Oh the Weather Outside is…….
I usually write these articles for the Gazette at least a month in advance and it could be sleeting outside now as you read this and if it is, the roads are a mess. In North Carolina, that means that we will shut down school for the rest of the year and businesses will close the doors for the chance to take an extra vacation. So on a day that could be like today, it is a great opportunity to create your plans and budgets for next year. If you haven’t started yet, get cracking.
Let’s cover some key items that need to be considered for your plans next year:
· How much money do you need to take out of the business? It is time to start increasing your break even by raising your payroll, especially the payroll for yourself. No more will you just take what is left over. Your salary will be a fixed cost and you and the team will drive the necessary sales to get there.
· How much revenue will you need to put the systems and team you need in place? Please remember that before you can hire good people or put great processes in place, you need the money to pay for it. What revenue growth do you need next year to put the things in the business you are looking to add?
· How many hours are you working now versus how many you want to be working by next years end? What two or three systems need to go in the first quarter to be on track for that goal? A nice off-shoot of working less is that your business becomes more valuable to a potential buyer (they won’t pay top dollar if they think they’ll have to jump in and replace your 80 hours a week).
· What do you need to stop doing? We all do tasks that we shouldn’t, what one will you get rid of first?
· What do you need to start doing? It’s probably time to learn a few things you don’t know but are likely to get you what you want.
· What do you need to keep doing? You may be bored with it, but if it’s working, don’t stop.
· Who do you need to stop talking to on a regular basis? Here’s a hint, if you feel “down” when you get off the phone with them, stop talking to them.
· What are the two or three systems that need to be defined and implemented that will free up your time?
Happy Holidays and a Profitable 2015!
Action Tip of the Day—Gratitude
As you wrap up the year, what are some items you need to be grateful for? Running your business day to day it is easy to get caught up in the daily crisis. It is important to take the time to realize that you have many things going well in your business. In fact, perhaps a Gratitude Journal would be a good New Year’s resolution. Here are some things I’m grateful for—perhaps they will apply for you as well:
· Health—without it you can’t do much.
· Family—I’ve got three awesome kids (and a wonderful son-in-law) and my wife Marisa is the best
· Business—it allows me to spend time where I want to
· Friends—surround yourself with people who make you better and are supportive
Take Action on this Today and then go Run a Lap! Business is Fun!