1. Determine your personal objectives and how they affect your willingness
and ability to pursue financial goals for your business. This
consideration, often overlooked, will help you determine whether or not
your business goals fit your personal plans. For example, suppose you hope
to become a millionaire by age 45 through your business but your long-term
strategic plan reveals that only modest sales growth and very slim profit
margins on that volume are attainable in your industry. You must either
adjust your personal goals or get into a different business. Long-range
planning enables you to be realistic about the future of your personal and
business expectations.
2. Set goals and objectives for the company (growth rates, return on
investment direction as the business expands and mature). Express these
goals in specific numbers, for example, sales growth of 10 percent a year,
increases in gross and net profit margins of 2 to 3 percent a year, a
return on investment of not less than 9 to 10 percent a year. Use these
long-range plans to develop forecasts of sales and profitability and
compare actual results from operations to these forecasts. If after these
goals are established actual performance continuously falls short of
target, the wise business owner will reassess both the realism of
expectations and the desirability of continuing to pursue the enterprise.
3. Develop long-range plans that enable you to attain your goals and
objectives. Focus on the strengths and weaknesses of your business and on
internal and external factors that will affect the accomplishment of your
goals. Develop strategies based upon careful analysis of all relevant
factors (pricing strategies, market potential, competition, cost of
borrowed and equity capital as compared to using only profits for
expansions, etc.) to provide direction for the future of your business.
4. Focus on the financial, human, and physical requirements necessary to
fulfill your plan by developing forecasts of sales, expenses, and retain
earnings over the next three to five years.
5. Study methods of operation, product mix, new market opportunities, and
other such factors to help identify ways to improve your company’s
productivity and profitability.
6. Revise, revise. Always use your most recent financial statements to
adjust your short- and long-term plans. Compare your company’s financial
performance regularly with current industry data to determine how your
results compare with others in your industry. Learn where your business may
have performance weaknesses. Don’t be afraid to modify your plans if your
expectations have been either too aggressive or too conservative.
Planning is a perpetual process. It is the key to prosperity for your
business.
hey, I’m Kim + I am ridiculously passionate about helping you to work smarter and not harder + to realize how freaking amazing you actually are, exactly as you are and how easy business really can be when you are in alignment + simplify + add systems to organize your business + plan your business growth. I’ve been geeking out about online business, online marketing + systems + personal development + all that stuff since I created my first business back in 2006 + sold it.
This whole business owner thing is not for the faint of heart, there is a reason why most businesses fail!
While the road to burnout doesn’t look the same for everyone on it there are some similarities you typically experience on this path!
You’re always in the weeds of your business
You don’t have efficient systems and processes (or maybe none at all)
You aren’t delegating effectively
You can’t take time off
You’re trying to do too many things at once + wearing all the hats
It’s exhausting just thinking about it! But there’s a way off the hamster wheel!
If you’re overwhelmed, overworked, stressed out, and worried that if you take time off the bottom will fall out from beneath you and your business will fall apart.
Then, you are in the right place my friend, been there, done that, got the tee-shirt and I’d love to support you in ending the cycle!
You’re invited to access the training + 1 pager worksheet NOW!
Discover 3 Keys to Unlock Freedom + Cashflow in Your Business so that You can Stop working so hard, plug the leaks in your business so that you can unplug from your business and actually have free time to enJoy your life + love your business again!
