5 Questions to Ask Yourself Today for a Better Business Tomorrow
Some people run their businesses always working inside the business. They’re more reactive than proactive. They spend the day after day in the weeds - answering emails, putting out fires, talking to clients, posting to social media, managing employees, following-up on orders - and no one is looking after the big picture of the business.
When you run a business like this you’re the pilot - but flying in the fog.
It’s time to get a 10,000-foot view of your business.
A part of that is scheduling time to regularly work ON your business - because if you don’t all those urgent tasks will override what is important.
And you should also spend some time at the end of the year projecting and reflecting.
I’ve just released the 2020 Interior Design Business Planner to help you do just that. It includes over 60 pages of prompts and questions to help you dive deep into what is working in your business, what needs improvement, where you want to go and how to implement.
As a bonus with your purchase, you’ll receive an exclusive invitation to attend the accompanying free Planning Webinar and/or have the replay delivered to your email. (For purchases prior to December 4th)
But, to get you started, here are 5 questions you can ask yourself today for a better business tomorrow (or next year).
What is my most profitable service or product? Least?
This question is great because you have to look at your financial records and see where you’re making money. But what makes you the most money may not be the most profitable because of overhead, the time, or additional expenses associated with it. What you’ll likely find is there is one service that takes you less time but makes you the most money and the flip may also be true - the service that makes you the least profit takes the most time. This is called the Pareto Principle or the 80/20 Rule. You can then decide to realign with that service or focus on building another to fit what you want to achieve.
What do I need to schedule NOW for a smoother next year?
This is getting a birds-eye view of your business and life. What big events or appointments do you need to schedule or put in your schedule for next year? This is vacations, business retreats, launches, expected installs, conferences, markets, etc. When we are working IN our business it is easy to just work through these important events - but if you can schedule them now and plan you’ll be looking at a smoother year ahead.
What boundaries do you need to apply or reinforce?
Are there things that are getting in your way that you need to establish better boundaries around? This could be boundaries for yourself, your family, friends, clients, vendors. Think about working hours, texting, availability to clients or family, communication, etc. You probably already know where your boundaries need to be introduced or reinforced. Write those down and start attending to them.
How much money do I want my business to make next year?
This is an easy one. How much do you want to bring into your business next year? This should be overall revenue that you can take out expenses and know what profits remain. Or if it’s easier you can start with how much you’d like to make in profit and add expenses to make total revenue. This is your end goal for the next year - it should make you slightly uncomfortable but also feel like it is achievable.
How can I make my desired revenue next year? How does that break down?
Part of writing down your financial goal and making it achievable is breaking down how it’ll be possible. So how many hours do you need to work? How many packages do you need to sell? How many clients? What services or combinations of services/products add up to your revenue goal? By asking yourself this question you will see how to achieve your financial goals - you may also realize that you need to increase your rates.
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*The 2020 Interior Design Business Planner is a digital product.