Are you part of the 67% of small businesses currently looking to grow? If so, this blog post is tailor-made for you. As a business owner, there are three crucial elements you should have and feel every single day. Let’s dive in!
Your Goal
Your goal should be the driving force behind everything you do. In today’s world, we’re bombarded with advice from social media and the internet. However, any advice you receive should bring you closer to your goals.
It’s perfectly fine if your goals are a bit fuzzy or if you haven’t fully defined them yet. What’s important is that you’re crystal clear on what you want to achieve. This doesn’t necessarily mean aiming for the cliché £10,000 a month income – it could be £20,000, £30,000, or even £40,000. The key is to look deep within yourself and identify what truly makes you happy.
Remember, your business goals should align with your personal goals, whether that’s having fun, spending time with family, or pursuing your passions. Every decision and action you take should bring you closer to these goals. If not, you’re falling short.
Data
It’s all well and good to say you have a handle on your business, but without up-to-date, accurate information, you’re essentially shooting in the dark. Do you have current management accounts? Do you have a scoreboard for your business that shows all the key financial and non-financial data?
Think of it like an NFL game. In one study, when the scoreboard went off for just five minutes, the crowd lost interest. Similarly, your business scoreboard – your board pack, management accounts, and business scorecard – keeps you engaged and informed. Without these in place, how much interest and control are you losing within your business? Are you running on pure hope?
Action Sheet
Having reports is great, but they’re pointless if you don’t act on them or if they’re not linked to your goals. That’s where an action sheet comes in. This should list things that are going well in your business (so you can do more of them) and things that aren’t (so you can stop them or put out the fire).
As a business owner, out of 10 things you do, you’ll likely have four great ideas, four not-so-great ones, and two that could go either way. Focus on accelerating those four great ideas and quickly eliminating the rest. This could apply to various areas – your team, finances, marketing, or systems.
Remember, businesses change as they grow, and no one does everything perfectly the first time. As Marie Forleo says, aim for “progress, not perfection”. Your action sheet should help you constantly raise the bar for your business. It’s never finished, never done – you’re just looking to make each day better than the last.
I hope this blog post has been helpful. If you have any questions or need further assistance, please click the discovery call link below.
