Monday November 5, 2012

Business Planning: Four Things to Think About

A new year is right around the corner. Now is the time to revisit the year’s progress and contemplate how to end it with a bang. This is also the time to think about how to begin 2013 on the right track and set your business up for success. Here are four steps that will help you get started on your business planning adventure.

1. Set work/life goals. While there is no right or wrong answer here, the important part is to be honest with yourself. Defining a work/personal life balance is crucial for success, so be specific with your goals and write them down. These goals will guide you throughout the year.

2. Know the key decisions you’ll have to make regarding your business. Whether it’s moving your office or hiring new staff members, it’s important to understand the decisions and changes you’ll be making in the upcoming year. 

3. Know how much you want to increase your bottom line profit and decrease your top line expenses. Review your monthly expenses and ask yourself if you need those products and services you’re paying for each month. The fastest way to make more money now is to reduce your monthly expenses. What type of revenue are you planning for in 2013? Keeping your revenue within 10% of 2012 and then increasing your bottom line by 15% is a perfectly respectable goal.

4. Know what you’re good at and get other people to do the rest. Don’t force yourself into learning every skill your business requires. Focus on what makes you great and hire experienced team members to take care of the rest.

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