Remember To Look At The Bigger Picture For Your Business (And Yourself)
(A Podcast Snippet Episode)
As discussed in the last post, this is all designed to help you to get ready for 2022, and make the very most out of next year. And also actually to make the most of what’s left of 2021 (but that seems a lot less interesting and exciting).
We’re looking at how we’re going to create the best 2022, and we’re actually going to be looking back, we’re going to be reviewing things. In this case, we are going to be reviewing those long-term plans.
The idea is that you’re probably digging them out from somewhere, and have not referred to them in some time (but hopefully that is not the case).
Why Should I Re-Plan My Long Term Goals?
Why are we doing this? We are doing this to check they’re still relevant. It’s actually quite often I speak to people regarding their plans, and they’ve changed, and things do change, particularly in your own business, everything can change very, very quickly.
So are they still relevant? Are they still realistic? Has your time been cut in half because you’ve got other commitments, because you’ve got yet another side hustle going on? And therefore, you haven’t got the time and the resources available to put into your business. Equally, it’s reminding yourself of that bigger picture.
So you get stuck in that day-to-day, and all we’re doing is the implementation and the day-to-day grind… And sometimes let’s face it, it is a bit grindy. Actually, what are we aiming at? What is that bigger picture? Are we aiming to build our business up to sell it? Are we aiming to get people in to help us? What is the plan? And you’re looking at, ideally, a three or five year plan, I’ll come on to that in a second.
Where’s That Plan You Made At The Start?
How do we do this? Well, basically you pick up that plan and you read through it and you figure out “Where am I? Am I still on track with it? What steps have I taken? What steps are there still to make? Has anything changed?” And sense check that that plan is still relevant, and one you want to stick to. Does that still motivate you? Does that still make you want to get up and do your job every day?
If it doesn’t, then what would? This is your opportunity to sense-check that. If you don’t have a plan, if you don’t have a written down, a hold-in-your-hand copy, or not be able to print out a physical version of the plan in your head, it does not count. Create one now.
What you want to be doing with your business in three (if you’re a short term thinker a little bit like me) or five years time, if you’ve got a bigger goal, if you’ve got a bigger aim, maybe it’s to sell the business or get bought out, whatever it might be. You might be thinking “Yeah, okay, in five years’ time, three seems a bit short for this”.
What has to happen between now and then to make that a reality?
Where are you right now? Where do you need to be in order to achieve that goal? What does that goal look like? And therefore what steps do you need to be able to take? And ideally, allocating those steps.
“I want to triple my income. I’m going to be kind to myself, and I’m going to say that this year, it’s only going to go up by 50%”
But then you’re going to expect bigger growth in years two and three, for instance. So you’re looking at how you’re going to allocate it. If it doesn’t fit, then how can you make it fit? Or do you need to readjust it? And that’s the thing here, we don’t have to be a massive panicker, it can be the fact that it doesn’t fit.
How can you make these long-term goals realistic?
How can I break that down? Do I need more hours in the day? Do I need to hire somebody so that they can provide those more hours?
What potential obstacles do you need to consider? Let’s not go doom and gloom here. But if you’re wanting to create an output of say, 500 units a day, and currently you do 10, then where’s that increase in units going to come from? Are you going to get your revenue from elsewhere? Or are you going to put up your price? So it’s sense checking, it’s figuring out where this works.
How much time do you REALLY have?
I’ve spoken to so many people who have a revenue goal, but then actually when you break it down, they are one-man bands, they basically work as freelancers, and only have a finite amount of time in the day. The only way you can do that is by trading your time for money. And that’s how it tends to work. So you’ve only got a finite amount of time to trade. Therefore if you want to increase your money, you need to be looking at doing something else, which provides a higher value or charging more for getting people in and to do some of that work for you. It is always worth bearing in mind.
And that is today’s blog. Have a little look at your plans, and where you’re aiming for in the next three to five years. And then sense check, make changes and have them ready so that you know what you’re aiming at. And you know what you want to be doing. So you can remind yourself of those deep, dark, bleak days.
That’s it for now, guys. Thanks for listening. And tune in tomorrow for planning out 2022.