Use your International Business Mentor as the financial year-end is looming to reflect on your performance and future.
26th Feb , 2016
At International Business Mentors our Business Mentors are dedicated to meeting your specific requirements through effective business coaching programs. They are also trained to assist in your development. At certain times of the year your International Business mentor can be very helpful in assisting you in the tasks and processes you employ to reinvigorate the business and push to get better financial performance. The following is and example of the questions and approaches that your International Business Mentor may take in considering the financial performance as the financial year-end looms.
This year’s performance review
With the financial year end just round the corner it is time for you and your International Business Mentor to sit down and ask the difficult questions: “Did the business perform well – given the circumstance and the commitment to following through on strategy, operations, customers, people, financial performance and financial management?” and carry out business planning.
- Were targets and expectations achieved in all of the above areas?
- If yes
- What can be capitalized on in the next few years?
- If not, why not?
- And what can be improved on to lift results in the future?
- If yes
- What specifically could be done better in the future?
Next year’s performance setting
From what you have learnt above its time to re-set the next three year’s strategy and work on the budget for next year. You may need to review these and present to the Board, get agreement, or make agreed amendments. Your International Business Mentor can help you through this process by critically reviewing the strategy and budget with you before you take it to the board. Or if you have no board give you critical feedback and interaction on your budget and strategy before you crystallize it.
Vision review
Vision needs to be powerful. It needs to give clarity of purpose and motivate you and your people. Do you and everyone in the business know where they are heading and how they are going to get there? Are we making progress towards our vision or not? Clear vision reduces wasted time and gets everyone moving in the same direction. Your International Business Mentor can help you develop, discuss and challenge your vision.
Movement and action needed
Vision needs movement and action to make it happen. Are all people in the business clear on how they contribute to the vision and have detailed plans, targets and KPIs? These must reinforce the successful achievement of the vision, strategic plan and budgets. Your International Business Mentor will challenge you to develop this approach, then help you review performance against it. And if there is insufficient drive then you need to explore ways with your International Business Mentor to get sufficient movement and drive to make things happen, including your leadership.
Your own development
Your own development is a key objective of your International Business Mentor. As you develop you will grow into the job, push yourself further and make an increasing contribution to the business performance. As you will have greater potential you will feel better about your self. Furthermore with personal growth tends you will come to a greater sense of worth and fulfillment. Reviewing these areas above should be part of your timetable as part of your own development and the re-invigoration of the business.
Your Leadership ability will increase
As you develop assisted by your International Business Mentor your leadership ability will deepen and broaden over time. This will assist you to perform better and further enhance your performance. You may also benefit from our various training programs for Owners, Directors and Senior Management.
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