Definition of SOP on The Grid Glossary

Definition

An SOP is a set of instructions used to train employees to complete a task; SOP's are the foundation of building a business that can thrive without the creator of those procedures, which gives those individuals more freedom to work strategically.

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What are the three primary business valuation approaches and how do they differ?What are the motivations of third party buyers?What are the different types of employee ownership?What if I were to pass away during the transition of the business to my employees?Will I have to stay with the business after selling it?How documented do my business processes need to be for a successful sale?What can a seller do to accelerate a business sale?

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SOP

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