Each of us has our own financial goals, and while I believe in abundance, today’s topic is focused on creating a financial plan. With that being said, I want to provide you with a perspective and steps on how to visualize, create and manifest a financial plan for yourself or your business!
What vision do you have financially for your business? Without taking this a step further to look at this in a more detailed way, you will likely be hard pressed to move the needle, with the big scary goal continually out of reach without a clear path to get there. I believe in manifestation but not without getting clear on what you are manifesting.
You will notice that I mentioned the big scary goal because you need to pick something that will push the envelope and leave room for magic, not the safe number. When I made my big scary goal for this year it was not what I made last year plus 10% it was 3 times what I made last year. I did that because it pushed me to step up to the next level. The big scary goal had me earning more and working less. That I have already achieved, and a win I will happily celebrate.
After I wrote down my overall financial goal I asked myself these three questions. I should also mention these are loosely the same method we used in my mastermind with Powerhouse Women, and have actually completed this same exercise at least 4 times this year.
- What is the overall monetary goal?
- What are your streams of revenue?
- How many days in a year and hours in a day are you willing to work?
First do this with today’s numbers, your hourly rate, current margins, current income streams. Then dream a little. Ask yourself is there a way for me to create more alignment with my purpose. At Powerhouse Women they call this unicorn brainstorming. In practice, this means to go back to these questions and substitute the phrase “Wouldn’t it be cool if…”. This will help you open up to think about your day, your business, and your income streams with a renewed sense of perspective and imagination.
A few of the results you might find:
You could charge more.
Have you been undervaluing yourself? Look at what your competitors are charging you in line. Do you want to niche down to carve out a more exclusive market?
You could collect payment differently.
Do you feel that you are constantly chasing invoices? How could you get paid more upfront? Should you have a cancelation fee? Maybe you consider making a portion of your service non-refundable. I am talking to my service providers right here. For many of use both product and service providers, evaluate your processing fees. Is there another platform that will charge less for each transaction
You could introduce a new stream of revenue that you have been dreaming of.
I can attest adding a new stream of revenue is not an easy feat but it’s an incredible way to increase your impact and your revenue.
You could cut out expenses and streamline.
I am sure you have all heard “A penny saved is a penny earned” from Benjamin Franklin. This is especially true in our world of monthly subscriptions.
You could invest in yourself to reach your higher self by taking that course, joining the mastermind, hiring that coach.
The investments I have made in my personal growth have directly impacted the growth of my business.
You could PROTECT your income with a contract.
Much like I mentioned the cancelation fee above, or how you collect your payment, so many of these protections are made available to you by putting in place a strong legal foundation that with your purpose. What you may not have considered is the right to collect interest or costs on collection (like reimbursement for attorney’s fees).
I don’t want you to have to decide if it worth it to advocate for yourself by hiring legal counsel to support you. I want you to have it in your agreement that it’s within your rights to be reimbursed for those costs. I am sure I don’t have to mention the elephant in the room but the clause few paid attenuation to in the past, but now see the value in – Force Majeure. What will happen in the event of a natural disaster, state of emergency, riot, materials shortage, labor strike, or global pandemic? The answer is different depending on the industry but is absolutely necessary to address ahead of time.
Now that I have mentioned all of the ways you can make an impact by just taking a little bit of time to reimagine your business and ask yourself about how you can push the envelope. I want to speak straight to you about how this cannot happen without taking action.
This part is easier said than done but TAKE ACTION. I titled this episode “Plan Your Finances with Intention but Leave Room for Magic” because magic is giving yourself room to question today for a more aligned tomorrow. Without this process, I could not have created Legally Aligned. I would have told myself the only way to make more is to do more. Creating a new stream of income is no easy feat, often the work starts with little or no return, but that’s what makes entrepreneurs special.
Resources In This Episode
In this episode, I mentioned my friend Lindsay Schwartz. She is the founder of Powerhouse Women and it has made such a difference in my business since I attended their annual event in 2019.
I partnered with Powerhouse Women to support her upcoming virtual event because she is bringing that same level of inspiration to all of us in our homes, with some incredible speakers. Two of which are my favorites, Aisha and Des from Creative Label. If you know any of these women you know they are going to deliver in such a big way. Grab your ticket to take action in moving your business to the next level.