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5 Tips for Creating a Business Policy

 

Drafting a new business policy is not merely a task of writing it down and telling other employees the new rule. Creating a new business policy requires consideration of the type of policy, ensuring it suits your business (and is compatible with your partner's ideas, if applicable). Below are five things to consider when developing a business policy.

1. The Policy's Impact

While you may want to institute a particular policy, your foremost concern should be how that policy will affect your business's daily operations. In any policy change, there is always someone who is unhappy. While the majority of the time this unhappiness is irrelevant to the policy's necessity, it can sometimes make the policy more of a problem than a benefit. If a policy will unduly burden yourself or your employees, you might want to consider making changes to the policy or to scrap the policy altogether.

Consideration of a policy's impact includes anticipating how your business partner, if any, will respond. Many business partners prefer to discuss and mutually agree on instituting a new policy. If you believe that your partner would consult rather than be told the new policy, consider setting a private meeting to discuss the topic.

2. The Policy's Implementation

Some policies are necessary, but impossible to implement. Some policies are desirable, but not worth the effort. Some policies are simple, but require complex steps to properly implement. Prior to establishing a business policy, consider what you must do to have put it into effect. If a policy requires you to develop extra forms, re-do previously completed work or alter a well-established process, determine if you are able to complete those required tasks. If you are able to complete the tasks necessary to implement a new policy, analyze whether it is worthwhile to do so. A policy that seems problematic or difficult to implement may need to be altered or abandoned.

3. The Policy's Relevancy

A policy can be formal or informal, but whichever it is, it must still conform to your business's operations. An extremely formal policy in an informal business will seem out of a place and, potentially, need to be changed or simply forgotten soon after its implementation. This consideration requires you to analyze the intent of the policy. If the intent of a policy conforms to the general feel and operation of your business, its implementation will likely be valuable.

4. The Policy's Effect on Efficiency and Reliability

Efficiency and reliability are directly related to a company's success. An inefficient or unreliable business will most likely fail quite quickly. If your policy is designed to create a more efficient or reliable company, its implementation, no matter how troublesome or problematic, will benefit the business in the long term. This may indicate that the policy is worth instituting, regardless of the effort it requires.

5. The Policy's Foundation

You should also consider the impetus for the policy. If you developed the policy in response to a problem or complaint, analyze whether it will truly fix the problem. If, however, you developed the policy solely because you wanted to, you may be creating additional, unnecessary work.

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