Short excerpt from a YouTube interview (David Jenyns hosting Cameron Herold) focused on prioritizing business systems. Herold advises first implementing systems that directly increase revenue and gross margin (so the business can “buy” solutions to other problems), and second choosing systems that deliver long-term, ongoing value (pay dividends over time).
Putting the systems in place first that are going to drive revenue and gross margin, right? There's not a single problem that exists that writing a check can't solve. So if I have more revenue and more gross margin, I can buy my way out of any other problem. But the perfect IT system or the perfect finance system or the perfect OP system doesn't necessarily help me. So I first put in place systems that are going to drive revenue and gross margin. Secondly, I try to put systems in place that are going to pay dividends for a long period of time.
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