It’s that time of year, when we start to think about the end of the year and what we want to make happen in the next 12 months.
As you review the past 12 months, I want to share with you the following 5 numbers that will make a positive impact on your future success.
Using these strategies will give you greater clarity and focus and also that much needed fire in your belly that will help you to achieve the success you are looking for in 2016.
1. Income Goal
How much do you want to earn in the next 12 months? This is your income goal and often a goal that is ignored or set and then ignored.
Many of the reasons we have for not setting a real income are about our mindset. Perhaps you have set an income goal previously and then looked at it and instantly thought – WHO ARE YOU KIDDING, YOU WILL NEVER EARN THAT MUCH.
Often income goals are set but it means nothing to the person who has set it. Therefore there is no passion or drive to make it happen.
Try setting an income goal that MEANS something to you and how you want to live your life. Consider ‘what will that income give me?’ For example greater freedom, more choices, flexibility about how you work.
Follow these simple steps to discover your desired income goal for 2016:
How do you want to live your life and run your business in 2016? (I know BIG Question)
How much money do you need to generate to make this happen?
What is your income goal for 2016?
Now you understand how much money you want to generate, it’s time to explore how you will make this happen.
As a general rule of the thumb you can follow this principle:
When you offer a high end product/service where you are spending a lot of time with your client – for example a VIP Day, this is a high value product/service.
However if you create a solution where you create the content once and provide it to many people without any additional time, you can charge less for this.
Do your current prices reflect the time you spend with your clients? Remember your time is your most precious asset.
How many of your product and services do you need to sell to meet your income goal? Is that achievable? If not, what else can you create that will help you meet your income goal in 2016?
3. Business Costs
Do you truly know how much it costs to run your business? Have you taken into account everything? Are these costs covered by your products and services?
Many business owners do not understand the true cost of their business, forgetting to include training and coaching, printing, insurance and website hosting, business cards, networking etc.,
As you prepare to leave 2015 behind, it is a great time to audit your business costs. Make sure you cover your costs.
4. Money Leaks
This neatly follows on from knowing your business costs. Where is money leaking out of your business? What resources are your investing in and not using? Do you really need this resource? If you do, ensure you maximise the opportunities, if not cancel your subscription/agreement.
I recently moved from my webinar provider and immediately saved £50 a month. £50 a month mounts up to a huge amount over the months and years!
Get smarter about where you invest your money – make sure it works for you.
5. Planning and Forecasting
A massive area which is often overlooked. Many business owners experience a rollercoaster ride from their business, from being busy one minute and then fretting about where the next client is going from.
When you forecast where money is coming from and when, it allows you to grow your business and stop the rollercoaster ride.
Create a healthy habit of looking ahead and forecasting where money will come from and then align your plans so your business activities drive people to you when you want them.
If you have any questions about anything I shared here, please email me at email@example.com.
In the meantime, get to know these numbers, it will make a massive difference to your business.