OMNIBusiness Autumn 2020
Being accountable, sticking to plans and kicking goals
Running your own business can be a very lonely place. Very rarely do we have a support network around us that really understands the issues that arise or the things that keep us awake at night which consequently affects the relationships we have outside of work.
There is so much to do and it can be easy to be consumed by the work that needs to get done, let alone worrying about the money in the bank to pay creditors, wages and then, maybe, even yourself.
The challenge is, we are in so deep that it can be difficult to see how we can change our circumstances.
We all know that we need a plan that maps out our year so we know where we are going, allowing us to measure performance. Having that allows us to deal with the issues we currently face and plots a path for sustained business growth and profitability. As Accountants who work specifically with business owners, we interact with and help hundreds of clients who own businesses.
When we look at the characteristics of the businesses that do well, we see that they have two things in common: a strategic plan and a mentor that assists in clarifying the murky detail. In our view, it is imperative to take time to plan and, if you don’t have a lot of time, then at least focus on four things:
- Strengths / Weaknesses / Opportunities / Threats (SWOT) Analysis
- Customers – Who and where are they?
- Target Markets
- Financial Forecasts
By giving attention to these, you will be able to build an action plan to implement change and improve your position. The challenge will be holding yourself accountable and getting all the work done as well as focusing on your business.
Quite simply, you can’t do everything so share the projects with your team and empower them to drive change in the areas that you are targeting.
To gain a different perspective, every business owner needs to find someone that they trust, who understands you and your business and, most importantly, will be honest with you. Their input is invaluable; they will be the key to holding you accountable and making sure the plan is implemented. Only then will you start to see positive change, a change in your team and how they operate, the customers you attract and the financial performance of your business.
Dwight D Eisenhower said, “Plans are nothing. Planning is everything.” This is an investment worth making.
Enjoy reading our first OMNIBUSiness for 2020 and let us know if you'd like to discuss any of the topics we cover below.