Now that 2016 has begun you might be wanting to make your mark with your business this year. You might want to start up a new business, or maybe you have been going sometime but have not been making the income you desire, perhaps you know it is make or break time for you and your business, and you have given yourself the next 6 months to make it work or you plan to walk away?
Whatever your situation, Part 2 of my “Make 2016 Your Best Year in Business” series contains more practical suggestions that you can apply to create the business success you desire this year.
In this Part 2, we will check out three more of my essential suggestions: Budgeting For Your Expenses, Tracking Your Money and Branding Your Gifts.
So let’s dive in..
- Budget for Expenses
There is no time better than the present to start budgeting for your expenses. My suggestion is to do this by creating a spreadsheet setting out your business’ weekly and monthly expenses this year. I would also do the same for your personal expenses.
Once you have completed your spreadsheets, calculate what your average monthly personal expenses are, and another figure for your average monthly business expenses. By adding together these two figures you will know what your “nut” is. Your “nut” is the income you need to bring in to break even each month and not go into debt!
Your budgets will show you where there are sudden spikes in your monthly outgoings. You can prepare for these more expensive months by keeping a “float” of money in your bank accounts at all times, so that when the big bills come in you have the cash to cover them.
Sudden spikes in outgoings are often what causes business owners stress and sleepless nights. They can also derail self employed people and force them to return to a PAYE job or even declare bankruptcy.
- Track Your Money
If you are noticing that there is a strong focus on money in my suggestions, then you would be right. For the first time in ten years being self-employed, last year, I started tracking my money on a weekly basis. What this meant was I started tracking (and adding to my accounting spreadsheets) both my income and expenses each week.
The difference this made to me personally and my results was significant. It reduced feelings of stress around money because I knew exactly what the figures were at any one time.
I could make better decisions when it came to spending on staff, technology and courses because I knew exactly how much money I could afford to spend without risking putting my business into debt.
I could also see where my leaky holes were in my spending and start taking action to plug them, thereby reducing unnecessary expenditure.
Finally, I knew if I was on track to hit my monthly income targets or not. This meant I could adjust my course and take action immediately to ensure I achieved them, rather than only finding out I had missed my targets at the end of the month or worse still end of the year.
Start tracking your income and expenses every week throughout 2016 and put yourself in control of your money, rather than having money control you!
- Branding Your Gifts
My last suggestion is branding your gifts. You are naturally gifted, unique and have valuable knowledge to share with your clients. When it comes to branding your gifts the first step is to recognise this is true. Then you need to get clear on what makes you unique i.e. what is your unique combination of natural gifts, experience and knowledge.
Sometimes it is helpful to have others point these out to you – so if you are scratching your head right now trying to think what makes you unique, then hop on the phone with one of your best clients and ask them what made them decide to work with you.
It can take a little time to really accept your uniqueness and gifts so don’t be afraid to sit with these until you can really own them. When you know your gifts in your heart, you can brand your gifts very simply by letting prospective clients know about them. All you need to do is start sharing about your gifts through your website, blogs, webinars and of course when you meet potential clients.
If you would like my help with Making 2016 Your Best Year in Business then why not schedule a Free Clarity Call with me and we can discuss which of my programmes will support you with achieving your goals this year!