As 2023 draws to a close, it's time to start planning for the upcoming year. The question at hand is - what do you want your 2024 to look like in terms of projects, clients, and projected revenue? With only a few days left in the year, it's the perfect time to address these questions and lay out your plans for the future.
Projecting Your Future
First things first, let's talk about projections. A projection is an educated guess about the future. While we can't predict everything, we can make some reasonable assumptions based on our past experiences and current trends. This will help us plan our projects and set realistic financial expectations for the coming year.
To do this, find a tool that works best to organize your thoughts and calculations. This can be a simple spreadsheet, a business plan or something more complex, depending on your needs. The key is to use this tool as a way to visualize your projections and keep track of your progress throughout the year.
Filling Out Your Projections
Start by listing out your ongoing or recurring clients. These are the people or companies you know you'll be working for in the coming year. Include any productized services or specific projects you'll be working on for them.
Next, consider any recurring revenue you're expecting. This can come from a variety of sources, such as products, projects, services, or affiliate/JV arrangements. Be sure to include any projects you've already scheduled or paid for in 2024.
Now it's time to start thinking about the future. What new things are you planning on launching in the coming year? Maybe it's a new course, product, or service. Consider what reasonable revenue you'd like each of these to generate.
Finally, think about when you're going to work on these projects and how much time they'll require. Researching, building, marketing, and launching a new project all take time, so factor this into your projections.
Keeping Track of Your Progress
Once you've filled out your projections, it's important to keep track of your progress throughout the year. Update your spreadsheet regularly with your income and revenue earned. This will help you understand what's happening in real time and what's coming down the pipeline.
Be prepared to adjust your plans as necessary. Remember, no plan survives first contact with the enemy. Things will inevitably shift, and projects may fall through. That's just life. But by keeping an updated record of your projections, you can stay one step ahead and make informed decisions about your business.
Planning your 2024 projects and projections isn't just about setting financial goals. It's about understanding where your business is heading and making strategic decisions to guide its growth. With careful planning and regular updates, you can make 2024 your most successful year yet.
Our coaches at Atomic Business Coaching help to develop comprehensive business plans tailored to meet the unique needs of each business owner. These strategic plans are designed to guide entrepreneurs in their future ventures and predictions, offering them a clear roadmap towards success. With Atomic Business Coaching, business owners gain the confidence and clarity needed to navigate the complexities of the business world, ensuring their enterprises are prepared for whatever the future may hold.
Remember, the future is always uncertain. But that doesn't mean we can't plan for it. So, here's to a profitable and productive 2024!