Have someone external you are accountable to. Many companies have a board who holds the management accountable. The board members have a range of complementary business skills but more importantly they are independent. Independent from the day to day of your business.
This person is not your partner or your best friend. They are somebody who will keep your honest while not judging you. They are then so you can unload, get honest feed back and will help to make sure you keep on track with your goals.
All of us have strengths and weaknesses. It is easy to “slip” into doing the things you feel comfortable doing and quietly ignore other parts of our business that we should be doing. As an example, many accountants love doing the financial accounts but don’t like talking with customers or many tradespeople love doing the work but put off invoicing clients or chasing money when it isn’t paid. Knowing that we must explain this to an external person keeps us focused on ensuring all facets of a business are completed.
Select somebody, or people, you can relate to but whose business skills are complementary to yours.
People connect with people – having a great product or service doesn’t guarantee success but it helps.
Set 3 to 6 months goals. This will help you to achieve your annual business plan and your personal objectives.
Record your days’ work. Everyday! Reconcile your business bank account ... daily. Xero accounting makes it easy.
Prepare a realistic budget of your business expenses and revenue in cash terms for the next three months.
