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Business by Design Part 3: It’s hard to find success without a map

Clear Vision • Nov 01, 2016

Strategic Management.  Not the most exciting way to kick off a business article and an area that many, many business and business owners like to ignore.

From the one person, home based business through to massive international corporations there is practically an epidemic of people failing to undertake genuine strategic management of their business.

So it’s no surprise that the most recent ASIC report on corporate insolvencies tells us that “poor strategic management” was cited by 42% of businesses as a reason for their failure.

Just to clarify here…we don’t just mean that the business was poorly run or managed.  This is not day to day operations, this is big picture, what’s our vision, where are we going and how are going to get there stuff.

So 42% of failed businesses, which were probably run by people just like you and I, people who loved what they do and worked hard at it, failed because they didn’t stop and really work out a map for the future success of their business.

So how is the strategic management in your business???  When was the last time your management team got out of the office and really refined your strategy???  Then, most importantly, did you come back to the office and implement changes to follow that strategy?

Not giving the answers you’d like?  So how do you fix it?

If your answers to last few questions aren’t what you would like them to be – don’t worry, it’s never too late to get things on track.

Some quick tips we recommend:

  • Get your financial information and position in order. Strategic management needs the right data so make sure you have this available when you need it.
  • Plan to plan. Set a calendar of dates and times when you will work on strategic management.  Once a year probably isn’t enough, but you might start with a longer session and then check in each month or quarter
  • Work out your goals. If you have multiple stakeholders you might need to navigate what everyone expects and wants from the future of the business
  • Document your map. Put pen to paper so agreed items and stated goals aren’t lost over time when you get back to the tools.
  • A plan left unimplemented is less than worthless.  It’s cost you time and money and provided no return.  Make sure you implement your ideas

Don’t wait, get help!

This epidemic of poor or non-existent strategic management is one of the reasons that I am so committed to working with clients on their strategy as well as their day to day financial position.

If you need help with your Strategic Management then Clear Vision is here to help.

We have a range of services and programs that assist businesses in this area.

Embracing the Bright Side: Finding Joy in Everyday Moments

By Caroline Gillies • 07 Mar, 2024
In a world that often feels chaotic and uncertain, it's easy to get caught up in the hustle and bustle of life, forgetting to pause and appreciate the simple joys that surround us. But amidst the challenges and hardships, there is always a glimmer of light waiting to shine through the darkness. Today, let's embark on a journey to explore the uplifting and positive aspects of life, reminding ourselves of the beauty that exists in every moment. Gratitude: A Key to Happiness Gratitude is a powerful tool that can transform even the most mundane of days into something extraordinary. Take a moment each day to reflect on the things you're grateful for, whether it's the warmth of the sun on your face, the laughter of loved ones, or the beauty of nature. By shifting your focus to the blessings in your life, you'll find that joy naturally follows. Embracing Imperfection Life is messy, unpredictable, and imperfect – and that's what makes it beautiful. Instead of striving for perfection, embrace the flaws and quirks that make you unique. Celebrate your successes, no matter how small, and learn from your mistakes with grace and humility. Remember, it's okay to stumble along the way – it's all part of the journey. Finding Joy in the Little Things Happiness doesn't always come from grand gestures or monumental achievements. Often, it's the little things that bring the most joy – a kind word from a stranger, a hug from a friend, or a quiet moment spent watching the sunset. Pay attention to the small moments of beauty and wonder that pepper your day, and you'll find that happiness is never far away. Spreading Kindness and Love In a world that can sometimes feel cold and indifferent, kindness is like a ray of sunshine breaking through the clouds. Make it a priority to spread love and positivity wherever you go, whether it's through a simple act of kindness or a heartfelt compliment. By lifting others up, you'll find that you lift yourself up in the process. Cultivating Inner Peace True happiness comes from within, rooted in a sense of peace and contentment that transcends external circumstances. Take time each day to nourish your mind, body, and spirit – whether through meditation, mindfulness, or simply taking a walk in nature. Cultivate a sense of inner peace that will sustain you through life's ups and downs, allowing you to navigate challenges with grace and resilience. Embrace the Journey Life is a journey filled with twists and turns, highs and lows, but it's also a journey filled with beauty, wonder, and endless possibilities. By embracing the bright side of life, finding joy in everyday moments, and spreading love and kindness wherever we go, we can create a world that is a little brighter, a little kinder, and a little more beautiful for us all. So let's embark on this journey together, with open hearts and open minds, ready to embrace all that life has to offer.

Boosting Your Superannuation: Seven Powerful Strategies

By Caroline Gillies • 22 Feb, 2024
Boosting Your Superannuation: Seven Powerful Strategies

Changes to Company details and ASIC – How to avoid a fee

By Caroline Gillies • 19 Oct, 2023
When it comes to being a Director of a company, there are administrative requirements that must be complied with, including keeping ASIC in the loop. We all hate paying unnecessary fees, and ASIC loves to charge fees. To avoid late fees, ASIC must be told about any changes to company details, including your business or residential address, within 28 days. If your company's information changes, please let us know so we can notify ASIC on your behalf. Example: Jarryd gets a late fee Jarryd recently moved his company to a new storefront. In the rush of changing to his new principal place of business, he forgot to update his address details with ASIC. A month later, Jarryd logged into his online account to change his address to reflect the address of his new principal place of business. Because it was outside the 28 day timeframe, the company was charged a $93 late fee. If he had waited longer and lodged the change of address more than a month late, the company would have been charged a $387 late fee. To avoid fees in the future, Jarryd realises it's important to update his details as soon as they change. In summary, be like Jarryd and realise the importance of advising Clear Vision Accountancy Group of any changes. Example supplied by ASIC
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