As a business owner, it’s easy to get bogged down in the day to day running’s just to simply keep the cogs turning. Too often it’s at the expense of achieving those long-term goals we often keep at the back of our minds. But if you regularly struggle to achieve the results you want, you could be disregarding one of the key components of what’s called ‘The Results Mindset’ formula. This formula helps to ensure our ideas are implemented, our goals are achieved, and we obtain our desired results.
Simply put, the formula for achieving results is:
Decisions x Actions x Accountability = Results
Sounds easy right? At Fitzpatrick & Robinson Accounting, our team of qualified and experienced business advisors are here to help you define and align your business and personal goals, creating a clear picture of where you are, where you want to go and how to get there. So let’s break this formula down together.
Let’s think about your top 4 goals for the year and what decisions you need to make to achieve them. Evaluate the potential risks and opportunities but give clear focus to what goals/decisions that will have the biggest positive impact on your business. You’ll likely start with more than four goals, but some might become actions you take to achieve a bigger goal. When you’ve chosen your goals, it’s imperative you record them in a plan. By jotting them down, this takes it from being simply an idea or thought, and materializes them into something you can track. Depending on the results you want to achieve, this could be a Business Plan, Succession Plan, or a plan to improve your cashflow.
Now let’s put those words into action, and break down our decisions or goals into tangible actions. For each goal we record in the plan, there might be 4-5 actions that we need to take. By breaking the goals into bite-size actions, this gives clarity to the steps that need to be taken along the path to achieving our goals, making that path to success clear and less overwhelming.
Lastly, but certainly not least is accountability. One can be forgiven for letting this essential step in the process fall by the way-side but it’s essential we have someone holding us accountable for the goals and actions that we’ve set. If we don’t, they simply become like any other great idea that’s never come to fruition. If you know somebody will be checking in to see that you’ve completed your actions, you’re far more likely to do them. It’s important to decide on a person who is going to take responsibility for each action as well as establishing a review process to make sure the plan is being followed properly.
Accountability helps us get the most important things done. And it’s important to remember, that the most important thing might not necessarily be the most urgent.
Achieving and celebrating the results
Whether you’re part of the professional services industry, or a sole trader, one of the best investments we can all make in the future of our business is a well-thought out plan for your goals and engaging with someone who can help guide you in the direction to achieving those goals. Everyone wants to get better results, so it’s important to document our decisions in a plan, make sure that goals are followed up with clear actions, and hold ourselves to a system of accountability. And be sure to make plans fluid to some degree – through regular meetings and discussions, this can help determine the changes that need to be made along the way toward achieving those goals.
Celebrating success once you achieve those goals is also important to legitimise the reason we set out to make these plans in the first place, and keeps us all motivated.
If you choose to partner with the team of qualified and experienced Business Accountants and Business Advisors at Fitzpatrick & Robinson, we’ve a wealth of knowledge and experience in working with like minded individuals throughout the greater Sydney area and beyond, and can develop an action plan that’s unique to your business and your personal goals- one that delivers measurable outcomes. We’re with you every step of the way so that your formula for results is one that works for you. If ‘The Results Mindset’ is all about the power of an idea being in its implementation, then let’s use it and make sure we don’t fail to implement the things that will greatly impact our business.
Contact us today to discuss your goals.