Small Business Shared Interest Group

  • 1.  The Value of Standard Operating Procedures for Small Businesses | IMA (sfmagazine.com) - publication

    Posted 07-15-2024 12:22 PM

    The Value of Standard Operating Procedures for Small Businesses | IMA (sfmagazine.com)

    @Renata Serban and @Ilya Ilienko wrote and published the following for Strategic Finance

    Renata Serban, CPA, CMA | LinkedIn       Ilya (ilya ilienko) Ilienko, dual MBA, CPA, CMA | LinkedIn

    Tiny glimpse:

    The Value of Standard Operating Procedures (SOPs) for Small Businesses. SOPs are pivotal for small businesses, providing structured guidelines to standardize processes, enhance efficiency, and facilitate employee training. By documenting workflows and procedures, SOPs reduce errors, save time, and maintain product or service quality. They also play a vital role in ensuring compliance with regulatory standards and mitigating risks associated with audits or inspections. SOPs are applicable across various industries such as healthcare, food and bev, and financial institutions, SOPs are vital for ensuring compliance with industry regulations. SOPs can be simple and straightforward, or very technical and complex.

    Key takeaways:

    ·        SOPs streamline operations, reduce errors and save time.

    ·        They aid in ensuring compliance with regulatory standards.



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    Ilya Ilienko, dual MBA, CPA, CMA
    Board Member / Director
    East Coast - United States
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  • 2.  RE: The Value of Standard Operating Procedures for Small Businesses | IMA (sfmagazine.com) - publication

    Posted 07-31-2024 09:51 AM

    Thanks for highlighting this SF article!  I handle learning and development for my firm.  As mentioned in #3 in the article, I've found that SOPs are invaluable when training new employees.  They provide guidance, keep everyone on the same page, and are a good reference source when learning new tasks.  



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    Amanda Bernard CMA,CPA,CFE
    Director/Manager
    Douglassville PA
    United States
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  • 3.  RE: The Value of Standard Operating Procedures for Small Businesses | IMA (sfmagazine.com) - publication

    Posted 07-31-2024 02:04 PM

    Indeed @Amanda Bernard 

    We found many many uses of SOPs when writing this article, especially if you take into account highly regulated industries such as banking, biopharma, agriculture, and such . . . 

    SOPs do streamline, add efficiency, and increase autonomy during new hire training and onboarding and such. Some companies are very strict with SOP management and documentation process. Adopting SOPs would save a lot of time and hassle for a lot of companies - they are applicable pretty much everywhere.

    @Renata Serban



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    Ilya Ilienko, dual MBA, CPA, CMA
    Board Member / Director
    East Coast - United States
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  • 4.  RE: The Value of Standard Operating Procedures for Small Businesses | IMA (sfmagazine.com) - publication

    Posted 08-01-2024 01:43 PM

    Wonderful write-up on the value of SOP for small businesses. I work for a start-up, and the value of SOP is immense when trying to establish processes and stabilize operations. I would love to learn more about best practices for developing SOP from scratch in the childcare space. 



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    Sindhuja Selvakumar CMA
    Analyst
    Coimbatore TN
    India
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  • 5.  RE: The Value of Standard Operating Procedures for Small Businesses | IMA (sfmagazine.com) - publication

    Posted 08-01-2024 01:51 PM

    yes of course @Sindhuja Selvakumar - I agree with you.

    You can find SOPs by searching for them online, there are drafts for different positions and for different industries, such as yours. You can take a downloaded SOP and tweak it in Word for your company/team. SOPs typically do not need to be of specific format (unless required by regulations for example).  We had SOPs in Word and Excel in many of my companies, just has to be straightforward and legible. For example, an SOP can exist for your position, what your duties/responsibilities/daily/weekly deadlines, recurring items - basically how to do one's job if they are new to the position.



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    Ilya Ilienko, dual MBA, CPA, CMA
    Board Member / Director
    East Coast - United States
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  • 6.  RE: The Value of Standard Operating Procedures for Small Businesses | IMA (sfmagazine.com) - publication

    Posted 08-06-2024 02:27 AM

    Thank you, Ilya and Renata, for this wonderful article on the value of SOPs for small businesses. It beautifully illustrates the concept of SOPs and is enriched with impactful examples from various industries.

    From my experience with SOPs, a significant drawback is the lack of critical and creative thinking among employees. Often, SOPs are followed blindly, without any questioning or creative input to enhance the work. In many cases, SOPs are created by top management or, in small businesses, by the entrepreneur, which may overlook some critical aspects of the work.

    I am eagerly awaiting everyone's opinions on this matter, as it can greatly benefit small businesses in developing their SOPs. In my view, management should encourage employees to share their ideas and recognize their contributions. This approach can lead to valuable improvements in the job. While not all ideas may be worth implementing, some can bring significant benefits. This practice allows employees to feel involved in the process and fosters a sense of belonging to the work they perform.



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    Chandrakanth Ananda, CMA
    Senior Accountant
    JTC
    Doha
    Qatar
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  • 7.  RE: The Value of Standard Operating Procedures for Small Businesses | IMA (sfmagazine.com) - publication

    Posted 08-08-2024 01:57 PM

    @Chandrakanth Ananda great thoughts, I especially like the last sentence. 

    "This practice allows employees to feel involved in the process and fosters a sense of belonging to the work they perform."

    SOPs are really good all around. Many companies keep them, they just don't even know.

    "How to manuals" or "Job / task process flow chart" they can take many versions, many styles, but they assist continuity. 



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    Ilya Ilienko, dual MBA, CPA, CMA
    Board Member / Director
    East Coast - United States
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  • 8.  RE: The Value of Standard Operating Procedures for Small Businesses | IMA (sfmagazine.com) - publication

    Posted 08-09-2024 11:34 AM

    Does anyone have a guide or template for writing standard procedures for small businesses?



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    Sincerely,
    MaryValerie Reeves CMA, CPA, CGMA, CIA
    Dallas Fort Worth Chapter Treasurer
    Campus Influencer
    SCMS Past President
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  • 9.  RE: The Value of Standard Operating Procedures for Small Businesses | IMA (sfmagazine.com) - publication

    Posted 08-09-2024 12:41 PM

    Good question @MaryValerie Reeves -

    Honestly, sounds silly, but the way we/I/others have implemented them is by researching SOPs particular to the industry and just tailor the best ones you find to the company, division, department, position. Many reporting SOPs for example can also be obtained from regulatory agencies, for example electrical utilities have their own set of regulatory reporting standards and some of the prerequisites (SOPs) would be on their websites (same for FDA, natural resources, all safety and OSHA pertinent and so on).



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    Ilya Ilienko, dual MBA, CPA, CMA
    Board Member / Director
    East Coast - United States
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