Have you heard the news? A few days ago, Mark Zuckerberg, CEO of Facebook, stated that the algorithm many businesses rely on for visibility is changing…again.
More specifically, Mr. Zuckerberg announced in his January 11th Facebook post, that “The first changes you’ll see will be in the News Feed, where you can expect to see more from your friends, family, and groups”. He went on to say, “as we roll this out, you’ll see less public content like posts from businesses, brands, and media”.
While many of us have become used to the algorithm updates, this latest one could negatively impact businesses with low Facebook Group numbers and activity. Do you have a plan in place to combat this drastic change? How long will it take you to put one together?
The Importance of Planning
Planning has been described as the process of setting up advanced procedures for unforeseen occurrences. No, it’s not a magic act, but it can help identify possible mistakes you may be making, or are about to make. More importantly, planning helps to prepare you and your business for any scenario, especially worst-case scenarios.
Planning allows you to think ahead, and determine what steps you will take to correct a problem before it happens. Having this information means less worry and scrambling if or when the problem actually occurs, resulting in less downtime for your business.
What Should I Plan For?
Honestly, EVERYTHING! In the case of the changing Facebook algorithm, having a plan for alternative advertising is a key. Quite often, you as an entrepreneur must be able to switch directions at a moments notice, which is not an easy thing to do. Research other social media outlets that you can use, and ensure that your target market is present there. Coming up with new methods of increasing your group numbers and activity can also minimize the impact this change will have on your business.
What if you were to lose one of your largest clients tomorrow? What type of impact would this have on your business? Financial planning and proper budgeting are critical for any business, but even this won’t save you from stressing over bills. If you find yourself needing financial assistance, many lenders require some type of business or contingency plan, which typically take time to prepare. Give yourself plenty of time to plan your next step, and be prepared to constantly update plans as the business changes.
Planning & Accountability Go Hand in Hand
Once you begin planning your business, how do you ensure that the plans are actually carried out? In most cases, accountability is actually built into the planning process by setting realistic expectations, deadlines, and tracking your progress.
Constantly changing expectations does not lead to accountability. Goals and action plans must be unchanging, measurable and based on facts. If you continuously move the bar, it becomes impossible to measure how close you are to achieving the end result. One of the most effective ways to ensure accountability is to understand the consequences of not accomplishing your goals.
Consequences and Strategies
Did you say consequences? Yes, I said consequences, and ideally, they should be more painful than if you do not accomplish your goal. Setting consequences helps to build clear outcomes and ensure performance. For example, in the case of losing your largest client, think about the consequences this will have on your business.
In fact, you should think about your greatest fear should this unforeseen scenario actually occur. Will it cause your business to shut down? Will losing your largest client damage your reputation? When creating a plan to deal with this scenario, make your fear a part of the consequence as an added incentive to come up with a plan.
There are numerous forms of accountability strategies besides setting negative consequences. Some strategies include finding an accountability partner to help track your progress and ensure the business is running smoothly. It helps if you and your partner are not too personally involved, however, they should be invested in your success in some way.
Many people hire a professional coach or join group coaching programs where members hold each other accountable. The important thing to remember is to find the strategy that works best for you and your needs.
“Accountability is today’s competitive advantage…” – David Garland, Author of Forward-Thinking
Savvy Entrepreneur recently launched our monthly interactive Business Goals and Accountability Workshops that guide members through setting up business and financial goals, creating measurable action items and analyzing performance. This is a collaborative experience held via Zoom in true workshop fashion. Each attendee will have the opportunity to share and get feedback on their goals and progress. Our next workshop will be held in February.
Download the Workbook Here: https://savvyentrepreneur.co/business-goals-and-accountability-for-entrepreneurs-savvy-entrepreneur
