A rhetorical question for you – “Is the business working for me or am I working for the business?”
Before you answer, perhaps it may be opportune to really reflect on where things stand for you and your business, and what you would like to achieve this year for both.
The thought of taking some time out for reflection may sound like a “nice thing to do”, however it can be a very powerful exercise. It’s been one year since Covid hit, have you made time (with no distractions) to REALLY reflect? Or have you been swept into the new financial year with hardly time to take a breath?
Time to reflect
The practice of Reflection can be an excellent way to provide you with a sense of calm and clarity, allowing you to get clearer on:
- What is most important to me personally? (ie what do I value most?)
- Am I living the life I choose? If not, what is stopping me?
- Why did I start or buy the business?
- Are those reasons still valid and aligned with what I want now and for the future?
- What does the business need to look like to support my vision and goals?
When you are clear on what is most important to you and the life you would like to live, you can then look at your business through a different lens. It allows you to honestly question whether the business, in its current state, is an enabler or distractor from achieving your personal goals.
Reflection paves the way for truly effective business planning. This starts with YOU and PURPOSE rather than the business itself. With renewed clarity you gain from personal reflection, your plans for the business may start to look very different. For example:
- Reducing business dependency on you (or “key people”). This frees you up to spend more time with family or more time to pursue the things that make you truly happy.
- Exit or succession planning to facilitate your retirement or next project. And we know this often takes longer to successfully implement than you think!
- Realign the business to better reflect your personal values (such as ethical, social, or environmental considerations).
If “more of the same” doesn’t sound appealing to you, take time to reflect on your Why and personal goals. You can then consider and plan how your business will support you in achieving the life you desire.
The CFO Centre is a worldwide group, united by the common Purpose: “To help you live the life you choose by defining and delivering on the numbers that REALLY matter”. Please call us on 0800 422 121 if you would like to know more or visit: https://www.thecfocentre.co.nz/
Hire a superstar part-time CFO
To help you increase cash, profit and valuation and free you up from the burden of day-to-day opperations.