GMR Transcription’s President, Ajay Prasad, was recently featured on the SweetProcess podcast. There he candidly shared the amazing success story of GMR Transcription, which used to make just $250k per year with ten employees a few years ago to one that now earns a revenue exceeding $1.3 million a year with just 3 employees!How did he achieve this? “It was all due to proper systematization,” he said. Due to such efforts, the scalability of the business improved and it kept on growing. Now, he is able to go after bigger customers without the need to hire anyone. It is a great achievement for any business that was started on an experimental basis with the entire thing done manually at first, to one that now practically runs on autopilot -all because of systematization and automation of the processes.
In the interview, he recounted the difficulties he faced in the initial days of starting his company. He started losing business from his clients who had serious issues with the transcription work quality. At one stage, he even thought of shutting down his business.
Thinking hard to change things around, he realized there was an urgent need to have a system in place for the company. A standard test to hire transcriptionists was framed. Those selected were handed out a style guide to ensure consistency in work (a cue that Ajay picked from the medical transcription companies he networked with). Rigorous QA of the work was started to meet the stringent quality parameters of clients. Slowly, things changed for the better.
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Having crossed a major hurdle, he then shifted his focus on making the website’s interface more user-friendly along with managing the back-end security. All other technical glitches, like bandwidth issues for example, were fixed. Customers were also given tools to compress voice files. The procedure of invoicing done by the transcriptionists and its processing was automated to ensure fair practices.
The unpleasant side of systemization and automation processes were the layoffs that happened; however they were necessary and unavoidable from the business perspective.
The success story of Ajay and his company is an example of entrepreneurial skills, right planning, implementation, and striving diligently towards achieving your business goals.