Peter Prema, Director of BetterCo. Advisory & Accounting, Supreme Award Winners at the 2021 Newmarket Business Awards shares his top tips for business success.
New Zealander’s are doing business particularly well post COVID while the rest of the world plays catch up, with some still coming to terms with their economies in survival mode. For any business, yesterday was the best day to sit down and plan for the next 12 months, taking into consideration what we’ve all just been through.
There is no better time to 1) Set a plan for your business, 2) Implement what you’ve planned and create clarity and confidence and 3) Grow your business and your well-being.
Planning for your business is like using an architect to build your dream home. Simply
put; it’s all in the planning. I would recommend every business do a business planning session with their accountant or coach. It provides the confidence and clarity for the next 12 months which is your pathway to achieving the goals you have set. Setting one year goals, that incorporate both business and personal goals, is a great way to ensure the business is working for YOU, not the other way around. Breaking these goals down further into bite size chunks makes it even more realistic and achievable. Share your plans with those who know you well enough to keep you accountable!
Most businesses fail because they fail to implement. Successful businesses implement their plan and strategies to ensure they hit their goals. The key to implementation is ensuring you regularly and consistently achieve what you’ve planned out. Dedicate one morning or afternoon each week to work on the business, and use this time to make the necessary changes or begin to implement a new process or system that will improve the business. In addition to this, reviewing the outcome of what you’ve implemented is just as important so you can figure what worked and what hasn’t. This develops that commercial mindset business owners need to always stay one step ahead of their competition.
Growth doesn’t happen overnight, but it can happen a lot faster than you think if you follow these simple steps. It’s not about being perfect, its about being better. Small steps grow into even bigger leaps following this process. There will always be ups and downs in business, but it’s all about how you plan and stay proactive that will get you out of temporary troughs. A great tip I have for ambitious business owners is to always determine whether or not your expenditure is a cost or an investment? The difference being: it is an investment if it solves a Purpose, People or Profit issue or if it gets you one step closer to Time, Mind or Financial Freedom.
The product of planning and implementation is growth. This may come in various forms such as more time with your family, less stress and/ or more financial stability. Every business is different but if you apply the same logic you can better your business and life.