As a young business owner with a family, oh how I wanted summer freedom! Even just a little bit! My desire to go have fun with my daughter was one more thing to fit into my already crazy days.
As the household breadwinner and entrepreneur, I had so many responsibilities. I was busy working in, not on, my business. Each day I was pulled in so many directions, I didn’t know which fires to put out first.
No need to make the same mistakes I did. Instead, make time for fun, the kind where you can really kick back and enjoy. This blog is filled with tools I wish some wise mentor has shared with me.
Here are four things you can do right away:
- Empower your team. Open book management isn’t just a good idea, it is a way to engage your team in achieving your business and personal goals. If you aren’t ready for sharing everything, start small. Share key numbers with each person on your management team that they directly impact. Ask them for ways to improve the results.
- Use weekly scorecards. Each team member accesses their results and reports up to you. The difference in your sending a report versus them sending one to you is ownership. Once your team owns their results, your life will get easier, fast!
- Use Trailing 12 months charts for your key metrics. Trailing 12 month charts take laundry lists of numbers and turn them into pictures. Rather than deep diving into reams of data, use trailing 12 month charts to create visuals for your data. Turns hours of analysis into minutes!
- Develop a regular rhythm to review your financial results with your management team. Go over the numbers, then spend more of your time on what decisions or actions need to be made now to improve your results.
One more to put in place this fall so next summer is easier:
- Involve your team in your budget process. Let them buy in to the budget for the areas they impact. Clarify that your budget is your financial plan for the year. Delegate responsibility for meeting the budget – or parts thereof- to appropriate people in your organization. Then share your results against budget monthly with your team. Challenge them to confront obstacles as they arise, as they always do!
If you find you need help with any of these ideas, contact us at Info@MackeyAdvisors.com and we will put you in touch with a Prosperity Advisors who can help. It’s a free call!
Now go have some summer fun!