Do you have a strategic growth plan? This is the sixth article in the series Release Your Fear of Finance.
Do you ever wish there was a Pause button for your business? I hear that over and over again from Officeheads clients. Growing a business can be an all-consuming effort. CEOs and business owners are juggling every aspect of their business, from technology and communications to facilities management and service/product delivery. It takes more than multi-tasking. It takes a purposeful strategy if you want a financially stable business that is poised to grow.
Trust me: There’s nothing scarier than attempting to run a financially successful business without a strategic growth plan.
Without a strategic growth plan, there’s no way to track your progress through the lens of your numbers. That’s why so many business owners fear their finances—they have no idea how to harness the power of their finances to help them reach their growth goals.
That’s why the Pause button is an essential tool for CEOs and business owners. You need to take time to review your progress to make sure your strategic plan is moving your business in the right direction. Healthy pauses don’t just happen, however. You have to plan for them—install them, so to speak. Officeheads recommends scheduling three types of Pauses:
Hit the Pause button each quarter to:
- review your financial reports and progress on goals
- assess your client roster to distinguish the difficult clients from the ones who can’t live without you—and decide which clients you need to release
- analyze your product or service—and implement changes to further WOW the clients who love you to make them love you more
- document the attainable goals that can be conquered in the next three months, complete with the who, what, when, why, and how, considering all areas of internal management such as HR, technology, facilities, etc.
Hit the Pause button twice a year to:
- meet with your tax advisor to understand tax liability changes
- tweak your compensation plan to mitigate year-end surprises
Hit the Pause button once a year to:
- review your 12 areas of internal management
- review the past 12 months of financial reports
- finalize your budget and forecast for the year ahead
So much of the fear connected to finance is rooted in a lack of time and processes. Since knowledge is power, you can schedule pauses like these throughout the year to carve out time for processes that help you release your fear of finance. That’s why Officeheads specializes in strategic growth plans and processes for our clients, all under one roof. Our in-house team of experts empower business leaders to face their financial management fears and conquer them. If you are ready to face your fear of finance, reach out today. We have courage to share!