Well it’s the boring bit and, whether you like it or not, there are certain practicalities that you need to know about. Otherwise, how are you going to measure success?
That’s what we all want right? We want to make a success of our business, but what does that mean. A popular definition is “the accomplishment of an aim or a purpose”. I’m not one to insist on profit margin, or turnover, or even salary as “must have” markers. Everyone will have their own idea of what accomplishing that aim, or purpose, is.
Governance isn’t whether the widgets you manufacture are the right diameter, or made of the right materials, that’s quality control. There are other specialists for this service – and yes I do know people who do that! Governance is about giving you the best chance of making your dreams come true.
One thing is for sure, and without being too much of a geek about it, unless you know how to measure success you will be like a ship adrift in the middle of the ocean. Melodramatic? No!
Unfortunately, you have to put the geek back into this to get things working the way they should. You need to build a framework that will govern your business. A framework means systems – not necessarily computer systems – but a standardised way in which things can be measured. It is that basic.
It will tell you where things are going right, maybe relating to activities, and where they are going wrong, a lower than hoped for percentage of conversions perhaps.
What should be important to you is that you know what your business needs to thrive. How will you know if you’ve hit the bullseye if you don’t know where to find it? This is where I help people. I help them find their bullseye!
I get to understand the people and their business.
Sometimes the really important things are buried under layers of expectation (some of it very unrealistic) and perceived truth.
Getting to the bottom of things can be really liberating for the business owner. They can even fall back in love with their business. What this does to their attitude and engagement in astounding.
Do you want to make things better for you in your business? Book your appointment with me now.
Governance is all about being as prepared as possible for the next unexpected situation. Yes, Covid blew all of us “out of the water” and from being in international finance as senior levels, I know even the big boys were thinking on their feet.
But, they had a framework from which they could build on, so that made any transition so much easier to make than starting from scratch, like so many SME’s had to. This is what Governance leads to, an understanding of what to do next once you know what is going on now.
Hands up, who knows what exactly is going on in their firm right now? The conversion rates, the profit per transaction matrices, the gross turnover figures – and their seasonal variations. Need I go on with a lot more?
You know the crux of the matter really. If you don’t know what is really going on, you can’t make any decisions on whether anything needs attention, or not. That could be to push a particular product, or even to discontinue one as it’s not selling and giving you the profit margin you need.
If any of this rings any warning bells for you, you know what to do…