December 2015 - Stakeholders

Someone once said that "Only you can decide to become a success in your business, but you cannot do it alone." It's a great quote and when you look around at some of the best businesses you will see that they all have an excellent support network in the form of experts.

It can be tempting to say "Better the devil you know" even though someone that you are paying is off the pace, reactive and incompetent. It can feel like too much effort to deal with what can sometimes be a long standing relationship, maybe even a family friend. But from a business perspective that is always the wrong approach. After all, if you have signed off a Bull's Eye statement of excellence for your business for the next three years, why on earth would you want to put up with a second rate stakeholder?

The challenge for us all is to find really good people in areas such as website design, software systems, accountancy, contemporary marketing and human resources to name just a few.

With any stakeholder you have to decide what the interface between you and them actually looks like on an ongoing basis. Take your accountant for example. Are you going to just hand him or her a bag of invoices, receipts and cheque stubs at the end of the year? Or are you going to write up the cash book and use a proprietary software system to prepare quarterly accounts yourself? Who will prepare the VAT return each quarter? And so on.

Or take your website designer. Are you expecting them to write all the content for the site, compose blogs and engage in social media on your behalf? Or will you do some or all of this?

Get these relationships right for 2016 and have a great year!