Do you have financial goals for 2025? Today’s episode dives into planning for profitability in your business. I’m sharing my best tips and steps that I take in my own business to plan for profit.
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Planning for Profitability in 2025
As we approach the new year, it’s time to start thinking about ways to enhance profitability in our businesses. Planning for profit is as essential as setting any other business strategy or goal. With 2025 right around the corner, now is the perfect time to prepare by putting strategies in place for greater financial success.
Reflect on this past year—what went well and what drained your resources? Where do you want to be by this time next year, and where do you want to be financially? It’s crucial to differentiate between income and profit goals. While income or revenue might represent gross earnings, profitability is about what you take home after all expenses.
Setting Clear Financial Goals
Start by understanding how much you need to see for yourself every month. Develop a personal “enough” goal, which is a number that would cover your expenses, provide for your needs, and align with your lifestyle goals. Anchor your financial success to personal fulfillment and avoid the endless pursuit of more without clear purpose.
In order to do so, here are a few steps to take:
- Reflect and assess your current place in business
- Understand your goals.
- Identify your best clients and lead revenue streams.
- Avoid short term thinking and short term offers over long term growth.
- Implement CEO days.
- Check for money left on the table.
- Create a spending plan.
- Schedule your money checkin meetings now.
- Celebrate the milestones – not just the finish line.
Assess Your Current Place in Business & Understand Your Goals
Evaluate your best clients and revenue streams. Identify patterns among your top-paying clients and consider how they found you. By understanding which clients and revenue streams are most profitable, you can refine your marketing strategies and prioritize efforts that yield the best results.
You also need to determine where you want to be with profit over the next year. It’s important to distinguish revenue vs. income/profit.
Invest in Long-Term Growth Over Short-Term Gains
Avoid short-term thinking and offers that might provide quick returns, but could hinder long-term growth. Focus on the big picture and strategic decisions that will serve your business in the long run.
Implement CEO Days
You know that one of my favorite parts of the year is when I set aside time for a CEO day. When you set aside dedicated CEO days, you can focus on projects that advance your business, whether it’s developing new products or reviewing financials. Use this time for professional development and to work on areas that sustain your business’s health and growth.
Check for Money Left on the Table
I think there is so much power in evaluating current offerings and considering opportunities for upsells, renewals, or complementary offers that could increase revenue without much additional work. Maybe your existing clients have untapped potential for higher-value transactions!
Create a Spending Plan
Your income won’t translate to profit if your expenses aren’t managed. Review your current expenses and subscriptions, and determine if they’re truly adding value. Plan your spending to safeguard your profitability and ensure you’re set up for continued financial health.
Schedule Regular Financial Check-Ins
Having a roadmap is vital, but routine check-ins are what keep you on course. At a minimum, conduct quarterly reviews of your finances and progress toward goals. These check-ins will help you adjust as necessary and keep on track with your financial plans.
Celebrate Milestones Along the Way
Don’t just focus on reaching the big financial goal. Celebrate all the milestones leading up to it. Every dollar contributes to your bigger financial picture, and recognizing this progress keeps you motivated.
If you want personal assistance or guidance in achieving your financial goals, consider booking a call to explore coaching opportunities.
If you’re enjoying the content we’re creating on the podcast and want to connect with others who are called to both, make sure you come join us in the PhotoBoss Facebook Group!
Find it quickly:
2:09 – Setting Profit Goals for 2025
4:02 – Reflect and assess your current place in business
4:20 – Understand your goals.
8:34 – Identifying Best Clients and Revenue Streams
11:58- Long-Term Growth vs. Short-Term Gains
14:26 – Implementing CEO Days
16:09 – Checking for Untapped Revenue
18:39 – Creating a Spending Plan
20:56 – Scheduling Money Check-Ins
23:40 – Celebrate the Milestones
Mentioned in this Episode:
The Family Goals Podcast with Shay & Graham Cochran
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Facebook: facebook.com/joymichellephotography
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