Think like a manager in the Euros and up your game
Getting your finance and business management in order has strong parallels to preparing for a major football tournament, writes accountant James Allsop. It's all about having a game plan.
As Euro 2024 gets under way in Germany, none of us would probably want the pressure resting on the shoulders of England's Gareth Southgate or Scotland manager Steve Clarke. But as with many things in life, it's often preparation and planning that make the difference. And we can start applying those same principles to our own businesses. Here are a few suggestions:
Set clear goals
Just as a football coach will have a sense of what their ultimate objective is – the quarter finals, the semis or even picking up the trophy – you need clear goals too. Are you looking for financial stability? Growth? Maximising value for your shareholders? Set yourself monthly, quarterly and annual targets and measure success against them.
Hold regular training sessions
Muscle memory and practice are important in all walks of life, but so are picking up new skills and techniques. Are you committed to continuous professional development, for instance, through training? Or staying up to date with the latest regulations? How much preparation are you putting into audits and financial reviews?
Manage risk
If you were in charge of a team at the Euros, it would be important to have contingency plans in place in for unforeseen circumstances, such as injuries. The equivalent in the world of finance is thinking about credit and operational risk – maybe taking out insurance policies or doing the necessary work to ensure you're complying with regulations.
Monitor performance
Gareth Southgate will be looking at stats constantly during a big tournament in order to assess the performance of his players and ensure that he's fielding the strongest possible team for the big games. Likewise, you need to be looking at your financial statements and performance metrics to ensure you're meeting KPIs. Internal and external audits provide further checks to ensure financial accuracy.
With some of this vital preparation in place, you can feel confident that you've laid the essential groundwork to achieve more in your business environment. All that remains is to go out and perform!
As for England's performance in the Euros this year, Opta Supercomputer gives us a 19.9% chance of lifting the cup, favourites to win the tournament, just edging France at 19.1%. It's going to be tough since France has reached the last two World Cup finals. After coming so close last time, with Italy defeating us in the final, let's hope our team is even better prepared and can finally bring it home!