TC: SUCCESS BUDGET FOR 2020!

Yes, you can do it.!  Your challenge for this week will help set the foundation for 2020.

For this challenge I want you to work in reverse. Instead of setting an income figure for 2020, let’s first determine your anticipated expenses for the year. Please include the following in your expense projections.

• Personal expenses: create a separate household budget. Include such items as mortgage payments, utilities, food, clothes, haircuts, etc. if you need a work sheet, please e-mail me and I will send you one that we created.
  • Other items for consideration should include a home reserve account, vacation expenses, current and future education expenses, etc.
• Business expenses: this should be broken down into several categories: marketing, internal operations, and cost of goods/services, purchase and delivery. Include monthly savings to establish a six month reserve which includes both personal and business expenses.

In both the personal and business expense be realistic but make sure that everything you need is covered including new equipment, home repairs, etc.

A good place to start is with your home and business expenses for this year. Hopefully you have kept a record of all your expenses.

Once this figure is obtained (now add a 10% “fudge” factor to this total) you can work backwards and determine the amount of goods/services that have to be sold to cover all your projected expenses.

On the income side, make a list of all your income sources based on last year’s revenue stream. If you have several income sources, prioritize them as to which you feel has the greatest income potential for 2020.

This is the basis for creating your action marketing plan for 2020. If you don’t do this, chances are slim that you will achieve your required goal.

For those of you that want to set up a confidential appointment with me on this subject, please call 602-989-1592.