So here we are staring down the end of another year! Whether that scares you or excites you, it is a great chance to refresh your finances with some fresh financial goals.
Of course, deciding to set goals is the easy part.
Deciding which goals to set is the real challenge.
Need some financial goal ideas? You’ve come to the right place! So let’s go over the 3 financial goals you need to set this year:
Financial Goal #1: Learn what your ACTUAL profit is.
This means diligently tracking and determining the difference between the income you actually bring in and the money you spend in your business.
(If you’re a service-based business, don’t forget to get really clear on your time and include this into the profit too).
Knowing what your actual profit is can be so helpful when making business decisions down the line, so make it your goal this year to finally figure out the real number.
Financial Goal #2: Say yes to less.
I get it, saying no is hard. And for those of us who work for ourselves, some degree of diversity is needed. But, the key word there is some.
Don’t spread yourself too thin. Instead, set a goal to focus on the Zone of Genius. This means you are energized by your work, you want to continuously improve your work performance, but you’re maintaining a balance of time and flow.
Financial Goal #3: Increase your profit!
Now that you’ve determined your actual profit through your first financial goal, you can work to increase your profit in one of two ways (or ideally both!):
- Maximize your tax deductions so that you can keep more money. Basically, determine everything you can legally use as a tax deduction, and make sure it’s being deducted, or
- Figure out ways you can bring in more sales and charge more for your products or services.
Over to you:
What experiences do you have with setting financial goals and keeping them? Share your experiences in the comments below!