How to Plan Income and Business Goals for 2019
I’ll just come right out and say it: planning is one of my favorite things in the world. That’s also one of the reasons why I love December and January so much: all the planning, dreaming, wrapping things up and starting fresh… the smell of a brand new planner… need I go on?
Anyway, back to the point. December is the best time to set your goals for the next year and make plans to turn those income and business goals into reality.
Setting income and business goals allows you to challenge yourself and it also allows you to work towards something.
It also helps you avoid failure. #truestory. I am somewhat embarrassed to admit this but … during my first year in business, I didn’t plan for anything. It was a literal fly-by-the-seat-of-my-pants type deal.
Not gonna lie. It wasn’t pretty. In fact, I made 0 profit and was looking at a loss while simultaneously trying to decide if I should admit defeat and close down shop.
Instead, I had a good cry and decided to sit down and make a plan. (If you can’t tell, admitting defeat is not my favorite thing to do).
So, long story short, to avoid failure and to actually light a fire under your booty, use December to plan your income and business goals for 2019.
Glad you asked!
Setting Your Income Goals
This will sound crazy but I promise you, there is a method to my madness. Start by figuring out your expenses first.
I prefer using a Google spreadsheet for this and I write down all the monthly expenses that are related to my business. This includes business expenses such as your website, email marketing, CRM, domain name, Adobe CC subscription, stock photo subscription, and anything else you use in your business on a daily basis. Don’t forget to include taxes and any health or social/retirement benefits that you have to pay.
Next, I list out all the personal expenses which include things like food, clothes, school books for the kiddos, rent, electricity, phone, internet, Netflix, and anything else that I absolutely have to cover.
Once those two major categories are out of the way, I list out how much I’d like to put into savings and expenses that are nice-to-have but aren’t necessary for my existence. This can include things like travel, vacation, movie night, coffee dates, eating out... Little indulgences that make life sweeter but you wouldn’t suffer without them.
When all of the expenses are listed, I add them all up. This gives me a rough idea of how much I need to make.
I can then set a realistic goal based on that. A realistic goal should be close to what you’re already making. However, aim for your realistic goal to be higher than what you’ve made this year to push yourself to make more. In the end, your realistic goal should feel comfortable and totally doable without leaving you feeling like you’re making no progress.
Once you have your realistic goal, set the desired income goal. This is how much you’d like to make, the income you’re striving for. The income that feels a little impossible but also the one that would make you completely content.
Now that you have your two goals, it’s time to start playing with the numbers. List all your services, products, affiliate products, and anything else that’s making money. Now evaluate how many new clients you need to book for each service or how many products you need to sell to reach your income goals. Here’s how I like to do it:
Setting Your Business Marketing Goals
Whenever I plan my business goals for the next year, I like to start with the income goals first. The reason I do this is those income, business, and marketing goals are so interconnected that you can’t do one without the other two.
I mean… you can but a big part of the picture will be missing. It’s like trying to put a puzzle together but you’re missing about 750 pieces out of a 2000-piece puzzle. It just doesn’t work.
So… now that we have the income goals, it’s time to plan our business and marketing goals.
For example, by plugging in different numbers, you could realize that you need to book 15 new clients and sell your course to 240 people. So your business goals will then be along the lines of
Book 15 new clients
Sell course to 240 people
But, your business goals might also include
Launching a new product
Hiring a VA
Redesigning your website
Get published on a major website
Co-host a webinar
Get 1000 Instagram followers
What I am trying to say, make sure your business goals reflect your income goals, otherwise, you’ll have a hard time achieving them… which kind of defeats the purpose.
Anyway, to plan your business and marketing goals, you can use a tool like Asana. Here’s how I do it.
How to Actually Achieve Your Goals
Setting your goals in a spreadsheet and Asana is easy. The hard part about setting goals is actually achieving them. A few tips that have helped me in the past are:
Breaking down goals into smaller tasks and assigning due dates in Asana
Having an accountability buddy that checks in with me and makes sure I stay on track. This can be your business bestie, your sister, your husband — whomever you feel most comfortable with.
Setting a monthly reminder to actually update the sheet with the income earned.
The most important thing to remember is to set goals that challenge you but still feel doable, otherwise, instead of being motivated to achieve them, you’ll feel overwhelmed every time you look at the spreadsheet.
So… are you ready to plan your income and business goals for 2019?