Maintaining the vision for financial success
When people refer to vision in a business, one assumes it is the business vision. There are many advisers who give input into how to implement a business vision. Things like ensuring that everyone is engaged in the development of the business plan that supports the required outcomes; that there is a business plan; that outcomes are measured; that people are focused and performance is managed. But once again, whilst these elements are all critical and important, they are not enough to maximise the value of the business.
The value most often overlooked is hidden in the minds of the people. It is their mindset – the way they think about their roles, how they behave to get customers to come back to buy more, how the leaders engage the thinking, skills and experience of everyone and finally how the leaders supports everyone to pull together to deliver on the business plan.
Business authors referred to this hidden value as ‘company culture’ – the ‘how we do things around here – successfully’. These allegedly intangible elements directly reflect the common mindset of all leaders – and the owner’s mindset has the greatest impact of all. The client’s financial vision for the business is bound by their mindset. Helping them to understand their mindset releases the meaning it has and creates an energy and momentum for success that is truly awesome.
Ensure support is available
Most owners know their business, their industry and often their clients/customers exceptionally well. The huge challenge facing them today is that all these elements change very quickly. Who does the owner have in place to support them with their challenges and the decisions they have to make quickly?
The accountant is a critical element in this environment.
His or her role is to provide the necessary business thinking into the decisions made. But who helps the owner deal with their own mindset issues, with the emotions that ride over rational decisions even when not consciously recognised, with their reactions to the mindsets and behaviours their people are showing and which cost money day in and day out? These intangible but financially critical elements are often avoided and overlooked.
Deciding on a supporter
Some accountants and advisers are comfortable discussing these softer points; however, my experience is that P&L discussions always win the day!
Business coaches are trained to support business owners with these ‘softer’ elements in the business.
A business coach can add value to the business, not just help the business owner feel better about the issues they face important.
The most powerful input a client can get is successful supporters and advisers who work together. This is the key to good, solid sustainable growth for businesses of any size.
Having a business coach – or indeed any form of business support – is not about being weak, being in trouble or not being good enough for the business.
Help your client to see this through different eyes – having an experienced, knowledgeable person alongside him to reflect their mindset and the culture the organisation uses to achieve its goals – is what it takes to create a wealth asset from a business that is going to support its owners and their family in their retirement.
