Last week we explored Finding your Why and Focus as we continue to set ourselves up for a stellar year in business. This week we continue with concise plans to Forecast, Financially Plan & Find Accountability!
Business Forecasting is an estimate or prediction of future developments in your business such as sales, expenditures, and profits. If you don’t know where you are, you can count the cost for where you want to go in your business. I have a special method that I use with my clients called the ‘Magic Number’ using a simple excel spreadsheet formula to forecast and track their businesses.
4. Financially Plan.
Once you have forecasted your business, it’s time to financially plan to ensure you meet those forecasted goals. To achieve the plans outlined in your focus areas, begin to calculate the costs. Consider ways to save money in your business in the New Year. Find leaky holes and paid services in your business that have not been intricate in turning a profit in the previous year. Successful entrepreneurs learn to either sacrifice or plan accordingly to ensure business success. Budget for the launches in your business and keep track of each launch’s success. If it’s not working, stop doing it and pour your resources in another direction or area in your business.
5. Find Accountability.
Goals and a to-do list are simply that if we don’t enlist accountability to hold our feet to the fire. When entrepreneurs don’t share their intentions with someone who can help them, the items on that list are simply moved to "someday" rather than a solid deadline. Find a mastermind group of like minds or hire a coach to provide you with consistent fuel to reach higher heights. You can’t survive on an island alone. Commit to finding a reputable coach with a track record of success or a network of genuine business owners that share your same determination. Accountability is not telling family and friends that have no true understanding about your business or long term goals. They are perfect to hang out at the family bar-b-que but not for soliciting advice that will make or break your success.
Kachelle Kelly is founder of Kachelle Kelly International, Inc., a small business & empowerment coaching firm. Kachelle coaches career driven women & men to not only activate their hustle but faith by providing them with innovative ideas, strategies, resources and empowerment to achieve authentic success, profitability, peace and happiness in their business and life. She is a member of the National Association of Professional Women and the NAPW 2012-2013 "Woman of the Year" for Consulting & Coaching for Texas. Kachelle is also the author of "Pretty Painful" and "Boss Men & Women Pray: 31 Prayers to Increase Your Success & Spirit". For more information visit www.kachellekelly.com