24 January 2019
Chris Oxley, partner at our Manchester office, recently wrote about the determination and dedication of his wife, former Paralympian Shelly Woods and her quest to overcome adversity, achieve small milestones and begin training again after having a baby.
Shelly’s journey is a useful analogy for business owners who have set themselves ambitious growth targets. The best way to achieve such goals is by setting smaller, achievable business objectives to grow a business for the long term. Without these small, achievable targets, the end goal can become insurmountable.
This applies to a number of aspects of running a business. Whether the goal is to move into bigger premises, trade overseas, acquire another business or possibly plan an exit strategy, it is hugely important to break your objective into smaller achievable targets. This is true for even the most determined and dedicated. It is also a much better way to ensure that the team around you are on board with the goals of the business and feel they can play their part in helping to achieve them.
Cloud technology can then help monitor these smaller targets by measuring KPIs to help you think about the future and stay focused and on target. You will see success as you go along and be able to constantly monitor and adjust your progress using real-time information. If something isn’t going to plan, for example your gross profit percentage has slipped below an acceptable level or you no longer have enough cash to pay off short-term creditors, alerts can be set up to prompt you to take action. You can easily drill down into the data at the click of a button to find out where, why things aren't going to plan, and make adjustments to keep you on track. Quick action can be taken to make sure that your KPIs are met.
So, the message is, whether you’re trying to achieve a personal objective or a business goal, break your goals down into measurable KPIs. Take advice and support where you can and use technology to make the journey easier.
Should you have any questions about this blog, please do not hesitate to contact Chris Oxley or your local UHY contact.
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