Projections and Plans

Matrix Key:  Financial Viability - Profitability - Projections and Plans

"Failure to plan is planning to fail." - Unknown

We've devoted a major quadrant of the WholeLife Matrix to the practice of Projections and Plans.  Most good entrepreneurs know that planning is essential to success.  It's easy to let planning drop down the priority list though, when the day to day responsibilities of a growing business become more time consuming.  Here's the thing...without consistent, good projections and plans, your business is being run by the circumstances.  That's like the tail wagging the dog.

The four principles of good Projections and Plans are:

1.      A reliable Cash Flow Forecast

2.      A reliable Sales Forecast

3.      A projection for your Sales/Expenses/Profit

4.      A System to Review and Adjust all of these projections and forecasts

Don't let the market determine where your business will end up.  There are too many easy and efficient tools you can use to stay out in front of your company's performance.  Use your own ideas as your guide and head down your chosen path.

Are You Ready to Win? 

Good Accounting System

Matrix Key:  Financial Viability - Profitability - Accounting System

"The company accountant is shy and retiring.  He's shy a quarter of a million dollars.  That's why he's retiring." - Milton Berle

There's a good reason that the cornerstone of the WholeLife Matrix is having a Good Accounting System.  The accounting system is the road map of your business.  Without it your business is basically blindfolded and wandering aimlessly.  All the hard work you put into your product, your employees and your visibility in the market vanish in a heartbeat without a good accounting system. 

The four requirements of a good accounting system are:

1.      The system must be Tracked Daily;

2.      You must have Someone Accountable;

3.      There must be a system of Checks and Balances; and

4.      There must be Capacity for Growth.

Look at your current accounting structure – can you identify each of these requirements in your system?  As the above quote hilariously implies, your accounting system is only as good as the people who run it.  Depending on the size of your business, you might need only one person to manage the accounting system or you might need a whole department.  Make sure you invest in a quality experienced financial accountant.  That's a winning bet for your business' long term health.

Are you ready to win?



Career Comeraderie

Matrix Key:  Relationships - Staff and Colleagues

"Coming together is a beginning; keeping together is progress; working together is success." - Henry Ford

Some of the most undervalued and overlooked relationships people have are with their colleagues or staff at work.  Because we are all thrown together in an environment outside our personal lives, we tend to not view these interactions so much as relationships but rather as necessary tasks.  Over the past several years, companies have come to recognize the importance of nurturing relationship between co-workers.  Business owners realize that an investment in team building and communication pays off in higher productivity and commitment to success.

High performance teams prioritize working relationships that are built on:

1. Respect
2. Accountability and Responsibility
3. Common Interests
4. Communication

Like everything else in the WholeLife Matrix, you must invest time and energy into these concepts in order to reap the rewards.  If you are a business owner, make sure you schedule events outside of work for employees to have fun together and get to know one another.  If you are an employee, ask a close colleague to lunch so that you can find out what motivates him or her.  The more you have invested in each other, the more likely you are to succeed.

Are you ready to win? 

The Production & Delivery Team

Matrix Key:  Financial Viability - Production and Delivery - Team

"Individuals don't win in business, teams do." - Sam Walton

Sam Walton knew a thing or two about building a viable business.  Whether your business is a small mom-and-pop operation or the next WalMart, it will not succeed without a production and delivery team that is committed to winning the game.  Take a look at how this shows up in the WholeLife Matrix.  It's not just a matter of hiring the right people and stepping back.  Business owners and managers have a responsibility to consistently coach their teams to perform effectively on the playing field.

Successful production and delivery teams depend on four key components:

1. They have a common goal.
2. They are committed to a high level of performance.
3. They can easily define and align on their purpose.
4. They have a plan and know how to execute it.

Putting together a high performance team that can deliver on the company's goals over time is a huge part of a manager's job.  Motivating your team is an ongoing and necessary process, but it is one that will pay tremendous dividends in the long run.  If your team is unskilled and uninspired, your business will fail.  Better to devote some resources to creating teams that can win the game.

Are You Ready to Win?