How to Regain Control of your Business
68% of small and medium sized business owners recently surveyed by Xero said they didn’t want to grow their business; they just wanted more control. But your business is there to serve you. You should not be a slave to your business. So how do you regain that much needed control?
There are 3 essential tools needed which we refer to as “The Business Success Trifecta:”
- An annual business plan
- An annual forecast
- On-going reporting and accountability
The annual plan should not be a lengthy document. One page is best (print on 2 sides if you must!). The annual plan is where you articulate exactly what you want from your business in terms of income, hours of work and holidays. Then, ideally through an independently facilitated process, you look at the vulnerabilities you need to manage, the opportunities you want to capture and identify no more than 4 key goals you need to achieve in the year. From those goals you chunk down goals for the next 90 days as well as the specific actions you need to take to make those goals a reality.
The annual forecast is then the document that records how the money needs to flow throughout the year to give you what you want from your business. Too often we see forecasts completed simply because the bank has requested one. The reason the bank actually wants you to do a forecast is that they want you to succeed (so you can pay back the money they have lent you!!). The forecast shows where you have weaknesses in your business, when cashflow problems may pop up and how you need to manage your business financially to get to the goals set in your plan.
Of course the annual plan and the annual forecast are only going to be of value to you if you implement what is in them. The best way to ensure you don’t fall into the FTI (Failure to Implement) trap is to have someone independent to hold you to account. EVERY business owner needs a coach. A great coach will work with you to combine your expertise with theirs to get a result better than you could achieve on your own. They’ll dig into the root causes of problems in your business and empower you to do better. Most importantly though they’ll make sure the important stuff gets done.
There are no magic bullets here – all successful businesses need these 3 tools. If you really want to get control back then talk to us about how we can work together.
Dreams x Goals x Plans x Actions = Your Success
– Brad Sugars
If you’re looking for a coach with proven results who cares about you and your success please reach out to Ally (firstname.lastname@example.org). She’ll help tee you up with one of our coaches for a complimentary consultation.