Create Your Business Goals for 2024
We’re all being bombarded right now with messaging about how 2024 is right on the doorstop. And well…it is.
But you still have enough weeks left in 2023 to set yourself up for success so those first few weeks in January don’t feel like reentry from outer space.
Here’s my 2 Day Plan to get you on track so when the calendar flips to Jan 2, you’ll be ready to go.
To get started, all you have to do is set aside two blocks of time on your calendar between now and the end of the year. Give yourself a good 2 hours for each block. And make sure there’s at least a week between the days.
DAY 1
On Day 1, your job is to run a few reports. Most of this info lives in standard accounting software, or you can use your credit card statements and business bank account statements to get there as well. Go ahead and drop these numbers into a spreadsheet.
- How much money have you made (revenue) so far in 2023, and based on that, where do you think you’ll end up for the year. How much revenue did you make per month?
- What were your total business expenses in 2023? What were your monthly business expenses?
- How many customers/clients did you have? If it’s applicable for your business, break this into months as well.
Next, we’re going to do a little trend analysis.
Revenue
- Is your month over month revenue consistent or all does it ebb and flow? If you have numbers from a previous year, you may want to consider them too because many businesses are seasonal.
- Is your total revenue for the year trending upwards? Is it flat? Is it headed in the direction you were hoping it would
Expenses
- Are your month over month expenses trending up, down or staying flat?
- Do you have any subscriptions you need to turn off?
- Now look at your expenses as a percentage of revenue. Is that trending up, down or staying flat?
- How much did you pay yourself? If your business is profitable, will you give yourself a bonus at the end of the year?
Customers/Clients
- How many of your clients were new and how much of your revenue came from them?
- How many of your clients are from last year (if applicable) and how much of your revenue came from them?
- Is your total number of clients/customers growing or staying flat or going down? Keep in mind that having your total number of customers go down might be a good thing if you’re selling something at a higher price.
Reflect – open a doc or grab a journal and jot down a few thoughts
- What does this analysis tell you about where you are now with your business?
- How did you feel about your business this year? Were you working as much as you wanted to? Not enough? Too much?
- Where did you focus your attention in your business this year? Did you spend time the way you wanted to?
- How do you feel about your work/life blend?
- How do you feel about your business going into 2024? Are you energized, excited? Or is it more meh or burned out or depleted?
Put this down and let those insights marinate for about a week.
DAY 2
On Day 2, you’re going to go back and read everything you wrote and then you’re going to set some goals for 2024 and write them down.
- Set a revenue goal. This number should be at least enough to cover your regular monthly business expenses and pay yourself. What you pay yourself is entirely up to you, but it needs to be enough so that you feel valued and excited when you think about your business.
- Set one or two (and no more than three) countable goals that will help you get to your revenue goal. If you’re trying to increase revenue this goal will need to be related to customers, items sold or price. You will ultimately be more successful if you break them down into quarterly or monthly components so you can track your progress. Here’s a list of some examples:
- Get two new clients per month
- Get an 80% renewal rate from existing customers
- Increase my average purchase per customer by 20%
- Raise my rates to $X per hour
3. Set one or two (and no more than three) countable goals related to work/life blend that will help you stay motivated and keep from burning out. Here are some examples:
- Move to a 4 day work week
- Phase out a product that is draining you
- Fire a client that is draining you
- Delay your first meeting so you have time for exercise or meditation each morning
How To Make Your Goals Work for You
First, put your list of goals somewhere you can find it. I recommend revisiting your goals monthly or at the very least quarterly.
Second, realize that your goals list is a living document. Life happens. If you want to change your goals at any point during the year, revise the numbers up or down, whatever, then do it. We’re designing a business to fit your life here, not the other way around.
Finally, once you’ve hit your goal, celebrate and stop running. Don’t just revise the goal upwards and run harder (looking at myself here). Take the time to enjoy the top of the mountain rather than looking at the next mountain that needs to be climbed.
