Do you have a plan to meet your financial goals for this upcoming year?
We are going to kick off this year talking about what you should know in order to reach your financial goals in 2021. The new year is a time of dreaming and scheming, reflecting, and creating a plan for the upcoming year.
One of the most important items you need to plan for is your financial goals, and often we avoid it because of fear. Financials can seem super scary but we are going to get into the technical side of finance today.
Reaching Your Financial Goals
There are 5 steps you need to take into account for a solid plan.
Be Aware of Your Vision
Where do you see your business in 12 – 18 months? Take a few minutes to figure out what it looks like for you. What kind of products, services, or pricing will you offer? Think about who you are going to be serving… will that change? Do you want to niche down?
“It is not uncommon to have a brand new completely unrecognizable vision every 2 years.”
Reflect on your Actuals
Pull out your spreadsheets and review your actual financials from last year. Look over revenue, profits and what you paid yourself quarter over quarter for the last year or so. The more data you have, the better. The reason we do this is because we are influenced by the people we follow and hang around… sometimes we allow their vision to become ours. I want you to have a firm understanding of your financials so you can analyze and be aware of your starting point.
Define Your Goals
What are your financial goals? As you develop your skills and refine your market, you need to know what your goals look like. I believe you need to reverse engineer from your goals to your pricing. It is tempting to shoot for a six figure number, but it may not be realistic. Define your goals based off of your vision and your actuals. I use the good-better-best framework, by Todd Herman, to predict launches, revenue and more. Set a goal that is easy to attain, and then use it to set better and best goals.
Identify Your Gifts
My coaching and expertise help women uplevel who they work with, what their outcomes are, and how much income they bring in. This is about identifying your gifts. What is it that comes easiest to you? When you monetize the skills that come easiest to you, you are going to make money in the easiest ways.
“Natural skills monetize the easiest because it’s what you have the most confidence in.”
Make a Plan
Make a plan and measure it to make sure you are on track.
These 5 steps will allow you to know if you are able to reach your financial goals.
“It takes as much energy to wish as it does to plan.” -Eleanor Roosevelt
I didn’t take the time to go through these steps during my first 3 years of business. I am 100% certain that the work I’ve done towards financial planning in the last 2 years of business have brought more than 7 figures in revenue over the past 2 years into this business. The first 3 years, I was doing it wrong! I was taking a lot of time to dream and wish but wasn’t matching that by putting it into a plan of action.
If you are listening and are not taking action on these items, you are putting yourself at risk. If you want accountability in creating a plan that works for you, we have a brand new masterclass coming up on January 20th.
This is an interactive workshop. I have seen over 120 women come through my program and create financial freedom by leveraging the skills that come most natural to them. I want to help you create a plan that is feasible. This masterclass is tailored to operators at all levels of business.
Sign up here for the masterclass.*
*Note: Date change from what is mentioned on the episode; the masterclass will take place on January 21, 2021.
Weekly Ops Activity
Share the vision you have for your business in 2021. You don’t have to give a specific number, but I want to know what you see your business doing this year. Will you be changing an avatar? Growing a team? Changing your services? Come on over and share in the FB group!
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