Going with Your Gut Only Gets You So Far

Going with Your Gut Only Gets You So Far

How many assumptions do you make about your business on a regular basis? Do any of these sound familiar to you?

  • I’m pretty sure I’m on track to meet my goals this quarter.
  • It feels like my numbers are about the same as they were last year.
  • I haven’t gotten any red alert notices from my bank, so I assume my financials are fine.
  • It seems like my clients are happy with the work I’m doing.
  • I’m pretty sure my employees are doing the work I’ve asked them to do.

Running your business on assumptions is a dangerous game. If you’re assuming everything is okay, you’re letting yourself off the hook. You need to stop assuming and start knowing.

So, what’s it going to take for you to know that your business is on track to meet your goals, rather than just continuing to assume you’re going to make it?

Ask yourself the following questions:

What do I need to track?
Consider the most important metrics in your business: financials, sales, new clients, referrals, or whatever it is that usually brings you the most growth. Remember these metrics don’t have to be “typical” measures, they just need to be drivers of your goals. Those are the metrics you need to be tracking regularly.

What are my goals for each of those metrics?
Once you know what to track, set a goal for each one. Pick a goal that you can meet within the next quarter, so that it will be easier to track and you’ll see results in a shorter amount of time.

How often do I need to track these things?
You want to track each area often enough that you can see progress when it happens or catch problems when they occur. However, the balance to that is that you don’t want to track so often that it seems like you’re not making any progress at all, because that can be disappointing. (Think of it like weight loss: if you measure your weight every day it can be difficult to see progress, so once a week is a more reasonable time frame.) So this might be daily, weekly or monthly.

How will I hold myself accountable?
You need to hold yourself accountable for actually tracking the metrics, but also for reaching your goals. It doesn’t need to be fancy, it just needs to be used consistently and deliver the information you need. Celebrate the wins and if you notice a backslide in any particular area, make sure that you take the time to work on that area and don’t just let it continue to falter.

How will I hold others accountable?
Some of the areas you’ll want to track may fall under the responsibility of other people who work for your business. If one of your employees isn’t meeting their goals, it’s your job to hold them accountable for that and also to support them in making corrections. If it comes to it, it may also become your job to let them go if they’re consistently not meeting your expectations.

You are the CEO of this business; if you don’t hold yourself accountable for meeting your goals, how can you expect the other people who work for you to do the same? So you probably need to have a few metrics to track too. Stop guessing, start knowing, and don’t hold back on keeping everyone accountable for meeting the goals you’ve set for your business.

If you need a little help in this area, accountability is my specialty! I work with CEOs to hold them accountable for doing the work that’s going to bring them the results they’re after. I won’t sugar-coat things, but I will give you options, advice, and support when you need it. If that sounds like something you need, click here to schedule a call and learn more about the Operations Engine, my group coaching program for CEOs who are ready to be accountable for their goals.

Give Your Business a Quarterly Accountability Check-In

Give Your Business a Quarterly Accountability Check-In

Most successful business owners have mastered the art of being accountable to others. You deliver on time to your clients, you write regular checks to your team, you never miss an appointment with your mentor or mastermind group. When it comes to being accountable to yourself, are you just as reliable? Or do you let yourself fall short because no one else is on the receiving end of your accountability?

If you want your business to thrive or grow, you need to be just as accountable to yourself as you are to everyone else. Part of this means that every quarter, you set aside the time to do a check-in on your business. You need to know exactly where you stand right now, and also be able to compare your current situation to past performance in order to set goals for the future.

Right now, schedule some time on your calendar to do an accountability check-in with your business this month.

Here’s what you should be checking for:

  • Numbers: Look at your key performance indicators, metrics, and financial reports from the past quarter. 
  • Team: Evaluate the performance of each of your team members over the past quarter.
  • Vision: What are your goals for the rest of this year? How about longer than that? How close are you to achieving those goals, based on the information you’ve found today?

For each of the key areas, make a place to document your current status. A spreadsheet or document where you can keep records for each check-in together would be the best option. 

As you document  your check-in, make sure to record the following information:

  • Where am I right now for this indicator? What is the actual performance in this area for the past quarter? (This should be something measurable – dollars, percentages, number of clients, etc.)
  • How does this compare with last quarter? How does it compare to this quarter of the previous year? (If you haven’t done a check-in like this before, you may have to save this question for next quarter.)
  • How does this compare with where I would like to be at this point in my business? (This is a time to celebrate any successes and reevaluate anything that isn’t working.)
  • Are there any outside factors I need to note? (This might include things like natural disasters, a global pandemic, a personal health issue, a loss of a team member, etc.)

At the end of your check-in, take some time to adjust your goals if need be, and then schedule your next check-in for the following quarter right away. Prioritizing this type of assessment is key to the life and success of your business, so you have to find a way to hold yourself accountable for it, no matter how busy life gets.

If you need some help on that accountability piece, I’d love to offer you that. Book a session with me and I will help you break down your current numbers, set manageable goals, and – most importantly – hold you accountable for taking the action required to meet those goals, and to establish a regular habit of checking in on your business.

Click here to book a call. I look forward to talking to you soon!