Too many businesses have poorly documented policies and procedures, or worse still, none at all. This usually results in valuable information being stored in the heads of your employees.
But what happens when they leave?
Yes, all of that crucial knowledge walks out of the door with them!
This is not good for the long-term value of your business.
Lost company knowledge will immediately incur an operating cost for the business, plus it will have an impact on the value of your business.
Consider a manager who has been working for your company for ten years, who suddenly leaves the business. How would you cope? What would happen to your business activity? And to your business efficiency?