Business success is not only about today, but tomorrow as well. Rather than concentrating only on sales, place emphasis on building relationships, loyalty, and goodwill. Sales will follow.
Thinking about tomorrow means planning, but what is planning? It’s taking the time to create and write down an outline of what you want to accomplish and how.
Planning affects every aspect of our business. We need to plan:
- How to attract new clients
- How to differentiate ourselves from our competition
- How much to spend on expenses such as advertising, for example
- Which of our services and products are most/least profitable
- How much to save for taxes
- And more!
Planning can sometimes feel overwhelming. When that happens, take the time to break each aspect into tinier pieces and then get help! Taking the approach of ignoring what needs to be done, whether it is related to your taxes, your employees or your clients, never produces a good end result.
Start by writing down 3 goals for the year and monetize those goals. Place a price tag on the goals so you know how much you need to earn (above and beyond your current income) to attain those goals. Then work backwards!
When it comes to taxes, you need to make sure you know how much you earn, how much you spend, and what your profit is. Profit is what you are taxed on. If you are putting this information together in December, that hasn’t helped you! Even looking at it quarterly will not help you fine-tune your business. Put aside the time to analyze your business profits on a monthly basis – or find someone to do this for you!
The most important part of a plan, regardless of what the plan is for, is writing it down. When we write things down, it legitimizes the task. It reminds us we need to do it! It keeps the planning process in the forefront of our thinking.