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Amanda Lawson

Determining Your Profit Goals - Method or Guess?

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Hello Everyone,

 

I have been in business for quite a while now, and am just finally "getting around" to finishing my business plan. I have it all figured out, so I think! Then I get to the question, "Define your key financial goals", and it made me think...how do you actually determine what your financial goal is? Is there a method that you follow to calculate an actual financial goal, or do you simply choose a number that sounds attainable for the year of business you are in? I have seen charts for how to determine what your rates should be, etc. But I would be interested in knowing how others came to the decision of what your financial goals are. How often do you adjust them?

 

Just curious!

 

Background: I was in business for just over three years as an individual, then started a team that was just based in California. About a year and a half ago, I expanded to cover the entire U.S., and have on average 13 team members. So, this definitely isn't my "first rodeo", but I have never been one to set financial goals...up until now.

 

Thank you in advance for any input!

 

-Amanda Lawson

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Hi Amanda,

 

Great question. My financial goal is set as something that is a bit of a stretch, yet, also attainable.

 

Some people determine what they want to accomplish financially for a year and set goals that way. Say you want to take 2 vacations in the next 12 months, pay off $X of debt, put $$ in savings, and then take home $x for A, B and C. You'll have a financial goal this way, also.

 

I actually have set monthly goals and I readjust those once I have consistently met the goal for several months. I like monthly goals because I can easily see/know how things are going throughout the month and make adjustments as necessary (ramp up marketing, make new connections, get to an in-person event, do more follow-up with folks, etc).

 

Great question for a great dialog. I look forward to hearing how others set their goals!

 

Warmly,

 

Donna

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Amanda

 

Setting your goals is an important step, but having attainable points along the way to reach those goals makes your goal easier to reach. Then when you reach that "attainable point" reward yourself. Treat yourself to something. It can be as simple as splurging on treating yourself to Starbucks, or breakfast at Panera Bread, Coldstone ice cream, whatever. That way you can stay motivated to reach your next point, then when you reach your goal, make sure that you have what you are going to do after you reach your goal.

 

Since I took on three new clients since January, mine was spending some time reading for pleasure. Nothing remotely related to business. So on Monday when I got back to "the office", I was refreshed and ready to start the week.

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Honestly, I have yet to set up profit goals. I have a few clients but since I'm still a new VA I haven't gotten around to it yet. Plus I'm also a fulltime student and should be done with all my classes in December and graduate next June. I think in January I will have a better grasp on my financial situation and what I really want my goals to be. Right now I'm kind of just going with the flow because I'm so busy studying and set up my client base. I do eventually have to have a realistic goal in mind though.

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