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Now is the time to put on your planning hat and craft a workable plan to attain your 2016 goals for your business.

Do you have a goal for what you want to achieve in your business the coming year?
If you do, are you confident that you have a solid plan to make it happen?

What are your revenue and profit goals?

What will it take to produce those results?

Does it mean an increase in the amount of business you do?

Does it come in part from increased profitability?

Or a combination of the two?

What do you need in terms of people, or technology or infrastructure to ensure your success?

If you’re planning to grow, where is the increase in business going to come from –
new target markets or better marketing to existing customers and markets?

What kind of investments do you need to make to grow?

Does the amount of revenue you’re projecting along with the expected expenses result in a bottom line profit that is acceptable to you? If not, where do we need to rethink? Should we increase prices or work on getting more efficient?

These are all valuable questions to ask yourself in the process.

A detailed and strategic Profit Plan gives you the framework to achieve the success you want for the upcoming year.

Elements of your 2016 Profit Plan

• Budget to achieve Year 1 of your 3 Year strategic plan
• Marketing Plan to support your budget and strategic plan
• Hiring Plan to support budget and strategic plan

The Profit Plan Budgeting Process
Review your Vision and Strategic Plan
Determine your revenue and profit goals for the year
Project labor hours and personnel needs
Project labor cost
Use your 2015 Monthly Profit & Loss Report as a guide to project expenses
Evaluate other projected changes in expenses
Create your Budget using a template
Re-evaluate all components using the design spiral below

As you move around the design spiral, ask yourself the following questions?

• What is the revenue target?

• What is the projected cost of labor?
• What other expenses need adjustment?
• Does the budget achieve the profit target?
• Do the projected hours or number of employees support the revenue target?
• Can I hire the employees I need?
• Should the revenue target be adjusted?
• Does the marketing plan support the revenue target?

This process will make you take a look at and create or fine-tune your marketing plan and your hiring plan.

Need help? Here are 3 ways I can support you if you don’t want to go it alone:

• 4 Week Profit Planning Class
• One to One Profit Planning Package
• Budget Templates

P.S. If you’re already a client on a monthly coaching plan, the one to one Profit Planning and custom budget templates are all included for you!