A Penny for your thoughts… Are you ready for 2024?

| Categories: Building Strategy , Business Tips , KPIs

Blog by Fuel Accountants


Well, have you been thinking about your goals? Oh wait, are you one of those people that believe in New Year's Resolutions? I used to be one of those myself. But I’ve since learned the difference between a wish and a plan.

So what is the difference between a wish and a plan? 

You know, I’m not sure I ever had a wish come true when I tossed a coin into a fountain. Are you any different? And then there’s that wishing star. How romantic to think that simply wishing for something makes it happen. It’s like winning the lottery!! 

I’m much more enthusiastic about having a plan than waiting for a wish to come true. Why?

  • It’s more pragmatic. While it’s not a terrible idea to dream a little when thinking about what we want for our business, at some point you have to get out of the clouds and land the plane. Make a choice. Put a stake in the sand and claim your territory.
  • Once you have a plan, your visions clear and you begin to see things that you might have otherwise missed. Why? Because you are now looking for them.
  • You can consistently focus your energy. Focused energy is like a laser beam, never deviating from its target. And that means progress. Consistency trumps intensity every time.
  • A plan is like an insurance policy. We buy insurance to protect us against large losses. A plan can protect us as well. We might experience an occasional loss, but the plan helps us weather the storm and stay on track to our destination. Additionally, a plan helps us determine more specific things we need to do to get back on track toward its completion.
  • Convinced yet? December is a great month to lay out your business plan for 2024. We hope 2024 is your best year ever. Yes, you should “PLAN” on it!!

What should be in your business plan?

  1. Your personal 3 year vision: Planning should ALWAYS start with you. Why? Because you want to build something that resonates with what you want. Many times we find that business owners think of themselves last instead of first. Then they wonder why the business is zigging white they are zagging.
  2. Your business 3 year vision: This is an absolutely clear 3 year target of where you want the business to be. It includes revenue, market(s), business segments, and more. It can be a compound paragraph that paints a very clear picture of what life looks like once you’ve arrived at your destination.
  3. Your Mission: Simon Sintek always talks about the power of “why.” Why are you doing what you’re doing? “Why” brings out your passion. It deepens the meaning of what you do. It provides context to how you do it as well.
  4. Your Values: Your values determine your culture. They determine how you behave both individually, and as a company. They determine who you hire (or fire), and who you do business with.
  5. Your KPIs: Our KPIs (key process indicators) keep you on track to hit your predetermined targets. They are objective measurements that clearly communicate adherence to the plan and help determine where your improvement focus should be. 
  6. Your Action Plans: Your actions plans are the specific projects that MUST occur in order to make sure your KPIs are being achieved. They are outside of your day-to-day activities of regular business: They make certain you are working “on the business” while you are working “in the business.” 
  7. Your Meeting Rhythms: You must have regular meetings to review your KPI’s and action plans to ensure they are progressing properly, and to  render help to those on your team that might be struggling. 

We are great business plan facilitators: We have the tools to help you get your mojo on. So call us if you need help!!

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