How well is your business profit plan working for you? Mine hasn’t been working well at all for me. I’ve been bored, chasing shiny objects, getting off track, and feeling generally dissatisfied with my life and what was happening in my business. Unfortunately, I have been experiencing the results of that dissatisfaction in every area of my life. I’ve felt like I’ve been needlessly spinning my wheels for far too long.
Recently I participated in a mind-mapping program and this really transformed how I look at my business. I now feel enthusiastic, energized, and happy to get up every morning because I know exactly what I need to do to move my business forward. What was missing? I hadn’t built a stable business foundation. By that I mean that I hadn’t taken a broad look at my business as it related to my life. Kind of ironic for someone who started with the name of “Lifepreneur Coaching” as the first name for my coaching business. It had been a long time since I had look at my values and determined whether my goals truly fit in with my top values.
Here’s your road map for getting started on your new business profit plan:
1. Values: When I was doing more life coaching, I used to ask my clients all the time about their values. As I began to do more business coaching, I fell out of the habit of doing that. However, I recently re-discovered that your life values should be the driving force of your business. Moreover, if your life values aren’t guiding your business, you’ll tend to procrastinate or become easily distracted from your business plan because your plans are out of alignment with your values. If the projects you have in mind for your business don’t fit into your values, that gives you a great reason to say “No!” to them and move forward only with those projects that support those values. When you stand back and objectively evaluate these values, you’ll probably discover that these are the same principles that have served as the driving force of your life and your business. That was a personal “slap yourself upside the head” moment for me!
If you need a jump start in values clarification here are a couple of free resources for you.
Once you have your list of values, rank them in order of importance to you. You’ll focus on the top 5 or so.
When I recently completed this exercise, my top 5 values were spouse, financial independence, flexibility, creativity, and gaining knowledge. However, I didn’t stop there. Once you have prioritized your value list, now you need to dig a little deeper. Ask yourself, “So, what’s important about that value?” When I looked at why financial independence was important to me, it was because I’d be able to work when and where I want, would have the ability to easily finance new ideas and new ventures, and have a fairly predictable stable recurring income not requiring much management.
Then, assess from 1 to 10 (10 being best) how you are currently living that value. Next, determine what a “10” would look like in your life for that value. I rated myself a “6” on this value, and a “10” would mean that I had freedom to write when and where I wanted as well as work exclusively on what interested me.
2. Goals: We’re going to evaluate goals a bit differently than you might have before when doing a business profit plan. First, look at income. What are you making currently per month? What do you want to be making per month in 90 days? How about income per month in one year? I think that dividing your income goals into 30 day, 90 day, and yearly increments makes your income goal more reasonable and more tangible, and looking at it as income per month makes the goal feel more reasonable and attainable. In this figure, don’t include any income that you receive from a job or other source outside your business. Be realistic as you do this step. If you’re only making $1,000/month, it’s highly unlikely that you’ll jump to $10,000/month in 90 days. However, in a year’s time, that’s very doable if you follow your plan.
The next part of your goal plan is evaluating your time. How many hours are you working per week currently in your business? How much free time do you have? Now determine what you’d like your your hours per week and free time to look like in 90 days and in one year.
3. Impact: Now, you’re going to take a look at the impact this new amount of work time and free and income time will have on your life and business. Evaluate how these changes will impact yourself, your family, and your community. For example, some of the impacts I noted were that we’d be able to move to Central TX and enjoy the benefits of living in civilization (shopping, restaurants, cultural activities), Eric could quit his job and become my cabana boy (his goal, not mine!), and it would enable me to participate in some micro-business lending efforts.
Before you decide to fire your boss (yourself) and look for a new job, set aside a few hours to work on your business profit plan by strengthening your business foundation.
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Best-selling author Donna Gunter works with successful business owners who are experts in their fields and established in their industry and are seeking a way to stand out from their competitors. Using her Ideal Clients on Autopilot System©, she helps them determine the exact strategies to generate more qualified leads and better-paying clients with automated systems. This proven system makes all their marketing easier and more effective and they find themselves positioned as the only choice for their clients.