To gain advice on preparing your business for the future and contributing to its success, account software providers QuickBooks spoke to experts Adrienne Herbert and Rachel Harris to find out how they set their own business resolutions.
The Experts
Adrienne Herbert: Leading wellness expert, international keynote speaker, host of self-development podcast ‘Power Hour', and author. Adrienne provides businesses around the world with workshops to help empower and motivate their employees and is also an advisor for brands that specialise in wellbeing, technology and innovation.
Rachel Harris (MBA, CMgr, MCMI, MAAT): Founder of @accountant_she, Director of accountancy practice StriveX and Director and Trustee of the Association of Accounting Technicians.
How to plan for success
On how to plan your goals to succeed, Adrienne said:
"Less is more! Too often, I see people create a long list of goals that they try to tackle all at the same time, leading to feeling overwhelmed and frustrated.
"Wherever possible, try to limit your goals to three or fewer but ideally focus on one goal at a time. If you can, give each goal its own season to give it all the time, energy and attention required for success."
Set your goals
Adrienne also revealed that she has a trusted framework for setting goals that works every time!
- Be Specific: Vague goals such as ‘I want to earn more revenue' or ‘I want a better work/life balance' won't inspire action. Outline goals in much more detail, a great place to start is to understand the what, why and how of each goal.
- Set Deadlines: Setting achievable deadlines is crucial as a goal without a defined endpoint will rarely be completed. Figure out how much time you'll need, and always allow 10% extra time for life's inevitable unpredictabilities. All you have to do is pick a date and circle it on the calendar - a bit of time pressure will ensure that you prioritise this goal.
- Share your goals: Accountability can accelerate progress towards goals. Try sharing your business goals with fellow business owners, or even friends and family. If you have somebody you can connect with for regular check-ins, let them know what you're working on so that you can help keep each other on track.
- Reflect and assess: Once you've been working hard for a few weeks or months, pause, assess and reflect on what is and isn't working. Avoid going so fast that you don't notice your achievements, or when you're veering off track. It's also a great time to use data to gain feedback on your goals - you could check in on your financial management software for real-time insights or forecasting.
- Don't be afraid to ask for help: Don't try to do everything alone! Asking for help does not mean you've failed, it simply means you can identify gaps in your skillset where additional support will produce the best outcome. Getting help will not only speed up the process of achieving the goal, but it'll also make the entire journey more enjoyable.
Build a community
Rachel shared one of her key pieces of advice when setting business goals. She said:
"As a business owner focused on growth, it can be easy to fall into the trap of seeing all other businesses as your competition. But not being threatened by others on a similar path is key to success.
"Forging friendships with people who do the same thing and face the same challenges is one of the most overlooked steps to success. While social media is amazing for this, it's not the only way. Your accountant's customer base is a pool of information and camaraderie just waiting to be tapped into. Why not ask them to connect you with similar business owners?
"Unforeseen challenges are all but guaranteed as a business owner - just think about the pandemic! But imagine not having to go through them alone and chatting with a group facing the same supply challenges, social media slowdowns, or staff woes. Having a network of experts who understand your business like no other - because it's their business too - is priceless."
Be sure to rely on your accountant
Rachel also recommended relying on your accountant to ensure everything is compliant and that you're making the right decisions.
Rachel advised: "When I speak to clients, so many equate financial processes with rising anxiety levels. Before they even say a number to me, they'll tell me a feeling. Worry, fear, and stress - the concern that stems from not knowing if your business is compliant or if you're making the right decisions is an incredible burden for many business owners. But you don't have to do this by yourself - the right accountant can take the weight off your shoulders. After all, peace of mind is a powerful business tool.
"Have you ever considered whether your financial routine is supporting your well-being and mental health? A well-executed and prepared financial strategy - that you know ensures compliance and forecasting - can bring efficiency to your business and a sense of empowerment to you and your decision-making. And this is another thing that your accountant can own on your behalf."
Habits to help achieve goals
There is a range of habits that will help you achieve your business goals. For example:
● Dedicate at least 30 minutes each day to reading or listening to a podcast that will inspire you.
● Spend five minutes each morning looking through insights from your financial forecasting tools.
● Ensure you take a 30-minute break away from your desk to focus on things outside of your business that you enjoy
What if things don't go to plan?
Below, the experts reveal what to do when things don't go quite as planned.
Adrienne said: "When mistakes happen, don't panic or berate yourself. Practice self-compassion and remember that everyone makes mistakes - even the smartest, most accomplished and most successful people have made mistakes along the way."
Rachel added: "There are plenty of technical decisions we can consider (personally, I could talk about tax planning and advisory forever), but often what we really need to do as business owners is listen to our gut. Turn up the volume on instinct! Trust yourself to take the risky step if it feels right and try to recognise when you've ignored red flags. ."
We hope this expert advice inspires you to set your business goals if you haven't already - the new tax year is the perfect time to plan for the future and can massively help with a business's success.
