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Do You Have a Profit Plan?

This week I began the process of profit planning for 2023. It’s something I never knew to do when I started out 18 years ago, it wasn’t even something I knew to do until about 5 years ago. Thankfully I have learned a thing or two on my journey which has contributed to growth as a person and a business.

If you have never planned for profit it’s something I highly recommend you start right away. My way was always just to make sure there was money coming in to pay the bills, my team, me and of course the CRA. As long as I could do that and have some extra left over it was AOK. Luckily it worked out most of the time but when it didn’t the level of anxiety and stress I experienced was crippling so I knew I needed a better plan.

Here is what helped me to create a business that pays the bills and has profit…

➡️ Hired a great bookkeeper & accountant to help me understand my numbers
➡️ Work with coaches to help me with my prospecting and charging what I am worth
➡️ Looking at my personal expenses to determine how much money I need each month to live the life I want
➡️ Looking at my business expenses to determine how much money needs to come in each month
➡️ Creating a dollar amount of how much profit I’d like each year
➡️ Assigning what I’d do with the profit so it has a purpose

This is a perfect time to review your business and figure out what 2023 will look like for you. Picking something for your profit to do is my favourite part as it drives the motivation to make it happen.

What will your profit plan be for 2023?