Planning for success – how is your business scoreboard looking?

Business scorecardBy Alec Blacklaw, McKinley Plowman, Accountants, Perth.

This year you are determined to make 2014 the best year ever. I get it.

How did you perform for the first and second quarter of this calendar year? On target? It’s vital to acknowledge how you tracking with the halfway mark just ticking over.

1.    Be crystal clear on your objectives – what do you really want to achieve?

Write this down and express it clearly in terms of business outcomes – no waffle.

Start with the big picture stuff and why you went into business and what you really want from your business. This will be set in the context of your “whole of life objectives” incorporating your family and good health probably.

2.    Review what you and the business critically need to do to succeed?

Brainstorm and document your critical success factors. Your business must be super focused on working on these factors every day as you develop your 2014 action plan. These will guide you and allow you to stay on track when you are faced with alternate decisions to make in resourcing and the best use of your time, energy and money.

3.    Be clear about how you will measure your success.

You will need to measure and then manage your performance based on how you are tracking against what you planned. In financial terms this is budget to actual comparison. In business terms, this is reviewing your objectives and comparing your returns each period relative to your critical success factors which directly link to your objectives.

Be prepared to take corrective action quickly.

Understand the consequences for you and your business – both positive and negative, short and long term. It’s always best to make the right decision consistent with your journey to your objectives even though there will be short term pain. Your team and your clients are always watching although they may not say anything. Good businesses have good leaders who do what needs to be done to get where they need to go.

5.    Celebrate your success internally and externally and then share it with your target audience and community.

You need to have fun. Your team and your clients want to enjoy the experience of working with you or buying from you.

Over to you now to prepare your three page action plan to guide the performance of your business.

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