Owning a business can be a rewarding challenge filled with opportunities for growth and success. However, it also carries its fair share of risks.
The business landscape has undergone a seismic shift over the past four years. Disruptions have been faced across the board, from financial instability to operational challenges, market fluctuations, regulation changes, and reputation threats. Business owners face a complicated web of risks that can significantly impact their operations.
“All these things take a huge hit on cash flow. As a business owner, you become asset-rich and cash-flow-poor. Uncertainty and unpredictability can be extremely stressful, and this takes a toll on resilience. This is why we need a mentor—to have someone on your side, watching out for you, to guide and navigate you through the continuous ebbs and flows,” says Louise Neville, Director of Accounting Solutions.
A business mentor can be an invaluable asset. They can provide guidance on navigating the complexities of the current business climate and help you make informed decisions that can mitigate the impact of these risks. “We help you do everything you can to ensure your cash flow is on track and your business is profitable, so you’re always moving forward—not backwards. For us, it’s about making sure you have financial freedom and lifestyle choice, so you aren’t restricted from doing what you love.”
The Importance of Tracking Business Performance
Louise explains that some businesses accomplish great things independently, but she also emphasises that no one should have to do it alone. “We have also seen many scenarios where owners do business on their own, and they thought their business was profitable, but they weren’t properly tracking this. It wasn’t until their situation got too hard that they decided to do something about it, and sometimes it can be too late. A mentor can help you try and turn things around from that point, but it’s far better to have one from the beginning or at least from the growth phase.
“A mentor is not just about the financial side either – we can help in so many different aspects of your business journey. Some of these include resolving issues within your team, getting clarity on everyone’s roles, productivity, investing in assets, financing, cash flow, how to structure your business, your personal life, succession planning for retirement, building your business to achieve its maximum value, handing over your business, and many more.”
Looking at the key habits of successful businesspeople, Louise says commitment to regular mentoring meetings is essential. “Knowing and tracking your results in depth is vital to making sure your business is on track to achieve your goals.” She also recommends limiting yourself to only four big goals a year. “Often, we procrastinate because we are overwhelmed and the goal is too big, too hard, or we don’t know where to start. Break these goals down to 90-day milestones, then into detailed action points. The more steps you have in your action points will help your mind remember and put these into action.
“Put the action points in your calendar, or wherever will help remind you of these, and have someone that can help hold you accountable. Start with the first action point, and just focus on this. Before you know it, you’ll have accomplished your goal. If you haven’t achieved the goal, then ask yourself, do you really want that? Does that goal align with your purpose?”
The Impact of Purpose and Values in Business Success
Successful business ownership lies in understanding and effectively communicating your purpose. It’s not just about how you do things but why you do them. The attraction and
retention of customers, as well as a solid team, are based on the shared values and purpose of your business.
“Business becomes so much more enjoyable when you are surrounded by like-minded people. You will find that whenever there is conflict or upset, it’s bound to be with those who have different values than you or those who don’t relate to your business’s purpose. Knowing your purpose and having a vision stops you from sweating the small stuff and allows you to steer your business in the right direction.”
Accounting Solutions Ltd
Photos supplied by Accounting Solutions
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