Firstly policy statements help you set guidelines on what is important to you both in your life and in business. If your aim is to achieve a goal, policy statements are part of keeping you on that path. If you don’t have a goal then you have no direction and certainly will fail.
There is an old religious saying “what matters if a man conquers the world if he looses his soul?” This is true in life and business. There is no point being a successful entrepreneur if you are miserable and unhappy in life.
At Encore Accounting we work with business owners firstly to set some goals. Generally we find that when your business is aligned to your life goals, you have a better chance of success.
No business can succeed if the business owner is not passionate about what they do. With this passion success follows, without it failure or mediocrity are assured. If you hate your job or what you do, our advice is to get out of it. You must find your passion. We have processes to help with this and also hold seminars that can be life changing.
If your decision in business is to achieve a certain level of profit, freedom or retire at a certain age, you need to document the policies that will keep you aligned to that goal.
Writing policy statements in business is a continually evolving process. When something happens that is not aligned, write a policy statement to keep you aligned. These may range from how your staff members treat customers, to setting strategic plans for your business. They are all part of keeping you aligned to your goal and keeping your business aligned to its goal.
At Encore Accounting we have continued to write policy statements on all aspects of our business. They free us up, so that every decision is made once. The entire team within Encore Accounting knows how every aspect of the business is to be run. These policy statements are a set of parameters that the key members have agreed upon of how the business will operate. They are also a method for the owners to keep the business moving the way they intend.
Do you know where your business is heading? Is this your goal or the goal of others?