NEW FINANCIAL YEAR, NEW POSSIBILITIES

Danyca Wallis | April 2023

As we all catch our breath after the provisional/IT14/VAT submission season, we might have some fuel left in our tanks to work ON our businesses and not IN our businesses (as you’ve heard a million times).

With all the distractions the last couple of years, like COVID and closer to home, loadshedding, we all might feel we did what we needed to do to survive but forgot to do what we need to do to THRIVE.

 

How do we start going in the right direction again? Go back to basics.

 

When last did you realign your goals and mission statements to the vision you had for your business? More importantly, have you ever sat and pinned down a vision, mission, and goals statement?

We are in the unique situation to have contact with multiple accounting practices right over South Africa and internationally, and what we find is that the companies that are on a growth path are the companies that have a clear vision of what they want to achieve and how they are perceived in the market.

 

We also know that all isn’t equal. Some clients enjoy a smaller practice with generic growth, while others like to smash the marketing budget and grow as fast as possible! But having a clear vision and mission statement have incredible value to both.

 

A vision statement for smaller companies (as well as big ones) can communicate the values and principles of your business to your clients and employees and will help with retention for both. It can also attract new clients who share the values and vision for the future.

 

A vision statement for bigger companies provides a sense of direction that guides the decision-making process as well as guides strategic planning, ensuring the goals and objectives are aligned with the company's overall vision.

 

One very important fact that many companies neglect is to correctly communicate the vision and mission statement to their staff and clients. We take the time to do it and then it ends up in a folder under your business documents, proverbially File 13.

 

So, if you have then flaunt it! On Newsletters, email signatures, advertising campaigns etc. The market should know exactly what you stand for!

 

To close the conversation off, a well-crafted vision statement can be a powerful tool for guiding a business towards success and ensuring that all stakeholders are aligned and working towards a common goal.

 

From one accountant to another, enjoy your slower months and use your time wisely. Envision a future for your business and family and lay out the plan to achieve it.