Set, Plan, Succeed: Your Best Business Year Yet

No matter when you’re planning for the future, creating a solid plan based on your reflections and dreams is critical for long-term success. (Check out our previous posts on reflection here and dreaming here).

Business budgeting is the bridge between your vision and reality, allowing you to be intentional and proactive as you move into the next phase of your business.

Revenue Planning is Energizing, But Don’t Forget Expenses

When planning for success, revenue growth is likely the most exciting part. It’s all about possibilities, new opportunities, and driving your business forward. But don’t forget to bring that same energy to your expense planning.

Remember, it’s not just about how much you make—it’s also about how much you keep. Making a million dollars only to spend a million may technically make you a millionaire, but not a successful one. Be smart about your business budgeting to ensure you’re managing your small business finances wisely.

Focusing on Your Spending Plan

When you’re building your budget, focus on creating a detailed spending plan. We offer a free downloadable template here to help you get started.

Review every expense from the current year and ask yourself: Are we cutting, keeping, or flagging it?

• Cutting means the expense no longer serves your money management strategy and should be eliminated.
• Keeping means it’s essential to your operations and growth.
• Flagging means the expense is on probation—you think you can do without it, but you’re keeping an eye on it for now.

If you don’t recognize an expense, ask your team and immediately flag it. These flagged expenses should be revisited quarterly to determine whether they should be cut or kept.

Ensure You Have a System to Track Progress

Another key part of your plan is ensuring you have a system in place to track your revenue, expenses, and budget versus actuals. If you don’t have a tracking system, this is the perfect opportunity to implement one.

Each month, you should know how close or far off you are from your plan. While a lot of focus is often placed on actual numbers, it’s the variance report that will tell you when things are going off track.

At Powerful People Plan, we specialize in money management systems that help you monitor your small business finances effectively. We can ensure that your reports and tracking are aligned with your overall goals.

Focus on 1-3 Goals and Strategies

When tracking your business progress, don’t overwhelm yourself with too many goals. There’s a saying: If you track everything, you track nothing. Instead, focus on 1-3 goals and strategies that align with your business budgeting and vision for the future. This way, you’ll stay focused on what matters most and avoid getting lost in the details.

Make Planning a Priority

With a clear plan in place, the future can be full of intentional growth and success. Take time to get your spending plan in order, track your progress, and focus on your key goals. Remember, you don’t have to do it alone—Powerful People Plan is here to help you make sure your systems are set up for success.

Let’s make the next phase of your business your best yet!