A 12-month plan on how to develop business potential when you take ownership
A 12-month plan is imperative to developing business potential and achieving your business goals. Over a year, we can achieve short-term and medium-term goals and move ever closer to our long-term goals. A year in business can either be a long or a short time, and I guess it comes down to how you perceive your business is doing! A year can seem like an eternity when you’re in the mire, struggling daily, but when your business is motoring forward and you feel like you’re flying, it can pass in a flash.
The business potential for success
Business potential can be loosely defined as the vision you have for your business, where you see it in a year or at what point you will look at your business and think it is a success and you’ve achieved what you wanted to. This vision is crucial, and it will keep you afloat when the waters get rough and sees you through the tough times. When your vision is clear enough, and you’re why is strong enough, the potential for your business to succeed is incredibly high.
When you see your business potential, you must also have a plan…and always come with action. Without that, it’s no more than an idea.
Taking business ownership
The first thing we need to do for a successful year in business is to take ownership of a few critical factors:
“When a team takes ownership of its problems, the problem gets solved. It is true on the battlefield, it is true in business, and it is true in life.” – Jocko Willink.
1) Your goals – effective goal-setting needs to be in place to ensure we can use those 12 months as efficiently and productively as possible. I always recommend setting goals for varying time frames – if we want our business to be at a certain level by the end of the year, what steps do we have to take each month and each week to achieve that? Goals need to have a group of granularity about them to help us get the results we want….see our separate blog on Goal Setting for Leaders and Managers –
2) Your role – leaders and business owners with greater clarity on what they are taking responsibility for and what they are delegating to others will generally have tremendous business success. Why? Because they can focus more clearly on several key areas rather than trying to be everything to everyone and often getting nowhere.
3) Your time – what business leaders spend their time on is probably THE number one most important decision they will ever make. Over 12 months, the potential is enormous for wasting time on low-value tasks that do not move your business forward. This is a mistake that many business leaders make. As well as having a 12-month plan, you need to know what you, as the leader of the business, are going to spend most of your time…..what are the actions you can take to deliver results? Focusing on 5 High Payoff Activities (HPA’s) per day helps drive both consistency and compounding interest
“Five a day keeps procrastination at bay”.
Accountability in business
Accountability is one of the most important leadership attributes that can make a difference in the success of a business or team.
Accountable individuals take responsibility for their behaviours and actions. They communicate changes effectively, keep others involved, set clear expectations, and learn from failure. Because of this, their team members learn to trust them, which helps build healthy team dynamics.
And as we know, business success is a team sport. As leaders, we need to build the best performing team we can…..and accountability is a huge part of that.
“Open collaboration encourages greater accountability, which in turn fosters trust.” – Ron Garan.
Throughout the next 12 months, here are the three main aspects of accountability to focus on:
1) Communicating your vision too soon and too often is better than too late and not enough. Taking a collaborative approach to set goals – share your vision with your employees and why it matters, and involve your team in goal-setting to achieve this vision. Help them own their role in the process.
“You have to talk about vision 10x more than you think you need to before people take ownership of it”.
–John C Maxwell
2) Set up a system or process for regular accountability check-ins within your business. At a minimum, make it at least once per month, and ensure these are done in a positive, supportive environment in which people can ask for support or share ideas on the things they’re working on rather than a tool to put pressure on employees to tick boxes.
3) Ditch the blame culture…….encourage your team members to accept responsibility for their actions by doing the same yourself. We don’t always get things right in business, and leaders probably know that more than anyone – the only thing that matters is how we deal with it. We will learn and grow by taking responsibility for our behaviours and choices and how we deal with the outcome of these. When your team learns to adopt this approach, your business will benefit hugely – a year of learning and growth for each employee will be invaluable to their contribution to your business.
So much can be achieved in a year if we focus on what matters the most in our business and life; we want to help make 2023 the year of your most significant business growth.
When you work with us to ensure you have all of the pillars in place to build your business for the long term, grow a thriving team, become the best leader you can be, and deliver the business results you want.
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