A recent insight from Simon Sinek really resonated with me this week.
Here’s why: it is coming up to the end of the financial year for many businesses.
1. This is often a stressful time for business owners. There is a flurry of activity – everything from stock takes, reconciling bank accounts and tracking down key documents to setting new budgets and preparing for AGMs. And that’s on top of day to day activity. It’s very intense. In our role as accountants we encourage our clients to regularly and consistently attend to the financial aspects of their businesses. For example, if you are unsure about a GST return, a 5 minute phone call to your accountant can save a lot of time and money in the long run. Another example is putting in place processes to regularly and frequently invoice customers and follow up overdue invoices, so you have improved cashflow and fewer bad debts.
2. Again, at the end of the financial year we tend to look at how a business has performed. Good businesses have a business or strategic plan. They use this to set and reflect on the achievement of visions, objectives and goals. In our consultancy role, we encourage clients to go beyond ‘good’. In fact one of our goals is to have our clients performing in the top 25% of their industry. High performing businesses consistently and regularly look at their plan – it is a living document that guides day to day decisions. Through 90 day review sessions, businesses can adapt and tweak their activities along with having accountability to achieve goals. Isn’t that better than getting to the end of the year and not meeting the goals you set.
“We are what we repeatedly do. Excellence, then, is not an act, but a habit.”