shot_on_targetTraditionally everyone is making resolutions at this time of year about what they would like to change or achieve in 2013.
I’ve done my goals and am very excited about achieving them.  That’s the thing with goals they do need to be achievable and to that end I have broken them down both into weekly work plans and strategies.

I started with a budget so that I could ensure that my work plans achieve my financial goals.

On the basis that most of us, somewhere along the line when we are setting goals, have a financial goal, say to earn an extra £10k this year.  The problem is we often don’t know whether it is achievable or not, it just sounds like something good to aim for!

I’ve had a bit of a breakthrough on this, this year, that I would like to share with you.

It all came about because I needed to know if I had enough time in my weekly timetable to market my business and if I made time how would that impact on my financial goals?

So, I decided to start with a budget.

So to do the same you need to  know what your weekly/monthly income and outgoings are.  Use my cashflow spreadsheet click here to download if you need to get started with that.

If you complete an annual spreadsheet (see below for one to download), you’ll have an idea whether you’ll achieve your income goals for the year.  I suggest that the extra income you’ll be looking at, in this respect, will be the amount you have left over once all of your expenses have been paid.

So, does that look anything like your financial goal for the year?

I suspect that answer is no.

So, now you need to look at what you can do on a weekly or monthly basis to increase that bottom line.

If you work 5 extra hours per week or get one new client a month, how much extra income does that represent?

Click here to download my annual budget spreadsheet which you can complete with your own figures.

With all of the formulas in place in your spreadsheet you can easily see how adding in different amounts of extra income will impact on your cash surplus at the end of the year.

Keep doing this until you reach your financial goal.

The next step is to fit the extra work commitments, identified by your budget, into your existing timetable.

At this point you will be able to tell whether all the extra bits of income you have included in your financial forecast is achievable on top of the work you currently do.

If it is, great!

If not, then your financial goal for this year is not achievable and maybe you need to give yourself until the end of next year or longer to achieve it, but at least now you have a plan.

Reach for the stars, even if you don’t get there you might just reach the moon!

Downloads:

Cashflow Spreadsheet

Budget Spreadsheet

Know Your Business Numbers

 

Let me know how you get on in the comments below

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