No matter how long an entrepreneurial service provider has been in business, having a strong and inspiring financial plan is a cornerstone to the future that should not be overlooked. As business owners, sometimes we focus so much on our Marketing Plan, that our Financial Plan is easy to leave on a shelf, gathering dust. Ask yourself: Am I at a point where my business makes a profit month after month? If not, it is important to ask some basic questions when updating your financial goals:
* Are your rates too low?
* Are you successfully managing your expenses?
* Is your work flowing in a steady stream – or is it a flood at some times and barely a trickle at others?
If your business is at a profit level, it may be time to dust off the Financial Plan and set some new goals. Remember that your business is not only your career, it is your future. Make sure to be adequately planning for your retirement, even if it seems far off, and if you are a solopreneur, speak to your insurance agent to determine if your disability insurance is robust enough to get you (and your business) through life’s unexpected rough spots.
Finally, ask yourself the Million Dollar Question: Are you building a business you could sell for a profit one day?
Does your Financial Plan plan for a future beyond your wildest dreams? If not, make one that does.
To get great tools on how to create a strong foundation for your business’ future, feel free to join my Facebook Group, Business Renegades: http://tinyurl.com/6xos94
Christine Comaford, CEO Freedom Fighter
CEO of Mighty Ventures, Inc. |
NY Times Best Selling Author