Start the New Year off with a bang (here's how)
2024 is just around the corner, and it's the perfect time to plan for a fresh new start!
And I always start January off by making a plan for the whole upcoming year. I look at where I am, and where I want to be by the end of the year. Then I make a plan for getting there.
Why? Because change isn’t going to happen unless you plan for it. So let’s take an in-depth look at how to create your own game-changing plan for 2024.
1. Make SMART goals
Before we talk about planning, I first want to discuss what makes an effective goal. You may never have thought about it before, but the way you word your goal is important. I like to use a system called the SMART method.
SMART is an acronym, with each letter standing for a feature that a goal needs to have in order to be effective.
S – Your goal should be specific. A goal such as “I will increase my sales” won’t do. Instead make it e.g. “I will increase my annual sales by 10% over last year.” Specific goals give you a firm starting point to get going. As well, afterwards you will be able to tell whether you have reached the goal.
M – Your goal must be measurable. This usually means numbers. A goal such as “I will learn how to do digital marketing” is not measurable. Instead, use something like “I will complete the Digital Marketing 101 course by May 31”. By making your goal measurable, you are able to tell whether or not you actually achieved it.
A – Your goal must be achievable. That means it is something that you can reasonably accomplish. “I will become a millionaire within 6 months” is probably not attainable. Make your goals smaller, and something you have a chance of achieving. Otherwise you are just setting yourself up for a letdown.
R – Your goal must be relevant. That means it forms part of your larger picture. A goal such as “I will purchase a new computer” may not be relevant if your current computer works fine and fills your needs. However, if you are having trouble keeping up with your financial paperwork, then a goal that helps you automate those tasks, such as “I will purchase and learn Quickbooks by the end of November” may be relevant.
T – Your goals must have a time limit. Examples: “I will learn Quickbooks by May 31” or “I will attend 5 networking events over the next month”. Without a time limit, you have nothing pushing you to get your goals done, and then it’s easy to let them slide.
So that’s the SMART system. I encourage you to use it when making your own goals.
2. Set financial goals
For the self-employed, this is probably the biggest goal to plan for, especially if you are just starting out and aren’t yet making the type of income you would like. And since we are in business to make money, a financial goal is often the main goal from which other goals develop.
To set your goal, start by looking at your last year’s earnings. Then set a goal for how much you want to increase that by for this year. Maybe your sales last year were $30,000, so this year you set a goal of $15,000 more. Or maybe you set your goal based on a percentage, so to increase your sales by say 30%.
However you decide to do it, make it a firm goal. Here are some tips on how to help ensure you actually reach your goal.
Take some real time to do a thorough job of analyzing last year and working through projections for this year. (This isn’t a 5 minute exercise!)
Make it reasonable. If you earned $40,000 last year, and make your goal for this year to double that (so $80,000), is that realistically possible? If not, you are just setting yourself up for failure and frustration.
All the other business goals you set will probably be created to support the fulfillment of your financial goal, so it’s important that you get it right.
Once you have your financial goal decided, break it down into sub-goals. For example, what is your goal for each quarter?
By setting such goals, you give yourself something to aim for. Without a plan, you are far more likely to not make the kind of strides forward that you would like.
3. Set some personal goals
It’s as valuable to have personal goals as it is to have business ones. So I always include some personal goals in my yearly plan—things that are related to improvements I want to make in the fields of health, family, friends, travel, and other “non-business” areas of my life.
These should also be SMART goals. For example, “Spend more time with friends” doesn’t have specificity or concreteness. Instead, a goal such as “Host a dinner party the last Saturday of every month and invite two friends” is much better.
By making goals for your personal life, you help ensure that you are mentally and physically healthier, which is good for every other aspect of your life, including your business. You can’t give your best if you are tired, unhealthy, burned out, etc.
You can create a column in your yearly plan for personal goals, or track them separately, whichever you prefer.
4. Identify areas for learning
We all have things that we need to learn, or learn better, in order to move forward. So choose one or two areas that you know you need to learn more about, and create a plan for how you will learn them in the upcoming year.
Perhaps you don’t know much about digital marketing, or sales. Make a plan for how you will learn about that topic.
Start by doing some research about the topic. You need to learn what is all involved in the topic in order to develop a learning plan.
Then make a plan for how you will learn each of those topics, step by step. Perhaps you will tackle one topic each quarter. Whatever you decide, make sure it is achievable, and realistic.
You can also set goals to learn things that are not related to business. Perhaps you want to learn how to play the guitar better, or how to grow roses.
5. Expand your network
One of the best ways to move your business forward is to hang out with other professionals. It’s one of the best ways to learn. Think about it—if you don’t know much about marketing, imagine how valuable it would be if you knew a few marketers that you could bounce ideas off of. Or, on a more personal level, what better way to learn golf than to spend time with other golfers.
Networking is also a valuable tool for meeting new potential clients. And that’s important, because, as a business owner, you need to always be searching for new leads. The more people you meet, the more potential clients (or referrals) you may get.
6. Build accountability into your plan
This is one of those things that I find many of my clients don’t do, but it’s really a necessity. If you don’t have any accountability built into your plan, the chances that you will achieve your goals goes way down. Being accountable to yourself is one thing, but being accountable to others is a whole different ball game. It puts more pressure on you to actually work at your goals.
So I strongly recommend that you build yourself a support/accountability team. It may consist of family and friends, but I find that my clients perform better when they have a support team made up of professional peers. That’s because, business-wise, these people understand exactly what you are going through. They’ve probably had similar challenges, and know some of the pitfalls you may face, as well as some tricks of the trade. You can learn from them and bounce ideas off of them.
But on top of that, they can help you stay on track. By sharing your goals with them, they can help you refine them, and they can check in along the way to make sure you are still on track. If not, they can encourage you and guide you on how to get back on course.
7. Make a written commitment
Your plan needs to be written. A written set of goals is a much more official commitment than goals you are just thinking about. In fact, I even recommend signing the plan. Think of it as a contract you have with yourself. The more formal you make your plan, the more likely you are to complete it.
When writing your plan, think about the actions you need to take to make sure you meet your goals. Below is a simple sample of what a plan for one quarter might look like. It’s based on the 5 main areas of business that self-employed solopreneurs typically have: finances, advertising, operations, technology, and strategy.
However you lay out your plan, make is clear, concise, and thorough—and don’t forget to make your goals SMART!
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I strongly encourage you to make your own plan for the upcoming year. Make it a priority, and get it down in writing before the end of January. It’s the best way to make sure you take control of 2024 and start it with a bang!
Cheers,
Tim
Helping you engineer the business of you
p.s. Want to accelerate your self-employment success? Join our community, the Free Agent Collective.