SOP - Standard Operating Procedures
Wendy and Bill talk about the importance of SOP in growing your business.
SOP is a step by step process that you do every job. It helps you see if you are doing the work that is better done by someone else. If someone gets sick, others need to know what you are doing. And how to do it.
Carolina Capital is a hard money lender serving the needs of the “Real Estate Investor” and the "Small Builder" borrower who is striving to build wealth and generate income for themselves and their families. We offer “hard money rehab loans” and "Ground up Construction Loans" for investors only in NC, SC, GA, VA and TN (some areas of FL, as well).
As part of our business practices, we also serve as consultants for investors guiding them to network with other investors and educating them in locating and structuring transactions. Rarely, if ever, will you find a hard money lender willing to invest in your success like Carolina Capital Management.
Wendy and Bill talk about the importance of SOP in growing your business.
SOP is a step by step process that you do every job. It helps you see if you are doing the work that is better done by someone else. If someone gets sick, others need to know what you are doing. And how to do it.
Carolina Capital is a hard money lender serving the needs of the “Real Estate Investor” and the "Small Builder" borrower who is striving to build wealth and generate income for themselves and their families. We offer “hard money rehab loans” and "Ground up Construction Loans" for investors only in NC, SC, GA, VA and TN (some areas of FL, as well).
As part of our business practices, we also serve as consultants for investors guiding them to network with other investors and educating them in locating and structuring transactions. Rarely, if ever, will you find a hard money lender willing to invest in your success like Carolina Capital Management.
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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.
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.
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?
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?
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.
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.
If you want a good outline, look at the back of your
shampoo.
shampoo.
Yeah. Rinse and repeat.
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.
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.
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.
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.
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.
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.
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,
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,
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.
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.
Or if they get through people having a retrain the same
stuff.
stuff.
If you have a virtual assistant It's easy for them just to
log on and go through the videos and understand it.
log on and go through the videos and understand it.
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,
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,
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.
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.
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.
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.
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.
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.
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Podcast:
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Visit:
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