What Does Success Look Like For You?

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I was talking to a client the other day about their end of year financials and I asked the client about how he thought the business had gone for the year.  His response was that the business had not performed as well as he would like.  He also mentioned that he had joined a group coaching team specific to his industry.  I asked him how it was going and the response really stuck out to me.  “They are telling me for my business to be successful I need to grow and hire more people, and I don’t think I want to do that!” – Interesting

This got me thinking about two things.  One, how does a coach advise you if they don’t really know what it is you are trying to achieve?  And two, what does success look like?  No doubt we have all seen the ads scattered over social media – fast cars, big boats, money scattered all over the bed, and someone standing in front of a Rolls Royce, with what we are supposed to believe is their private jet in the background.

Is that all that success is about?  Is it all about the money you accumulate and the assets you acquire?  At times it feels like we are pushed by outside influences, to pursue these as the ultimate definition of success.  But there has to be more!!

What success looks like is different for all of us.  Firstly I think it is important for us to stop worrying about whether other people think we are successful or not.  Their metrics for success will be vastly different to yours.  Have you thought about what success looks like for you?  When you put the business apron on the hook for the last time and look back, what will make it feel like you have been successful?

For me success looks like this.  I want to be able to take advantage of opportunities that arise that interest me, which will include financial opportunities.  I want to be able to spend time with my family and friends.  I want to be working with people who excite me.  I want to have helped others achieve the goals and dreams that they have.  I want to be able to stop and enjoy the moment, without stressing about what else needs to be done.

What does success look like for you? 

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David Patterson - Director The Bucket list Accountant

Small Business Success: A Roadmap to Profitability and Family Enrichment

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The journey of a small business owner aged 30 to 45 is a dynamic blend of entrepreneurship and family responsibilities. Striving for business success while nurturing a fulfilling family life requires a well-crafted roadmap that considers both professional aspirations and personal dreams. In this article, we'll delve into a comprehensive roadmap that guides you toward achieving profitability in your business while enriching your family's life experiences.

Step 1: Define Your Vision and Values

1. Business Vision: Clearly articulate your business's long-term vision and goals. This provides direction and purpose for your entrepreneurial journey.

2. Family Values: Align your family's core values with your business's mission. This alignment fosters unity and shared aspirations.

Step 2: Business Profitability Strategies

1. Strategic Planning: Develop a detailed business plan that outlines your objectives, target market, competitive advantage, and growth strategies.

2. Financial Analysis: Regularly assess your business's financial health, reviewing revenue, expenses, and profitability to make informed decisions.

3. Efficient Operations: Streamline business processes to optimize productivity and reduce costs. This allows you to focus on growth opportunities.

Step 3: Building Family Connections

1. Family Rituals: Establish consistent family rituals, such as weekly dinners or monthly outings, to strengthen family bonds.

2. Quality Time: Allocate undistracted quality time for your family, creating meaningful memories that resonate for years to come.

Step 4: Maximizing Profit for Fulfillment

1. Strategic Investments: Invest in areas of your business that show potential for growth, ensuring a steady flow of profits.

2. Family Bucket List: Designate a portion of your business profits to fulfill your family's bucket list dreams, reinforcing the link between your success and their aspirations.

Step 5: Time Management Mastery

1. Prioritization: Categorize tasks into urgent, important, non-urgent, and non-important, focusing on high-priority activities that drive results.

2. Time Blocking: Allocate specific time blocks for work, family, and personal activities to maintain a balanced lifestyle.

Step 6: Innovate for Business and Family

1. Business Innovation: Continuously innovate within your industry to stay competitive and seize new opportunities for growth.

2. Family Engagement: Innovate within your family by introducing new experiences and activities that nurture bonding and shared adventures.

Step 7: Financial Fitness and Legacy

1. Financial Fitness: Implement sound financial practices, including saving, investing, and debt management, to secure your family's financial future.

2. Legacy Planning: Develop a plan for passing on your business and values to the next generation, ensuring a lasting legacy.

Step 8: Strategic Collaboration

1. Partnerships: Form strategic partnerships within your industry to expand your business's reach and foster innovation.

2. Family Collaboration: Collaborate with your family on important decisions, involving them in the journey toward both business success and family enrichment.

Step 9: Reflection and Adaptation

1. Regular Reflection: Periodically evaluate your progress, making adjustments to your roadmap based on changing circumstances and aspirations.

2. Celebrate Milestones: Celebrate milestones achieved in both your business and family, reinforcing the connection between your accomplishments.

Step 10: Continual Growth and Fulfillment

1. Lifelong Learning: Commit to ongoing personal and professional development to continually improve your business and family life.

2. Enriching Experiences: Keep your family's bucket list alive by regularly planning and enjoying enriching experiences together.

