Planning for 2020 Happens Now
In this episode, what I want for you is to start thinking about 2020, because my friends, it is upon us.
Since you get sucked away by the vortex of taxes from January to April, if you don’t do business planning for 2020 now, then you’re likely to not do it until May of 2020.
What I see a lot of CPAs, and other types of business owners doing is just having their heads so buried in product delivery, that they don’t pick up their heads, not just look at their business but to also do some high level planning for the next year or even the next three to five years or even your exit plan.
Do you want to get ahead of the game and figure out where you’re trying to go, figure out where you want things to end up and see if you can steer your business there as best as possible?
CPA dogma is you have to make hay while the sun shines. I’m just going to be working until eight o’clock every night, most Saturdays and Sundays, until April 15 and that’s just the way it is.
I don’t believe it has to be that way. It doesn’t have to be the default design.
What I want for you is to be thinking about how you can maximize profit, maintain your sanity, and reduce the number of weekends you work from January to April.
So here’s some of the conversations that I’m having right now with my clients, as we head into 2020, making our assessments for the year:
- Who are their top 20% clients and their top 10% clients? In what ways are those clients similar?
- What’s the income range of those business owners (assuming they’re business owners)?
- Where’s the line that represents the bottom 15% of your clients?
- What are my income goals for 2020? Gross, net and take home pay?
- How many clients does that mean, at what rate?
- What’s the revenue range of those business owners who will happily pay you the rates that you’re looking for?
- Who are the clients that you are ready to say no to and refer out?
- What would amazing service look like for your top 10% or 20% clients?
- Do my results happen because of the work that I do, or do my results happen because of the belief and the mindset that I have?
And in order to start thinking about the big things that could be possible that you could be creating in 2020, what I want you to think about is:
- What are 10 ways that I could double my income in 2020?
- What are 10 different paths to building a million dollar firm, and then exit it?
- Who are 10 people I could talk to you about those realities?
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