Beware-Don’t-Make-These-Mistakes-When-Measuring-Success-Colin-Shaw-Featured-Image

 

A common set of metrics that are measured within an Accountancy Practice might include: – Turnover, Gross Recurring Fee Income, Profits, Average Fee Per Client …

 

Do these resonate with you? Do they move and inspire you?

Some of these don’t reflect success and some are consequences of doing the right things.

What’s the right thing for you?

 

Drive to strive

Having the right measures in place can unleash a “drive to strive” that you never thought you had – or that you’ve forgotten you had.

Measuring stuff that’s not important to you can leave you feeling unmotivated and not inclined to do very much to change those numbers. Especially if they’re not too bad right now.

What really matters to you in your Accountancy Practice?

I was speaking to a partner from a 2-partner firm yesterday. It was apparent to me immediately that his passion is for his Practice to be making a profound difference to the lives of his team (in their future careers) and to his clients (in terms of helping them improve their businesses so that they can have more time with their families outside of running their businesses).

And he represents the kind of person I love to work with, since our values are very much aligned.

His measure of success is in the number of prospective clients that approach him, on the strength of the practice’s reputation, and success rate of helping OMBs improve. And that they’re approached by people who want to be part of their team. Again because of the reputation they have in developing people and the great culture they have.

Profits are a consequence of doing the right things for the right people.

 

What tugs your heart strings?

 I’ve blogged in the past about success and challenged readers (and viewers of the video) to think about what success means for them.

Consider how to measure that.

Perhaps it’s case studies collected which demonstrate that you’re making the difference that you want to. That’s certainly one of mine.

Perhaps it’s in the tax you’ve saved clients.

Perhaps it’s in the time you’ve helped Business Owners save from working in their business, enabling them to spend more time with their families and doing the things they love outside of their businesses.

Perhaps it’s in the impacts your Accountancy Practice can make in the local or wider community, contributions toward the UN Global Goals for example. (This is one of ours too.)

What is it in your Accountancy Practice that you have an emotional connection to?

 

Same shit, different day

A common mistake, of course, is to measure nothing. This often leads to a syndrome that I call ‘Same shit, different day’.

Consider what it is that really moves you, either positively or negatively. If it’s negatively, what can you do to reverse that? If it’s positive, what can you do to replicate that more frequently or on a grander scale?

Make that your measure of success.

Now to be clear, I’m not suggesting that you don’t measure results such as some of the ones I’ve mentioned at the start of this Article as it’s important to see whether the stuff you’re doing is generating the results you need, but, these are often results and consequences and lack the emotional connection that I’m describing.

 

Listen to your heart.

What are the things that tug your heart strings when they happen?

It may not be immediately apparent as you read this, but be mindful when it happens. Ask yourself ‘When this happens, does it bring me closer my purpose? If so, measure it. This will focus you on making it happen more frequently, giving you a better sense of achievement.

 

My recommendations

  1. If you’re not currently measuring key metrics within your Accountancy Practice then I recommend that you begin to.
  2. If what you’re measuring isn’t compelling you to take action then you’re measuring the wrong things. Get your antenna focused on your heart, look out for the things that tug your heart-strings, as this will motivate and drive you.
  3. If you’re struggling with the above or feeling a void in this area of your business life then let’s talk. Click here and select a date and time to arrange a call with me.