Setting Smart Financial Goals for the New Year
Thinking about next year? If you're like most business owners, you want it to be better than this year - but maybe you're not sure where to start. Don't worry. You don't need complicated spreadsheets or a finance degree to set good business goals. Let's break it down into simple steps that actually work.
Why This Matters
Think about it:
- Ever get to December and wonder where the year went?
- Found yourself making the same money goals year after year?
- Wished you had a clear plan for growing your business?
- Want to feel more confident about your business decisions?
Good news - having a simple plan changes everything. It helps you:
- Make better daily choices about spending
- Know exactly when to save and when to invest
- Feel more confident about your business
- Sleep better at night
- Actually achieve your business dreams
Before You Set Goals: Look at Where You Are Now
Start with the Basics
Take a quick look at:
- How much money came in each month this year
- Which months were your best (and worst)
- What your regular bills cost you
- Who your best clients are
- Which services make you the most money
Notice Your Patterns
Think about:
- When do you usually have the most money coming in?
- When do things get tight?
- Which clients always pay on time?
- What expenses keep surprising you?
- Where do you feel most stressed about money?
How to Set Financial Goals That Work
Step 1: Start with Your Big Dreams
Think about what you want your business to look like by the end of next year:
Your Income
- What would a really good month look like?
- How much do you need to pay yourself?
- What would make you feel secure?
Your Work Life
- How many clients can you comfortably handle?
- What types of work do you enjoy most?
- How many hours do you want to work?
Your Business Health
- How much should you keep in your business account?
- What would help you sleep better at night?
- What would make slow months less stressful?
Your Growth Plans
- Could you bring in help for some tasks?
- What tools would make your work easier?
- How can you make your business more valuable?
Just finished your business health review? Perfect timing! If not, you might want to start here:
Read More: Your Annual Financial Health Review Checklist
Step 2: Break It Down into Manageable Pieces
- Money Coming InHow much do you want to make each month?Which months are usually your busiest?How many clients do you need?What services bring in the most money?Could you raise your prices?
- Money Left OverHow much of your income can you keep?Which expenses could you reduce?Are you charging enough for your time?What costs are eating into your income?Could you work more efficiently?
- Money Available When You Need ItWhat's the minimum you need in your account?How much should you save for slow months?Could you get paid faster by clients?When do your big expenses happen?How can you prepare for unexpected costs?
Step 3: Turn Your Ideas into Clear Goals
Let's make your goals crystal clear using the SMART method. Here's what that means:
Be Specific Instead of "make more money," try:
- "Add two new clients each month"
- "Offer my new service package to every client"
- "Send invoices within 24 hours of work"
Make it Measurable Add real numbers so you know when you've succeeded:
- "Keep $5,000 in my business account at all times"
- "Get paid within 14 days of sending invoices"
- "Work with 20 clients each month"
Keep it Achievable Look at what you did last year and set goals you can reach:
- If you made $4,000 monthly, aiming for $4,500 is realistic
- If you have 10 clients, try for 12 before aiming for 20
- Start with small wins to build confidence
Make it Relevant Choose goals that actually matter to your business:
- Will this goal help solve a current problem?
- Does it fit with your other goals?
- Is this the right time to focus on this?
Set a Timeline Give yourself deadlines to stay on track:
- "By March, I'll have my new service ready"
- "Review my prices every three months"
- "Check my progress every month"
Tips to Keep You On Track
💡 Start Small: Pick one goal to focus on first - maybe it's just getting your monthly bookkeeping done on time
📊 Make it Easy: Put reminders in your phone to check your progress each month
🔄 Be Flexible: Sometimes things change - it's okay to adjust your goals as you learn
⚖️ Stay Real: Better to achieve a smaller goal than get frustrated with one that's too big
Still catching up on last year's books? Start here:
Read More: Behind on Your Books? Your Catch-Up Guide to End the Year Strong
Common Goal-Setting Mistakes to Avoid (and How to Avoid Them)
Trying to Change Everything at Once
Instead:
- Pick your most important money goal
- Focus on that until it becomes a habit
- Then add your next goal
- Celebrate small wins along the way
Making Goals Without a Plan
Instead:
- Write down the small steps to reach each goal
- Put specific dates on your calendar
- Track your progress
- Share your goals with someone who'll check in on you
Forgetting to Check Your Progress
Instead:
- Set a monthly money date with yourself
- Look at what's working (and what isn't)
- Make small adjustments as needed
- Keep your goals where you can see them
Examples to Get You Started
Not sure how to write your goals? Here are some real examples to inspire you:
For Getting Paid Faster:
"By March, I want to:
- Send all invoices within 1 day of work
- Follow up on unpaid invoices every 2 weeks
- Have clients pay within 14 days instead of 30"
For Steadier Income:
"In the next 6 months, I'll:
- Save $500 each month for slow periods
- Sign up 2 clients for monthly service packages
- Keep at least $3,000 in my business account"
For Getting Organized:
"By February, I want to:
- Have last month's transactions entered by the 5th
- Review my numbers on the 15th of each month
- Keep all receipts in one place"
Pick one that feels right for your business, or use these to create your own. Remember - start small and be specific!
Ready to Get Started?
Before you can set goals that work, you need to know your numbers. We help small business owners get organized and understand where they stand.
Let's start with:
- Transaction Review: Get your accounts up-to-date and organized
- System Setup: Create reliable processes for tracking income and expenses
- Monthly Support: Stay on top of your transactions with regular bookkeeping
📞 Call: (214) 306-7850 📧 Email: hello@mybizbookkeeper.com
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