Approaching a railroad crossing when the train is on the nearby track, you are faced with flashing red lights, a red and white stripped cross bar, a big X sign that says, Railroad Crossing. DO NOT PROCEED is clearly the message!
You have the same kind of warning signals in your business, if you know what to look for.
Warning Signal 1
You are working too hard and have no time. No time for family, no time for yourself, no time to do the important work that is required to move your business to the next level. You are too busy treading water to win the race.
Warning Signal 2
You are closing deals, sales are skyrocketing, and you couldn’t be happier with your sales team. But month end comes around and your bottom-line is anemic. Why hasn’t all this hard work translated into money you can take home?
Warning Signal 3
People challenges never end. You can’t let go of this key task because no one else does it as well as you. You just received an unexpected resignation and the market is incredibly competitive for people right now. You get a call from a key vendor or customer who tells you something you would rather not hear about one of your team members. The list can go on and on.
Nothing is more foundational, and more overlooked, than a best in class financial system.
There are 3 pieces to a best in class financial system. The first are financial planning and business structure tools. These tools are all about getting clear and developing a plan for success. They include your annual and quarterly budgets, key non-financial goals, value proposition and identification of your leverage points. These tools provide a clear plan with engagement from your team.
The second are measuring tools. These are tools that monitor, predict and analyze our financial results and progress. If you are measuring the right things, you will get plenty of warning so that course correction is simple and easy. Learn more about those tools from my last blog post here.
Third, you need an accountability tool box. This includes the personal accountability of the business owner, as well as tools to engage and hold your team accountable to their outcomes. Let’s face it, if no one is accountable, then nothing gets done. And when accountability is present, everyone is more clear and focused.
With these 3 systems in place you’ll get signals long before you run into flashing red lights and cross bars.
The personal pay offs are that your energy is freed up for tasks that move your business to the next level. Best of all you’ll have less stress and worry and you’ll start to living the life you always wanted.
To your prosperity,