Being more commercial starts with wearing your Director’s hat more often.
As a Director, maximising shareholder value should be at the front of your mind. Spending less time in Operations allows you to prioritise working on strategies that will maximise shareholder value.
Are you too busy looking after your clients’ businesses?
This is the main reason accounting business owners neglect their Director role. Simply put, directors don’t have the time to re-invent their own business or plan for maximising shareholder value because they're trapped in daily operations. In reality, many accountants just work harder, responding to more client demands, and neglecting their own business and family lives.
Building capacity and reducing neglect.
Perhaps you have a lack clarity around your Director role, or your time is being stolen by re-work due to lack of systems or poorly executed meetings that lack purpose and structure. Whatever the cause, step one is to free up time to wear your Director hat more and then prioritise time for meetings and planning.
A great way to free up time is to complete your own Achiever Matrix, identifying the activities you should stop doing or delegate. Finding capacity will provide a great opportunity to hit the reset button on your role as a Director.
7 steps to reset your role as Director:
- Get clear on what your Director role entails. Complete your Director Job Description, including your key responsibilities and the time you should commit to these.
- Create your Business Plan and set your vision. A Business Plan enables you to increase shareholder value and achieve the life you want.
- Establish your Core Values and Core Purpose. Creating a strong workplace culture ensures your team remains engaged and aligned to the plan.
- Revise your organisational structure to deliver on this plan. Identify which hats and associated tasks you can delegate or outsource to free up even more time for maximising shareholder value.
- Set your budget and report against it regularly. Knowing your numbers ensures you can monitor progress and take corrective action if you veer off track.
- Schedule structured Board meetings. At least ½ a day per month, a full day per quarter and two full days for an off-site annual review.
- Engage an independent facilitator or coach. Someone with the backbone and heart to hold you accountable to your plan.
Making the time to prioritise wearing the Director hat ensures you operate a more commercially successful business. The bonus is that you can then teach your clients how to do the same.
‘Don’t make “hope” your business plan. It’s not enough to want it. You have to work it!’
– Mary Christensen