AGM FOR ONE?
How much time do you spend on your business …… never enough?
I get so caught up in what I love doing, my client work, that my own business development sometimes slips.
It’s essential to find the right balance between working long hours and business success. A small business owner should not create a situation where the business could not continue in their absence.
I am a great believer in sharing my learnings, so I’m taking you on a trip down memory lane. We start with my first growth point, just before I became a business owner and travel onwards to my own personal AGM - a real turning point for my career and business.
Growth point 1 - learning
Back in 2013, still working in corporate life, I was invited to the Board at Barclays Clients International. I was given the opportunity to study for the Institute of Directors’ Certificate in Company Direction programme to support my appointment. I jumped at the chance – but little did I know at that time just how much the completion of this study would help me.
Growth point 2 - change
I’m not one to be put off by making major life changes (even in my 50s 😊). Therefore, when I was offered redundancy in 2014, due to the restructuring of my department, I grabbed the chance. It was an opportunity to do what I had always wanted to do …set up my own business.
And yes, I hear you…
Is running a business difficult? – Yes. Will you make mistakes? - Yes - but those mistakes help you learn and grow.
Anyway, as suspected, I thoroughly enjoyed the challenges which came alongside setting up the business. I love networking so it gave me the chance to get out and meet as many people as possible too, which is especially rewarding to a solopreneur.
Growth point 3 – recognising the need for balance
I threw myself into the role of business owner and immersed myself in all aspects, working every waking hour. I do thrive on working hard, but I also recognise that too much of anything is not healthy. And I was getting to the point where my work was becoming my life.
As rewarding as it can be, no-one said starting a business is easy….. but running a successful business is an entirely different story. With all the legal aspects attached to starting a business and the activities involved in securing clients to generate income, I’ll tell you now, it is not for the fainthearted.
Growth point 4 –keeping my business on track (hosting a personal AGM)
For a limited company, holding an annual AGM is a mandatory requirement. My first AGM was to take place at the end of 2015. Being the sole Director/member of the Board/ employee, this felt a bit strange to me. I do like doing things differently and wondered how I could make this process useful and fun at the same time.
I asked myself this: How often do you give yourself the opportunity to step away from the day-to-day operations?
Finding time to plan and to reflect on what’s working and what is not working can prove challenging when you are working on your own.
Armed with the knowledge I learned from my studies, I decided to “do it properly”. I booked time in my diary and took myself off-site to have my AGM. I went to a local spa set in beautiful surroundings. I took my notebook along with me. A change of scenery and some downtime was just what I needed for the ideas to flow.
Growth point 5 – Business planning
As well as the usual business which needs to be covered at the AGM (e.g. review of previous minutes, the financial statements, any director’s actions (including paying dividends) and any changes to the Board of Directors for the coming year, I took the opportunity to fully review how my year had gone from a personal perspective and to focus on what I wanted to achieve for the upcoming year. An opportunity to create my annual business plan - the road map for my company with milestones for the coming year. Taking the big goals and breaking these into a series of smaller goals that lead to the broader vision of where I wanted the business to be by the end of that year.
That was my story, now it’s time for you
When a new year arrives, many people make plans and set intentions for the coming 12 months. They look back at the previous year and consider what worked for them and what they want to improve. Then they plan what goals they want to achieve.
As we reach the beginning of 2023, now is a great time for you to begin creating the roadmap to your success in life and business. The challenges businesses face are almost never-ending, and that’s not going to change in 2023 with the current economic climate (increasing fuel bills, constant strike actions and political agendas), not to mention the changing landscape of the business world.
As a business owner it can be hard to ‘see the wood from the trees’. However, that doesn’t mean that you can’t prepare for the small business challenges that are likely to pop up, no matter which industry you are in. In fact, the best way to face all business challenges is to anticipate them and be ready.
Being prepared is half the battle.
ACTION: Here’s an exercise for you (should you wish to accept)
Grab a pen and paper and:
Define your purpose – who are you here for? Who are your most valuable customers? What value are you adding to their lives? Why are you a better fit than your competitor(s)?
Outline high level goals – what do you want to accomplish? What are your priorities and what position do you want your product/service to be in the market?
Make a plan – what are your specific and measurable goals and objectives this year? Keep it short and simple.
Measure success – how do you make sure it works?
Create a timeline. Your annual plan is the road map for the next year. That road map needs milestones (deadlines, success metrics) that carry your plan forward through a series of smaller goals that lead into your larger goal of where you want your business to end up by the end of the year.
Be flexible. Look at how you are progressing and change anything that is needed. Identify the resources needed to achieve these goals.Assign responsibility for each goal and objective to specific individuals (or partners/associates if you are working on your own).
Review and revise the plan on a regular basis.
It’s worth taking the time and effort
An Annual General Meeting for one may not seem like fun. But going through the process of creating an annual plan is something that every business owner can benefit from, regardless of the size of the business.
If you are a business of one, share your plan with a mentor or someone you respect in your network for feedback. If you are business of many employees, get feedback from your team and other stakeholders.
ACTION: invite your coach
Here’s an idea for you – invite your coach along to your AGM for one. This will give you a thinking partner, someone who can hold the mirror up to you and reflect back what you are thinking and saying – someone to help you hold yourself accountable for your next year of success.
“Start with the end in mind” (Stephen Covey) with a focus on planning for the year ahead, visualisation and goal setting for 2023 and beyond.
In summary
Taking time out to reflect, recognise, celebrate, learn and grow is essential. It’s important to stop and
Reflect on past achievements and challenges and celebrate successes
Review business performance and identify areas for improvement
Set clear goals that will provide direction in your life and business
Create measurements of success and an action plan to achieve your goals.
Develop new success habits that will help you become the person you want to be.