Dr. Sabrina Starling shares strategies for effective end of the year planning … how to break your vision down into trackable goals … pitfalls to avoid when setting goals … PLUS critical questions most of us fail to consider when planning for the year ahead … AND Dr. Sabrina throws down a challenge that guarantees you more freedom from your business in 2018.
Hello again. Dr. Sabrina Starling, the Business Psychologist™ at TapThePotential.com. I’m back with you with part 4 of my Effective Strategies for Year End Planning. We’re ready to dive into 2018 at this point. If you have missed the first three videos that I’ve done in this series, you’re definitely going to want to go back and review those, and they’re available from our blog at TapThePotential.com/Blog.
With part four, we’re talking about, you’ve got your vision in place for 2018. You’ve done your inventory of what you’ve put in place in 2017. You’ve given thought to what you need to build on, and now we need to take stock, and we need to look at what the growth that you’re predicting in 2018 and how you’re going to accomplish it.
Now, we want to break the year into four quarters, and work backward. What do you need to accomplish in Q4, 2018, business and personal, to hit your bigger goal, and what do you then need to accomplish in Q3, Q2, and Q1?
Once you have your quarterly goals identified, then you want to break these down into your Q1 weekly targets. What do you need to accomplish in the last week of quarter one, and then each week, working back to the very first week in January? You’ve broken your first quarter into weekly targets that are going to help you hit your quarterly goal.
Now, a couple of things I want to caution you on when it comes to goal setting. As you’re looking at quarterly goals, it is really best to just have one or two major focuses per quarter. Maybe one major focus in your business, as well as one major focus in your personal life. We cannot hold multiple goals in mind. Our energy gets very scattered, so I really encourage you to work more sequentially on one important thing at a time, versus trying to do three or four important things all at once. You’ll get a lot better traction.
This is very important when it comes to thinking about making our time worth $10,000 per hour – those high value activities that you’ve heard me talk about in previous webinars. Those are the things that should be your quarterly goals.
Let me give you an example. If you set a big goal for the end of 2018 to increase your overall revenue by twenty five percent, that is fairly significant growth in your business, and you need to think through… ‘If I want to hit twenty five percent revenue growth, what systems do I need to put in place and what things do I need to improve on?’
Also, ask yourself, ‘What are the skills and tools and resources that I will need to hit that level of growth?’
This comes to budgeting. How much time are you willing to budget for yourself to acquire the new skills that you’re going to need to grow your business to that level? The bigger the revenue growth you want to hit, the more on the business time you need to be willing to invest in the business.
Now, for some of you, it’s not about the revenue growth. It’s about the freedom growth, and how much more freedom you want to generate from your business, and that ties into profitability. In some situations, you may be looking at… ‘I hit a certain level of revenue but our profitability is next to zero, so I really want to increase my profitability over the next year.’
Again, that’s going to require some time and effort, and also investment in learning the skills that you need in setting up the systems to be more profitable. In terms of budgeting, really give some thought to how much time are you willing to invest to hit the goals that you’re wanting to hit, and how much money are you willing to invest to hit your goal.
Another area that we are terrible at planning for is our downtime and time off. I encourage you to get your calendar out for 2018 and block out your vacation time now, so that you can plan around it. I like to give my clients ‘vacation tests’ in their business. Whatever amount of time you’ve typically taken as vacation in the past year, block out double that on your calendar.
Why? Because going on vacation forces us to get into action. If you’ve just taken a couple days off last year, then double that. If you’ve just taken two weeks off last year, this year, for 2018, double it. Block the time out, and it will force you to get into action to get things set up so that you can be away from your business, and that will immediately create more freedom for you in 2018.
If growing your revenue, growing your profitability, increasing your time freedom, improving the quality of your team… if any of that is on your agenda for 2018, I encourage you to apply for a Profit Maximizer Consultation. What we do for you in a Profit Maximizer Consultation is quickly zero in on those areas in your business where you are not tapping into your profit potential and we will point out to you what are your opportunities to transform your business into a highly profitable great place to work, and what are the areas that need attention, and where you’ll see the greatest return on investment for your time and effort.
If you would like my help with your strategic planning for 2018, and the implementation of your plan for 2018, I encourage you to put an application in now at ProfitGift.com, and maybe I’ll be seeing you on the other side.
Employee problems can be one of the biggest stumbling blocks for any business owner. With her background in psychology, and years of driving profit in small business, Dr. Starling knows what it takes to find, keep and get exceptional performance out of your biggest investment-your employees.
Catch her next Masterclass, Quickly Double Your Profit with Top Performing Employees (her gift to you!)