This month’s blog focuses on Refocusing for a Successful End of Year. This is the perfect time to evaluate your services, offers, and what you may need to pivot. It is also the time to revisit your 3rd and 4th quarter goals.
Can you remember the goals you set for 2020? Was 2020 going to be the year you made things happen in your business? We all started the year planning on having extraordinary results. Let’s face it – 2020 is not looking like we thought! We’ve all faced challenges we didn’t foresee, whether it was in your personal life or your business.
On this Facebook Live, I talked about my plan to achieve extraordinary results in 2020, and due to the global pandemic and all the challenges it’s brought, what your New Normal may look like. As business owners, we’ve had to face the fact that things have changed. And we have to look at how those changes can or will affect our business.
So what do you do when things change in your business? The first thing to do is accept the change and adapt to it. Ask yourself “what am I doing right now so I can continue to make income from my business?” Maybe you’ve had to pivot your business to be more online vs in-person. Maybe you’ve had to learn to use Zoom or Google Hangouts on a weekly or daily basis.
Secondly, you need to be flexible. What are you already doing that you can adapt to the new marketplace that may be available to you? Are there new services you can offer? Or do your current services need to be pared down? If you’ve been furloughed from a job, realize that you do have skills that are transferable to someone else. You can actually create your own stream of income. You don’t have to wait for an employer to call you back; you have skills to offer. Now may be the time to get clear on what skills you have and how you can turn that passion into profit.
Then you need to be tracking your money! How much money do you have in the bank? How much do you need to continue running your business? How much do you need until you navigate the new marketplace you may be in? Look at your expenses. Are you paying for things you aren’t using or no longer need? Subscriptions, software platforms, etc.? Tracking your money will help you determine whether to increase your income or reduce your expenses.
For most businesses, the 2nd half of the year (quarters 3 & 4) is the time most revenue is generated. As we come to the end of the summer, let’s focus on what we can do during the final quarters to make those extraordinary results a reality! Start by getting clear on what that extraordinary result looks like to you.
For some this year, simply remaining in business may be extraordinary. For others it may be maybe maintaining a current client rooster. Or maybe it’s a monetary goal. Maybe your extraordinary result is to earn more income this year than you did in 2019. Whatever that looks like to you, be sure to be clear about what it is and what it looks like. Start looking at the activities you do. Are they income-generating activities? Are they busy work that keeps you distracted from your goal? Are you letting your email inbox dictate your day or your schedule? Are you setting aside dedicated time each day/week for marketing your business?
To help you with this, I’ve created a free download, 5 Reasons Why Your Money Isn’t Adding Up. These 5 reasons will help you discover why your money isn’t adding up, what’s happening in your business, and things you can control and continue your business and end 2020 making a profit.
If you need help setting your goals and working towards them, join our Facebook group, The Empowered Lady Boss. We help support you in building a better business in the areas of growth mindset, business strategy and money management, so that you can have consistent income and a profitable business. We help female entrepreneurs who are service providers, coaches, consultants who feel overwhelmed with all the things that need to be done in order to grow their business.
When you’re ready to take your business from sporadic and inconsistent to consistent and profitable … then Begin With Profit is for you!
