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Redefining success for 2022

Redefining success for 2022
Tuesday, January 11, 2022

If there’s one positive to take from the events of the last two years, it’s the opportunity to consider what’s important. For those of us in business, it’s important to redefine our plan and goals that ensure the business delivers our definition of success. 

Personal success
Your definition of personal success will be different to what it was before the world was turned upside down by a global pandemic. For example, wanting to be able to travel the world, regularly upgrade the car, and enjoy frequent nights out. 

To secure this lifestyle, your profit target might’ve been £50,000 and you might’ve been working 60 hours per week and never finding the time to be with family or doing that much-needed exercise.

Then lockdown happened and many of those goals were no longer possible; overseas travel was replaced with the excitement to just get out of the house. The upgraded car goal was replaced with a bicycle so you could get out and exercise, and a night’s entertainment involved a board game or an evening of Netflix!

As lockdown restrictions were reduced or removed, you emerged with a new clarity about what’s really important. 

Let’s say you revise your budget and can get by with £40,000 from the business. Your revised personal definition of success might then be £40,000 income, 5 days’ work per week, and time to be with family and stay fit and healthy.

Business Success
The business should give you the cashflow you need personally AND the discretionary time to enjoy the lifestyle you choose. Using the example above, your previous personal definition of success meant you were working 60+ hours per week, with little time for family or exercise.

With your revised personal definition of success of £40,000, you can reduce the pressure needed on the business to deliver that old level of profit. If all business costs remain constant, it could be that sales can drop by 10% and you’ll still achieve what you need from the business. Lowering the sales target could free up your time to make a better plan for a smarter business, perhaps with higher margins and reduced overhead costs.

That plan is your revised definition of business success which will give you certainty that you’ll achieve your revised personal definition of success.

Team success
If you have employees, the achievement of your business success is highly dependent on how well your team performs. It’s likely your team members have all reflected on what success looks like for them, just as you have. Studies show that a happy and engaged team with a strong workplace culture will out-perform a team driven using the carrot and stick method.

Redefining success for your team should include things like:

  1. Creating and living into an agreed set of Core Values. 
  2. Regular performance reviews and goal setting (i.e. the team defining their version of success in their role). 
  3. Flexible working arrangements. 
  4. Reviewing roles, responsibilities, and progression opportunities. 
  5. Reviewing remuneration, holiday, and perks. 

This will give you a clearer understanding of the revised definition of success for your team.

Next steps
Follow these steps to pull these three definitions of success together:

  1. Create a revised personal budget and define your personal definition of success. 
  2. Update your Business Plan, setting out the minimum viable sales needed to achieve the income you want and the goals and actions to ensure you get there. 
  3. Update your annual financial forecast. 
  4. Set up a system for ongoing reporting and accountability. 
  5. Ask your team to complete a reflection questionnaire, then hold a performance review and goal setting meeting with each team member. 
  6. Sign up to our Know Your Numbers webinar to help you understand your financial reports.

There is no magic here. These steps have always been important. They’re likely to need a review in the current climate.

Get in touch with us if you need help redefining success or implementing strategies to achieve your definition of success.

We will be running a programme of webinars and workshops to help you improve your skills and knowledge for 2022. The first webinar is Know Your Numbers on 7th February and is essential to help you to understand your financial reports. Register now.

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For us, there is nothing better than a happy customer. Here are just a few that let us know how much we mean to them.

Pete Dungey

Simple, efficient and most importantly, hassle-free.

We found Panthera via our search for a Xero expert. We knew the software we wanted to use, and needed a forward-thinking accountancy partner who could get us up and running, and teach us the ropes moving forward. Tory and her team have always been on hand to answer our questions, and help us to grow as a business, particularly during periods of big change, such as becoming VAT registered. They are always on hand to alleviate any concerns and help to keep our records in order, which makes our year-end accounts an absolute breeze! Being based in Bristol, our relationship is entirely email based, alongside one consolidation meeting at year end - this keeps things simple, efficient and most importantly, hassle-free.

Pete Dungey Kaleido Grafik Limited
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The support and service we receive from Panthera Accounting is very good. Everything from regular meetings, a prompt e mail response and the transition of our Xero software (which we find very pro active indeed) has and is all remarkably efficient. We find Panthera talk our language and make any process as painless and easy as possible.

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We got in touch with Panthera Accounting by way of a recommendation; we haven't looked anywhere else since. They are an extremely professional yet relaxed group of people. We were slightly daunted by the idea of accountants but Panthera brushed aside y the stereotypes. They are very understanding when answering any questions we may have. They are completely efficient, offer sound business advice, and are fantastically priced. We will continue to recommend them.

Ash & Tim Lane Starveacre Fencing
Jayne Johnson

An Asset to my Business!

The whole team at Panthera are great! Working with them has been a huge support to my growing business. They help me to understand the numbers I need to know. They give me technology solutions like Xero so that I can process things quickly and have access to my own figures. They are quick to reply, highly knowledgeable, nothing is too much trouble and as well as making sure that everything is compliant and on time, they are enthusiastic, professional and fun to work with.

Jayne Johnson Better People
John Baker

Absolute joy - they provide a first class service on every level

Working with Tory and the team at Panthera is an absolute joy - they provide a first class service on every level; from simple Xero issues through to more complicated tax enquiries, they’re always on-hand to help me get it right. I’m certainly not their biggest customer, but I’m always made to feel like their most important one.

John Baker BKR Solutions
John Castle

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I would like to say that Panthera Accounting have helped me with my business accounts for more than 4 years now. They have consistently offered an excellent competitively priced service that works both professionally and in such a friendly way that I would highly recommend them to everyone considering using their services.

John Castle Ilexanna Limited & Birch Castle Homes Limited
Jonathan Morrison

They are always there to answer queries and sort out issues

I had been with Mr Dunn for 20 years when upon his death Panthera took over the business. They now play a bigger part in the running of my business, they do all the stuff that has to be done but I don't like doing ie book keeping, VAT, wages, and returns. They are always there to answer queries and sort out issues and make sure all Tax deadlines are met. Their costs are fair, service is great and I have and would highly recommend them.

Jonathan Morrison Wallingford Builders
Pippa Scott

Professional, friendly and personal service.

Panthera Accounting have gone above and beyond the call of duty to guide and support our Company. They offer a professional, friendly and personal service that can take the stressful and sometimes frightening feelings out of running a business. They have guided us through the working of Xero and have offered “teaching sessions” on the day to day running of the accountancy package. Our only regret is that we didn’t join their team earlier.

Pippa Scott Scott's Commercial Services Limited
Sara Southey

Panthera puts the personal back in to accountancy!

Tory and her team have provided a friendly, approachable and helpful service from the start. They have delivered a quality service, above and beyond anything I could have expected. Panthera, with the help of the Xero package, have taken the stress, strain and confusion out of managing my company and personal accounts. I look forward to working with them for many years to come.

Sara Southey Bluestones Garden Design
Tracey Miller

Panthera are fantastic.

Panthera are fantastic. Always professional, going the extra mile for their clients and delivering superb service. I recommend them all the time to my clients.

Tracey Miller Bigger, Brighter, Bolder BBB

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