The view from the outside
My final suggestion in driving profits up is that you get someone independent to work with you in reviewing the performance of your business.
Whether that be an accountant, business coach, or simply a retired friend. While taking on such a mentor may cost some money in the short-term, providing you find someone who can genuinely add value, it will:
- Force you to sit down periodically and discuss progress with an outsider who is not as involved in the detail as you.
- Challenge you to justify what you’re doing.
- Encourage you to think like the owner of a business, rather than the headless chicken who runs around desperately trying to deal with today’s short-term emergency.
- Drive you to record progress.
- Ensure that you use the One-Page-Plan to best advantage
- Help to drive your profits up!
- If you can’t immediately identify an obvious mentor then don’t commit yourself immediately to work with just one individual. I’d recommend that you try visiting the networking group “Pure B2B” which fulfils this function in a more ‘collegiate’ style.
Once again I must admit that, since we’ve been working with a mentor in our business, we have ‘grown up’ and delivered much better on our objectives.
Find a suitable mentor. Ask your bank manager or accountant to make a recommendation or join a local networking group like ‘Pure B2B.’ Failing that, try the ICAEW Business Advice Service which will put you in touch with an appropriate local accountant for a free meeting.