As the year draws to a close, you need to start thinking about what you want for yourself and your family by the efforts you put into your business in 2016. A good start to this is planning your personal goals for the year, whether that’s a new television, a kitchen makeover or that holiday home in France you’ve been dreaming of… When you have considered your personal goals, it will then come down to ‘what do you want to make financially, to achieve them’.
Now’s the time
It is now that you need to plan your business activity for the coming year. To help structure and plan your goals, one of our keynote speakers from the Business Booster seminar, Pete Wilkinson, provided NEST Clients with a ‘1-3-5 action plan’. If you missed yours don’t worry, you can download a copy here. Pete’s action plan helps structure your ‘vision’ for the year and break it down into more manageable ‘objectives’ and ‘goals’.
We tend to talk about this as goal setting, budgeting and financial planning, but really, you can look at it in two parts:
- How much do you want to make for you and your family?
- How will you achieve that through your business activities?
Putting goals in place for you, your family and your business are the ways in which you will answer these questions and ultimately achieve them. You will need to look closely at what you want to achieve and how you can then turn that into sales and profit numbers. The improved NEST Business Planning Tool can help give a realistic overview and expectation of what you need to do.
Make sense of the numbers
Remember, all the key numbers you can use to help you understand what your business is achieving this year can be found on your myMA reports. This will help you to understand where you are today, enabling you to set your sales targets for where you want to be next year on the KPI’s (key performance indicators) for success:
- New students numbers
- Attrition
- Price
- Conversion rates
These will help give your key sales figure; tuition sales. You can then look at additional income streams such as membership fees, grading, seminars, upgrades, pro-shop and even instructor training. It is up to you to decide where you want to be in 2016.
If you need any help, advice or guidance, please give us a call on 0115 945 5030 or email us enquiries@nestmanagement.co.uk
