How much more money are you looking to make this year? I mean realistically, can you increase your income by 10% or even more? How well did you do this year? Can you make the same and even more?
While all businesses need goals and deadlines, the most important one is your overall road map. Things can change in time; in fact, things should change as businesses are dynamic and respond to the world around them. Plans should be made and reevaluated often.
A good example is looking at an old note pad you wrote your business plan on two years ago. It’s funny to see how much you didn’t know at the time, and how much things have changed in your road map. In reality, this is how much you have grown and how you have become a better business owner. Remember, not all businesses are successful; if you are still around you must be doing something right!
Your financial goals are also very important. We are all here for the money. I live by my P & L. It has so much to tell me about the way I run my business; I just can’t check it enough. I plan to spend more this coming year. How do I spend more and grow my income at the same time? How much do I want to grow, and how fast can I see this happen? These are the questions I am asking myself in the beginning of the year and I write them down. Over and over in the next few months I will look at my notes and see the changes I’ve done. Even if I miss my target, I will have still had one to drive too. Sometimes I need a reminder of what was my original plan, did I grow my business and my account at the same time?
Note that I make a difference between the business road map and the money. Not everyone does. I meet people who think of what type of product they can make to help or change the world. Some come up with great ideas that will improve their customer’s experience. However, because it will cost more to produce than what they can charge their customers they avoid the idea. Some will move forward anyway thinking of their customers and how this gives them value. We aren’t all rich you know. Some of us need to think of our cash flow. I find that in most cases if you plan it right both are possible.
Planning is always a must, no matter where you are in your business life; always take the time to do so. Set up a meeting with your mentor and if you don’t have one you can talk to a business adviser. You might be surprised.
Good Luck and have a great year.
