You’re running your business and you’re pouring your energy into making it work. Maybe you’ve got dreams of success, but somehow you always just fall short. While you think you’re doing everything right, it seems like there’s a piece of the puzzle you’re missing.
It might actually be three pieces you’re missing – planning, forecasting and coaching. Succeeding in your business is about setting goals, and then figuring out how you will achieve them. And if you’re not quite sure where you’re going, then how do you know how you’re going to get there?
Whether it’s an empire with 100 employees or a kingdom of one, your success depends on planning and accountability. Here’s how to turn this Golden Trifecta into a concrete plan for success.
Business planning turns big visions into tangible goals
80 percent of small business owners don’t keep track of their business goals. 77% of business owners have not yet achieved their business goals. Seems like there might be a correlation there. Despite this, most business owners acknowledge that goal-setting is vital to business success. So, why the disconnect?
While it’s nice to have an over-arching mission like ‘providing quality repairs every time’, that’s not providing any measurable steps or goals to aim towards. Setting a goal, such as ‘responding to callouts within 30 minutes’ or ‘creating enough business to employ two new staff by the end of the year’, makes the goal much more achievable. And trackable. Suddenly, you and your staff are accountable.
For example, if your goal is to employ new staff, how are you planning to grow your business enough to pay for them? Advertising? Aligning yourself with a company that needs a repair service? Taking on the overflow of other repair services? Setting that goal, and then figuring out how you will achieve it is an essential step in making it happen.
Setting these concrete goals, documenting them and then reviewing them regularly can increase your chances of success by up to 95%.
Greg at R3 Fabrications spent time planning his goals with Thrive CA, his accountant.
“The goals are mainly financial goals, like paying off the mortgage and setting up the later part of my life”, he says. “Coming from working for someone else, we want to do better than just a wage.”
This goal setting has helped Greg grow his business from a solid foundation. Putting systems in place and building on his excellent reputation has pushed his business forward.
Cashflow means you stay alive while you’re making money
If you’re struggling to pay the bills each month, then you’re wasting valuable time and energy on going backward. When your cashflow is good enough to pay bills easily, this gives you space to make positive decisions that take you forward.
Being cash-poor leads to poor decision making. Whether it’s taking on clients who are wrong for you, lowering your rate, or choosing less-than-optimal assets because you can’t afford the right option, you’re not serving your business goals.
Karen at Thrive CA worked with Kosta James of On Demand Logistics. Kosta acknowledges that accounts are not his strength, and having the financial wisdom has made a positive difference. They can work towards goals in a sustainable way, growing without over-capitalising.
“She has made it very, very simple for us to control the growth. Often people grow too quickly, bite off more than they can chew. She has helped us keep our growth controlled,” says Kosta.
Coaching creates accountability
According to the American Society of Training and Development, people are 65% more likely to meet a goal if they commit to another person. That chance of success increases further to 95% when there are regular check-ins and progress tracking.
Having that accountability really helps you keep focussed on your goals. Up to 50% of staff time is wasted on activities that don’t align with company goals and plans. Regular coaching helps keep you on the straight and narrow, devoting resources towards the right things.
Kosta from On Demand Logistics says that having a coach not only helped set the direction for the company, but guided all the decision making. From hiring staff with the right values to making financial decisions in line with their growth strategy, having Thrive on board keeps them working towards their goals.
The proof is in the results
On Demand Logistics has more than doubled its staff numbers in the 18 months since committing to a business plan, accounting and business coaching from Thrive CA. Growing from 100 to 300 people nationwide, they attribute this success to their work with Thrive CA.
“Ultimately, if it wasn’t for Karen, we wouldn’t be in this position,” says Kosta.
Greg from R3 Fabrications loves that having Thrive CA handle the business side of things frees him up to do what he loves, working on the shop floor. It lets him grow the business, with a solid platform beneath him and the support and guidance he needs to make great business decisions.
In business there might not be any such thing as a magic bullet for success, but with the Golden Trifecta, you can get pretty close. Get in touch with the team at Thrive CA to see how the Business Golden Trifecta will help you achieve your dreams.