Business Bites with Bonnie

EP38: Hitting your financial goals for 2023

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I'm not the biggest fan of goals - listen to last week's podcast. Goals are soo masculine and rigid. However, when it comes to business, having goals and measurements of success are essential.  You need to understand what income you are aiming for, what resources you need for that, and forecasting which months may be bigger or smaller. Once these targets are set you then need to track, measure, and re-assess.

So what targets should you be setting?

  • Gross revenue per month
  • Estimated cost and resources each month
  • Profit and freedom target
  • Profit margins per service, contract, or product

    • Not a target as such but Cashflow is king

    Ways to hit your financial targets

    1. Increase your revenue
    2. Decrease your overheads and costs

      3. Increase revenue

      There are 4 methods to increase revenue

      • Increase the number of customers you serve
      • Increase the average size of each transaction
      • Increase the frequency of transactions
      • Raise your prices - you should have a strategy-backed policy on price rises setting when and how much they will go up

        • When looking for major growth, I always recommend weekly money meetings.

        Get professional help- bookkeeper, accountant, financial planner, marketer, marketing strategy, FB ads specialist etc


        Any questions?

        Send me a DM on insta at https://www.instagram.com/two.of.coins/


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        Business Bites with BonnieBy Bonnie Wicks