There is an incredible opportunity for you today to create a profitable business.
Once you make the decision to create your reality and put steps in place to achieving this, you will begin to experience a powerful shift. It’s all about planning, focus and dedication. Setting your goals, crunching your numbers and ensuring that you are maintaining a positive mindset and not self-sabotaging your progress. One vital component of achieving big goals is to make sure you have systems in place so you continue to follow through, progress and achieve results rather than lose interest and give up. Below are four powerful ways to help you follow through on your financial goals for 2016.
- Crush your limiting beliefs about your income potential
Quite often our financial goals seem out of reach and we don’t have enough faith in our ability to achieve them. It’s important to be realistic; wanting to turnover 500k this year if for the past few years your average turnover is 100k is quite possibly unachievable. However, what’s to say that you can’t reach that turnover within the next five years?
The secret is to realize that our big goals are not necessarily obtainable over night but with the right planning and action steps they are achievable within a certain timeframe. Each baby step you take will bring you closer to where you want to be!
- Break down the big picture
To prevent overwhelm break your goals down into small action steps or milestones. This way they become less daunting, more reachable and you begin to see yourself make steady progress, which, in turn, means you will less likely lose motivation.
If your financial goal is to make a profit of 250k for the 2016 calendar year you need to:
Identify how many sales you must make in order to reach this profit. Work out the net profit you make on your products or services (sales) over a 12 month period. The net profit shows you the actual profit made from your sales once ALL of the expenses, both direct and indirect are deducted – it’s also known as your bottom line. Your profit and loss statement it an invaluable tool to identify your net profit.
Once you have worked out the required sales, breakdown the sales into each month so you have a monthly milestone or mini goal. Keep in mind the sales cycle, for example if the months of December to January are traditionally slow then allocate less sales to these months.
Closely track your progress by using project management software and keeping your accounts up to date so you can make sure you are reaching your sales targets and monitoring your net profit. It’s easier to identify and rectify potential problems early on as well as recognizing which sales are creating the most or least profits.
- Apply the 80/20 Rule
In a nutshell the 80/20 Rule means that generally 80% of your outcomes come from 20% of your inputs. There are certain activities you do (the 20%) that account for the majority (the 80%) of your success. In your business it may be helpful to identify those 20% of clients who provide 80% of your sales and work on finding the best ways to attract and convert these high value long term repeat customers. Look at the 20% of your services and/or products that account for 80% of your sales and invest time in marketing these. By identifying this it’s also easy to turn things around and look at the viability of the services or products you offer that only bring in 20% of the sales but you spend 80% of your time and efforts on.
- Be prepared to step out of your comfort zone.
Be aware that once you begin to see success and growth you may start to feel discomfort around this and unconsciously begin to sabotage yourself. For example you may find yourself missing appointments, turning up late to meetings, being easily distracted or even getting sick. This is your subconscious trying to keep you in a familiar comfort zone; in other word you are ‘Upper Limiting’. Be aware of this and sit with the discomfort, it’s a positive sign. Gay Hendrick’s book The Big Leap provides an amazing insight into Upper Limiting.
Often the journey you take while achieving your big goals reveals strengths, gifts and qualities you never knew you had. It’s easy to get stuck in the ‘if onlys’ and ‘what ifs’, feel paralyzed by your goals and think that you are not smart enough or good enough to achieve them. By setting and clarifying your goals, taking measured and calculated steps and working on developing and maintaining a positive mindset you may be blown away by what you are capable of achieving.
Marisa Garra-Punshon helps small business owners make, manage and multiply their money by working with them to increase their cash flow, understand their finances and create accountability for their own success.
She is passionate about streamlining financial and administrative systems via cloud solutions, which lead to greater efficiency, productivity and profits.
Marisa runs two businesses, Miss Moneypenny Presents and Orbit Accounts. She is a Xero consultant, designs online financial and software training programs, a speaker, Dream Builder Coach, MindPT Certified Master and a mum to two gorgeous teenagers.
Her consulting methods are unique as she provides a holistic combination of teaching small business finance principles and cloud implementation with strategies to achieve life goals and create and maintain a positive mindset.
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