We work with many different businesses which gives us an insight into the different ways of doing things and why certain things are critical to a business’s success. There are a few things that the most successful clients tend to have in common. Below are three examples:
They use the right accounting systems
The introduction of Xero which is a cloud based integrated accounting software system has been revolutionary to the way people operate their businesses on a daily basis. Xero enables you to have real time information so the users can make better and more informed decisions. This makes keeping of track of profitability, cashflows, outstanding invoices & payments a breeze as opposed to waiting until year-end to see how the business has performed. Xero also has many add on features like credit-card payment facilities, payroll, inventory and job tracking services.
They have a one-page Business Plan
This is a vital road map that lays out where your business is going and how it will reach it’s goals. Forget the old school forty page document. We are talking about a short, sharp plan on an A3 piece of paper – a ‘headline’ plan as opposed to something that goes into minute detail. The plan is shared with the team so everyone is clear as to where the business is headed. Everyone can then be focused in the same direction and work towards a common goal. Some independent accountability can also be introduced to ensure that everyone is doing their bit to ensure the goals are met.
Working ‘on’ as opposed to working ‘in’ the business. You can’t be everywhere at once or be an expert in every field. Good business owners know that and have the courage to let go of certain areas by delegating to others. This could be mean within the team or externally. This leaves them more time to concentrate on the business and activities they personally enjoy.
If you would like:
Some more visibility with your business finances – we can set you up and train you on Xero.
Some clarity in direction – we can help you create your business plan.
Some accountability – we can meet with you quarterly to ensure you stay on track.
Feel free to contact us if you would like to find out more.
Article by Tania Ehrensperger