Learning
When you have a history of items that came in...
4/ ... what they were checked against, and what decision was made, you have an extremely valuable resource. A history of human judgements, adjustments, or QC checks.
This is known as a "training set" in the AI world.
5/ It would be like tracking all historical packing lines, invoice lines, the decision made in a giant spreadsheet.
The decision you made is called a "label". You "labeled" that particular circumstance with what you wanted.
Approve
Doesnt Match
Reject
Adjust numbers
etc
6/ With that history, you can "train" a very simple program to see what decisions you made, and then keep making them in the future.
"oh, everything this supplier sends this type of bill, we put it against Supplies GL account, not Inventory"
It will now make similar decisions.
7/ Back to your person spending time every day checking, verifying, etc.
They are "labeling" in real time. So rather than keep a history, you can have a program watch what they do as they do it, and get better and better at helping.
It will soon catch all the same errors.
8/ This is basic models, available for free to those that know how to use/build them.
The idea of tracking real-time labeling, using it in deep learning to build assistants that help with auditing your work in realtime is a massive opportunity for small business!
This lowers the risk of “knowledge walking out the door” and makes it easier to scale experience based positions.
You can augment or suggest decisions for less experienced personnel based on the actions of your best people!
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"Owner willing to stay on after to assist with transition"
Am I the only one who would rather:
"Owner will hire you and then sell to you in 12 -24 months at an agreed upon price"
I would rather work under a previous owner for a bit and then buy it, then work "over" post purchase.
They would get to know you as a partner rather than a newbie who is just going to change everything.
You'd learn from the inside - the good and bad - with a time frame short enough to wait out things you didn't like and learn things you may have missed.
team doing A
A no longer possible, team gets creative and does B
Team crushes it with B
A possible again
Manager: "Great, now let's do A again, but we can't stop doing B. You got this!"
The team was able to do B because A wasn't possible.
Ex.
Team meets with customers to close big deals.
Covid
Team focuses on small accounts to find accounts not serviced well and parts that we never got.
Team still hits 20% growth.
Covid subsides...
Manager: "Ok, we should have been getting those tail accounts serviced better before. That was money on the table. We are going after large customers again with facility visits open....
The most powerful business concepts I have discovered so far.
All implemented/learned running a small fastener business
(some will seem impossible for traditional SMB, they aren't).
Not a complete list, but ones that have helped me build the company, wealth, and relationships
1. Customers are people.
So many business and sales tactics can be ignored. Everyone is human, and if it would make you feel great, special and served, chances are it is what they want too.
Be personal, thoughtful, empathetic, and truly look out for their well being and biz
2. Share the company success with those who are helping you get there. Everyone is replaceable, but your current team are the ones helping.
Share in that upward journey with everyone.
This builds incredible loyalty and the entire business will operate smoother
@tsludwig Great question. Besides the obvious - size of company, If you sit down and ignore WI and processes, you bang out key procedures in 10 hrs. Process take 20 hrs to get right in my experience, and WI you build as you go. I’d say a dedicated team of 1 per 10 roles can do 70% in 60 hr
@tsludwig The magic happens after you do this, armed with a better understanding, you’ll have so many streamline ideas. It’s hard to streamline what isn’t official, but this gives you a starting point to modify from. I also always institute immunity and growth engines immediately after
@tsludwig The hardest but best thing is to create a culture of collab after you implement this. If you set it up as a wiki, if becomes open source for the company, and it will grow way past what you document. I documented 1000 articles, we’re at 3000 now. It has taken a life of its own