To continue our series of how to work in the next normal, we discussed last week about adopting more technology which will save you time as we have all realised during this pandemic that spending time with our nearest and dearest is of utmost importance and life is too short to waste weekends on mundane unnecessary tasks which add no value.
Last time we talked about how using cloud technology gives you ownership of your data and simply put, gives you a lot more insights as to how your business is performing.
But let us say you know how your business is performing – do you know what you are measuring your performance against? Have you set budgets? Budget setting is normally a process you follow once you know what your financial goals are, and those goals are only identified as part of your overall strategy.
Without a clear strategy there will be a lack of direction which potentially leads to poor decisions.
“The trouble with not having a goal is that you can spend your life running up and down the field and never score” …..Bill Copeland
Now is the perfect time to revisit your goals. You may think this is hard but that is only because in the past you might not have dedicated proper time to it.
So, like any other tasks in your personal or business life set aside some quiet time to revisit your goals. Block that time in your diary and book a call with us. You will see the benefits once the whole exercise is completed. By revisiting your goals now, you can identify your next challenges.
Research has shown that you are twice or three times more likely to stick to your goals if you make a specific plan for when, where and how. For example, in one study scientists asked people to fill out this sentence: “During the next week, I will partake in at least 20 minutes of vigorous exercise on [DAY] at [TIME OF DAY] at/in [PLACE].” Those who thought about and completed the items in the bracket were more likely to exercise. Psychologists call these plans “implementation intentions”.
7 steps to push your reset button
1. Write down your overall objective of being in business. This is THE reason you went into business in the first place. Share this with us, it is easier to talk it through sometimes.
2. Revisit your business plan as this will this help you achieve your objective. Chances are whatever you set out in the past will now have to be revised. For example, you will have identified your customer base and your marketing strategy. Do these need to be revisited given the current economic climate? If so where and how
3. You need to look at your product or service and the pricing. Who is your main customer base and how are you still going to reach out to them? We will talk about marketing in week four of our series as we have identified business development as a major component of rebooting your business.
4. Once you know what you want to achieve, have revisited your business plan, and made the necessary tweaks, you now need to think SMART. Your goals should be:
Specific – not general thoughts like I want to make more profits but more like I want to double my profits in three years by increasing sales and reducing costs.
Measurable – I need to sell X widgets a week and cut overhead by Y.
Achievable or even Ambitious where you need to push yourself a bit harder.
Relevant or Realistic – I will be contacting 5 customers a week and will ask for referrals.
Time frame – put a deadline otherwise there is no incentive.
5. Create an Action Plan. Many people can decide on a goal but cannot create an action plan as to how exactly they are going to achieve the goal. According to Forbes, creating an action plan by being creative (using crayons and markers etc) activates a different part of the brain cementing the goals into your mind. Go have some fun with it. Draw, scribble and write and share. Set out the plan.
6. Put your plans into action. Decide on what your next steps will be, break it down on different milestones/steps because that will help and then carry them out
7. The current pandemic is a perfect example, external factors beyond your control has changed the business environment and the market so you need to regularly re-evaluate and review your plans. Review your progress and look to see if you are on track. Use your meetings with us to discuss any adjustments that may be necessary to your plan.
By carrying out this exercise you will be able to identify any current challenges you may be facing. Once you can describe your challenges, you will be able to brainstorm some potential solutions. Again, share them with us. By sharing your goals, vision and strategy with us you will be letting us help you achieve your targets.
There is a reason you are in business, it is not because you like working long hours and not spending time with your family/ friends, nor is it so you cannot pursue any hobbies! And not so you can spend hours after work at your kitchen table catching up with paperwork.
So we ask again do you know your overarching objective?
If you would like to discuss any of the above get in touch!