Do you have a good business and family plan in place for 2018? Or are you just going to wing it again this year?
Certainly, it is impossible to predict the economic future for your business or even your family but there are ways of planning, so you can deal with whatever may come up throughout the year and now is the time to start planning for 2018!
Every year, I painstakingly put marketing plans and budgets together for my businesses and client businesses. First, we analyze what was done in the past, what worked, what didn’t, set new goals, follow up weekly or monthly and implement what is needed to achieve those goals. Then we follow up at the end of the year to see we hit the benchmarks you expected.
Market planning as well as family budgeting should be viewed as a living and changing document. So, for example, if something changes in the marketplace or economy or your job situation — you have a pulse on your situation and can proactively change to dodge any financial pitfalls for your business or family.
If your goal is to make more money (whose isn’t?), set a plan of action based on a figure you want to make next year. Then plot out actions that will work toward that goal, track it every month and miraculously, you will be amazed when you start hitting your projected numbers.
The same thing is true if we are looking to create brand awareness or a new product or service. Figure out what our end results need to look like and make a plan, work the plan and track the plan to ensure our success.
It seems simple, but it is amazing to me how many businesses do not have a marketing plan or any compass to check their business is going where there want it, not merely just doing business as usual and hoping for the best.
This planning method works in your personal life, too. If the current employment isn’t working for you, what is your plan to land the job of your dreams? Is your resume up to date? Do you have the right wardrobe, education, etc., for the job of your dreams and how can you add that to your to-do list to make your dream happen?
Along with maybe using the first weekend of the New Year to collect your tax documents, what if you took the opportunity to look at your savings and your family’s personal balance sheet so you could make wiser decisions for the year to come? What if you planned to increase your personal wealth by, say 20 percent or more next year; what would you do if you wrote it down and next year when you started looking at your family finances, you found it actually happened?
My best wishes for a very healthy and wealthy New Year!
Kathy Kane is business manager and co-publisher of the Trenton Trib. Contact her at email@example.com or (734) 676-0850. Comments and story ideas also can be emailed to the Trib at firstname.lastname@example.org