Achieving small business success while enriching your family's life is a rewarding journey that requires intention, planning, and dedication. By following this comprehensive roadmap, you can create a harmonious blend of profitability and family fulfilment. Remember that every step you take in your business journey can also be a step toward creating lasting memories and securing a legacy that will be cherished by your family for generations to come.

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David Patterson - Director The Bucket list Accountant

Achieving a 4-Day Work Week: Tips for Business Owners

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One of the items on a lot of business owners bucket list is being able to work a 4 day week with no drop in cash flow or profit. The concept, while enticing, requires a thorough understanding of my business and a series of strategic shifts. The following are some strategies to help move closer to that elusive 4-day work week dream.

> Embrace Automation

This cannot be emphasized enough. Today’s technological advancements have enabled businesses to automate numerous tasks that once took hours to complete. From accounting software that can handle invoicing to CRMs that manage customer interactions, investing in the right tools can save a significant amount of time.

> Delegate and Trust your Team

If you’re aiming for a shorter work week, you must learn to delegate. This means hiring competent staff, training them well, and then trusting them to do their jobs without micromanagement. Empowering your team boosts morale and increases productivity, which can result in a more efficient workflow.

> Establish Clear Communication Channels

When everyone knows what’s expected of them and where to go for answers, it reduces the inefficiencies related to miscommunication. Adopt tools and systems that promote streamlined communication, such as Slack, Microsoft Teams, or Trello.

> Re-evaluate your Business Processes

Sometimes, the way we’ve always done things isn’t the most efficient method. Regularly review your processes, eliminate redundant tasks, and always be on the lookout for ways to optimize.

> Prioritize Tasks

Not everything that demands your attention is crucial. Understand what tasks are genuinely important and which can be deferred, delegated, or even dismissed. The Eisenhower Matrix, which divides tasks based on their urgency and importance, can be a helpful tool.

> Set Boundaries

This is particularly crucial for small business owners who tend to wear multiple hats. Decide when your work day starts and ends, and stick to it. It's tempting to always be "on," but it’s neither sustainable nor efficient.

> Implement a Results-Only Work Environment

Instead of tracking hours, focus on outcomes. If your team accomplishes what’s expected within a shorter timeframe, why keep them at work for the sake of clocking in hours? This approach can boost motivation and productivity, as employees appreciate the trust and autonomy.

> Remote Work and Flexibility

The pandemic demonstrated that many jobs can be done from anywhere. By providing flexibility, you can tap into a broader talent pool and often get tasks done outside of the traditional 9-5 grind, increasing overall efficiency.

> Continually Educate Yourself

The world is rapidly changing. New tools, strategies, and best practices emerge constantly. Keep learning and adapting to ensure your business remains at the forefront of efficiency.

> Reconsider the Business Model

Finally, ask yourself if your current business model lends itself to a 4-day work week. Some industries might find it challenging due to customer demands or operational needs. If the traditional model doesn’t fit, consider pivoting or restructuring in a way that aligns with your goals.

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While the journey towards a 4-day work week may seem daunting, it is entirely feasible with the right strategies in place. It requires a combination of leveraging technology, optimizing processes, and nurturing a culture of trust and empowerment. Remember, it's not just about working less but working smarter. And as always, in any significant shift, it’s crucial to monitor the financial health and productivity of the business. With careful planning and execution, you can not only achieve a 4-day work week but also improve your business's overall performance.

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David Patterson - Director The Bucket list Accountant

Best Advice Ever…

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Yesterday morning I received the best piece of advice I have had in a long time.  I was pondering over a decision that I had to make with my business that had the potential to be confrontational.  I have always thought of myself of someone who doesn’t like confrontation.  I have always tried to avoid it where possible.  I would much rather miss out than go through the difficult conversation.

So I rang my mind mentor, Leigh.  I explained the situation to him and where my mind was at.  One of the questions he asked was “What is the worst thing that could happen if you have the conversation”.  My mind automatically went to me living under a bridge, old blue heiler by my side, a scraggly grey beard and a sleeping bag as my only companions!!

He then said to me - “You aren’t afraid of confrontation, you are afraid of the uncertainty.  As a result you are thinking too far ahead and going down a path that will probably never happen.  You need to learn to embrace uncertainty”.

Boom, there it was!  Embrace uncertainty.  My first step was to present the problem we were having and provide my thoughts on the solution.  That was all I had to think about.  Think about the first step and take that.  Then see what presents itself from there and then make your next decision based on the reaction to the first step.  It is that simple.

Too often in business we overthink our decisions.  What happens if I do this and then this and this happens?  What will people think and how will they react if I do this?  The answer is it doesn’t matter.  If you have made a decision in relation to your business and you are happy with the process and reason for the decision, then go for it.  Worry about the next step when that next step happens.  Too often we are paralysed with fear about what will happen and create imaginary paths that will never eventuate.  Embrace uncertainty.

