Hit ‘Refresh’ on Your Business Goals for the New Year
We want to wish you a very happy New Year! If you’re new to our weekly entrepreneur newsletter, welcome!
Each week, we research the issues most impacting small business owners and entrepreneurs, and share insights, strategies, and expertise to help you overcome challenges and achieve your personal and professional goals. We hope you enjoy the content!
In This Issue
- Reflect on 2024: Analyze this year’s performance to identify both wins and areas for improvement.
- Clarify Your Vision for 2025: Whether you’ve already defined your ultimate life/business vision or need to create one, it’s the foundation for setting meaningful goals.
- Revisit Your Profit First Allocations: Assess how well you stuck to your profit targets in 2024 and adjust percentages for the new year.
Looking Back and Moving Forward: Setting Goals for 2025
Another year has drawn to a close, and as we step into 2025, it’s a prime opportunity for entrepreneurs to hit “pause,” reflect on the progress they made in 2024, and chart a course for the next twelve months. Whether you nailed all your goals or found yourself off track, the start of the new year offers a clean slate—and a chance to align your business objectives with your ultimate life and business vision.
1. Reviewing 2024: Wins, Lessons, and Vision Alignment
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Assess Your Goals: What did you set out to achieve in 2024? Which goals did you exceed, and which fell short?
Identifying these trends will help you see what’s working and what needs revisiting. -
Detailed Expense Analysis: Dig into your numbers to uncover inefficiencies.
Look for recurring costs, forgotten subscriptions, or underperforming investments. Pinpointing where your money went is crucial before deciding where it should go next. -
Check Your Vision: If you already have a clear picture of your ultimate business and life vision, compare your 2024 accomplishments against that vision.
Did your strategies move you closer, or did they lead you in a different direction?
2. Defining—or Refining—Your Vision
If you don’t yet have a documented vision for your business and life, make this a priority in the coming weeks. Your vision is the driving force that shapes all your decisions. Without it, you risk setting goals that don’t truly serve your bigger purpose.
You are the most important employee of your business, and your business should help you achieve your personal and professional goals. Having a clear vision for the business allows you to lead your business rather than let your business lead you.
Ask yourself:
- What do I want my life to look like in five or ten years?
- How does my business fit into that picture?
- Which clients, products, or services align with the impact I want to make?
3. Revisiting Profit First
For those familiar with Profit First, now’s the perfect time to evaluate how well you stuck to your allocation percentages:
- Successes & Challenges: Did you maintain your profit, owner’s pay, and tax allocations consistently? Where did you feel strain?
- Set New Targets: Use this fresh start to tighten up your allocations, reduce unnecessary expenses, and ensure you’re setting aside a consistent profit each month.
4. Setting Focused Goals for 2025
Use your 2024 review and your ultimate vision to form clear, actionable objectives for 2025. Your goals should be:
- Specific & Measurable: Define exactly what success looks like (e.g. raise net profit margin by 5%, acquire X ideal clients).
- Realistic but Ambitious: Stretch yourself enough to stay motivated, but not so far that goals feel impossible.
- Aligned with Your Vision: Every project or plan should support the business life you truly want to create.
- Accountability: Find a trusted friend, business associate, or advisor as your accountability partner. Review progress together regularly and make small course corrections as needed.
The Bottom Line
The transition from one year to the next is more than just flipping a calendar—it’s a chance to realign, recalibrate, and recommit. By taking a thorough look at what worked (and what didn’t) in 2024, clarifying your long-term vision, and setting Profit First–inspired goals for 2025, you’ll be primed for growth that supports the life you ultimately want to lead.
Adam Litster
Certified Profit First Professional and Pumpkin Plan Strategist
(816) 500-5779
adam@betterbizinfo.com
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