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… what?

With the end of yet another financial year it’s a great time to reflect on how your business and your personal financial situation has progressed. We’re going to pose some questions that we hope will help you reflect.

“We don’t learn from experience… we learn from reflecting on experience.”

John Dewey

So another year has ticked away on the clock. You’ve thrown the stone and you’ve landed somewhere. Is it where you wanted it to land? Is it close? Is it far? Do you even know where you wanted to land?

3 Questions to ask to help with reflection:

Here’s just a few questions that can help you reflect on the time that has just gone by. These can apply to your business and your personal situation. Questions can be posed towards financials and non-financials. They’re open ended questions so find what you want to reflect on.

1. What worked?

Look at the things that worked great for you and your business. Did you land that big client? Was your business able to operate whilst you went on holiday? Was employee engagement up? Have you been able to start saving?

Pat yourself on the back. These are great! Reflection is a time for celebration and then making sure you’re repeating that success over and over again. Understand what made that thing a positive for you and your business and how you can repeat and maintain.

2. What can we work on? What didn’t work?

Did you miss out on that project/client? Did a new venture not quite work out? Through self-awareness we’re trying to identify things that did not result in a positive outcome.

There’s a quote out there that states that the definition of insanity is “doing the same thing over and over again and expecting different results”. If it didn’t quite work out we have to review the situation and see what we can influence to turn something that didn’t work into something that will work. If it completely doesn’t work we need to cut our losses and move on.

3. What will i do differently?

Can i approach a subject from a different angle? Can i find efficiencies in my systems/processes? Can i set targets? Should i just look at my situation more often?

This is where you get the most value from self-reflection. Understanding how we can use our past experiences to create true influence on the future means we’re actually learning and progressing.

This is a very simplistic model of self-reflection but it’s an easy, natural way to reflect. You’ll be surprised at some of the ideas that come out of this process. You can also do this as a discussion with someone else… maybe a trusted adviser?

BONUS ROUND: How can we help?

Managing a business can be a lonely task so making sure you have a great support team around you who will challenge ideas and assumptions and provide insights is important. The failure of most plans is not the quality of the ideas or action plans, but the lack of implementation.

That’s where we come in. Here’s just a few ways we can help you and your business:

  • Regularity – We sit down with you on a regular basis (monthly or quarterly) which vastly improves implementation and planning.
  • Accountability – We compare the actual results (or experiences) against our targeted results and pose questions to self reflect on what happened.
  • Understand-ability – We have smart reporting tools that turn the numbers into visual graphs so we’re able to identify trends. This helps us show if our plans are having an effect on our situation.
  • Advisory – When you partner with us you don’t just have one councillor. You’ve got a whole firm of councillors who bring different strengths to the table.

Our “Why” is to support ambitious business owners achieve their dreams. These are just a few things that we can do to help you as a small business owner.

Set up a free meeting with us so we can show you how we’re here to help advise you.

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