Embrace uncertainty.  Thanks Leigh.

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David Patterson - Director The Bucket list Accountant

Couple Goals

Paul and Jan have successfully worked through a strategy and now run their business on their own terms and have more time to spend with their children and each other.

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I was sent this photo the other day and it got me thinking. I wonder what they are up to?  Here is how I think these two got here.

We go back 4 or 5 years. Paul and Jan (that is what I have called them) run their own small business.  It is 8.00 at night, and like every other week night, they are both sitting at the kitchen table finishing of paperwork from the day.  Paul stops what he is doing looks up and says “ I am not happy Jan (some will understand this reference).  Paul continues, “Our business is going reasonably well, but we are both spending 12 hours a day to make it work. We have no time for the kids and no time to do the things we want. There has to be a better way!”

So Paul and Jan decide to make a time to go see their friendly and trusted accountant (We will call him David, The Bucket List Accountant), to see if there is a better way. Before David starts talking about their business he asks them one question.  What are the things you want to do in your life?  Paul and Jan have a think about the question and come up with the following five key they want to do;

·       Spend more time with the family

·       Have better cash flow so we can do things without stressing about the money

·       Take an overseas holiday every year

·       Spend less time at work so we can pursue our love of sky diving

·       Volunteering one day per week at their local Foodshare

With these things in mind they start analysing their business to identify areas that they can improve to help achieve their goals. With help from David, they implement a plan and strategies that will help them create a better business and allow them to do the things they want. They start to devise systems to help their business run more without them.  Paul & Jan decide that they will meet with these things in mind they start analysing their business to identify areas that they can improve to help achieve their goals. With help from David, they implement a plan and strategies that will help them create a better business and allow them to do the things they want. They start to devise systems to help their business run more without them.  Paul & Jan decide that they will meet quarterly with David to ensure that they are staying on track and accountable for their own actions.  They have their clear goals laid out in front of them and they know what needs to be done to achieve these goals.

Fast forward 5 years and their business is booming. Yes there have been some troubles along the way.  Because Paul & Jan were clear in their goals, they were able to navigate through these issues and continue on their path.

They are now spending way less time working in their business.  Cash flow has never been greater, and they are spending quality time with their kids.  They are as happy as they have ever been.  The photo above was taken on their annual overseas holiday.  They are having a quick zoom meeting with their business managers just to make sure everything is running smoothly. Then they are off to go bushwalking with their kids.

That is what I think is the story behind this picture.  It could also be they are simply checking Facebook before heading back to the office, but I don’t think so.  Their names are definitely Paul and Jan though.

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David Patterson - Director The Bucket list Accountant

Enjoy the moments

Being present - Living in the now

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For Christmas last year, one of our sons (We will call him Jack because that is his name) purchased tickets for my wife and I to go and see “The Imperfects” live show.  This is a show loosely based around their podcast which is brilliant and I would encourage everyone to go and see it if you are able to.

There were lots of take aways from the show, but the main one that I took away was to enjoy what is going on now.  Too often we worry about the past, which we cannot change” or we are worrying about what will happen in the future and we completely forget about what is happening right now.  I have been guilty of this for most of my life until very recently.

Running your own small business can be very tough at times.  
Sleepless nights worrying about how you are going to pay the bills or getting the work done.  As a small business owner I believe we need to learn to be able to do two things.  We need to learn to embrace the difficult times (and there will be plenty of those) and work out how to overcome them.  We also need to learn to enjoy the good moments when they occur.  In small business we worry too much about the future and forget to enjoy the small wins along the way.  For me a win last week was sitting around the kitchen table with a client, discussing their business and enjoying a roast lamb lunch that the client had prepared for the meeting.  It was so nice to be able to sit with them and learn more about their business, and just as importantly, more about them as people.

In the past when tough times have come in business l have had a bad habit of going back into my shell and almost becoming paralysed from taking action.  With some help I have learned to tackle tough times completely differently.  Now I sit down, work out why this is happening and try to work out steps to take to improve the situation and put systems in place to ensure that whatever is happening does not happen again.  It is empowering and puts me back in control of my business.  I can not always control the outcome, but I can certainly control my response to the outcome.

Every weekend my wife and I go for a walk along the beach for an hour rain, hail or shine.  Several months ago I made the decision to leave my phone in the car while we walked.  It was one of the best decisions I have made.  Now when we walk I am present and attentive to all that is going on around me.  I enjoy the hour, simply walking along, talking with my wife and admiring the wonderful view.  I feel so much more relaxed at the end of the walk, having not been interrupted by messages or phone calls. 

Why not try it next time you go for a walk?

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David Patterson - Director The Bucket list Accountant