Setting your goals for the new year is a BIG DEAL. This two-part episode, gets you planning your business’ direction by preparing your financials for evaluation, understanding what you need to be spending money on, and even thinking through when you need rest. Take a listen to get started!
In this episode of Business Talk with Sister Gawk, Bekkah shares valuable insights based on her own experiences with goal planning over the past few years. Here’s a summary highlighting the key concepts:
1. Evaluate Your Current Situation:
Bekkah emphasizes the importance of having up-to-date accounting and a tidy financial system to accurately plan for the future. This includes assessing your current net worth and considering assets, debts, and potential major life events.
2. Think About Your Business Goals:
Consider what you want to achieve as a business owner in the coming year. Reflect on whether you want to maintain the status quo, hire people, target a different market, or downsize. Factor in personal considerations like family planning and budget accordingly.
3. Start Early for Effective Planning:
Bekkah recommends starting the goal-setting process in October. This allows for ample time to analyze finances, make strategic decisions, and align purchases with tax advantages before the start of the new year.
4. Explore Tax Rebates and Credits:
Research potential tax incentives at both federal and state levels. Bekkah highlights various opportunities, including grants for ADA compliance in commercial spaces, showcasing the importance of staying informed about available benefits.
5. Consider Business Mentoring:
Evaluate whether you should seek mentorship in the upcoming year. Bekkah shares her own positive experience with a mentor who guided her towards effective goal planning.
6. Assess the Need for Training:
Determine if you require specific training to enhance your skills or diversify your business. Bekkah suggests asking questions like, “Do I need any specific training for my work or to diversify what I’m doing?”
7. Explore New Business Opportunities:
Delve into the possibility of starting new businesses or further diversifying your current ventures. Bekkah encourages brainstorming ideas and presenting detailed plans for serious consideration.
8. Evaluate Your Streams of Income:
Take stock of your current income streams, both active and passive. Consider whether you need to pursue additional income opportunities and be realistic about what constitutes genuine passive income.
9. Prioritize Physical and Mental Health:
Consider the impact of your work on your physical and mental well-being. Plan for any necessary changes to promote a healthier work-life balance.
10. Prepare for the Unexpected:
Anticipate potential challenges and changes, including those related to health, and incorporate them into your goal-setting process.
This is week one of two episodes on this topic, so check out Part 2 to hear more about how to set sales goals and tactical plans to get where you’re hoping to be. If you’re looking for your own copy of the goal planning worksheet Bekkah mentioned, check it out here: www.businesstalksistergawk.com/goals
