The end of the year can feel a little chaotic.
You want to close the year strong… gear up for next year… but also relax and recharge.
Here’s a “cheat sheet” to help you focus on the few year-end things that REALLY matter to set yourself up for a record year in 2023:
If you only do one thing in this list, make sure it’s this:
Do a full review of your marketing efforts, and write down your findings.
What delivered the best results? Can you improve, repeat, and most importantly scale them next year?
One successful marketing campaign, properly scaled, can transform a business. If you want a shot to grow by 2x, 3x or more next year, figuring this out should be your highest priority.
Then look at which efforts flopped. Why’d they flop? Could a little tweak here or there have turned one into a success? Or should you put it in the “doesn’t work” bucket and move on to other ideas?
Were there any partnerships that performed better than others? Study your best partnerships, figure out why they worked, so you can find more of them next year.
How are your key metrics tracking? Look for trends and spikes and figure out what caused them.
Get your business systems in order
As you scale your business you’ll want to rely more on systems and tech to free you up from low-level mundane tasks that must be done, but don’t directly lead to growth.
Most likely, you’re the most important driver of your business… so it’s crucial you spend your limited time on the most important things.
Review where you might be able to easily and cheaply offload work:
- Where are the big inefficiencies/bottlenecks in how you currently do things?
- Are there tasks you find yourself doing over and over that can be streamlined, automated, or outsourced?
- What tech/apps are you not using to their full potential?
- What new tech/apps could you be using to save even more time?
Get your finances in order
Resolve not to neglect your finances. A lot of online entrepreneurs will brush minor financial issues under the rug. Sooner or later, they’ll fester… and you’ll regret it.
Deal with it – now!
It doesn’t have to be hard. Your accountant should be helping you:
- Make sure all your allowable expenses have been added to your accounting system (we use Dext and Quickbooks at Clear Accounting to make this quick and painless)
- Check your Accounts Payable and Accounts Receivable accounts are reconciled and there is nothing that you owe (or that somebody owes you)
- Review all of your subscriptions and costs and identify ones that can be cut or eliminated. Less cost = more profit
- Set a clear budget and cash flow forecast in line with your growth goals for 2023. This will make sure that you’re on track financially as your business scales
Set clear goals
Goal setting is most effective when you work backward.
Start with your personal goals, like: how much money do you want to make next year? Then plan out what you need to achieve in your business to achieve that goal.
Say you want to make $100,000 after taxes.
Say you sell access to an online membership group for $50/month, or $600/year.
And say your net profit margin is 50%. In other words, for every dollar in revenue you bring in, $0.50 is profit.
You’d need to sell about $300,000 to achieve your goal.
Your $300,000 revenue results in $150,000 profit.
At that income level, expect taxes to take about 1/3rd of your profits – or $50,000. This will vary based on where you live, and if your accountant has properly helped you structure your business to minimize taxes.
To reach $300,000 revenue… you need 500 paying subscribers.
It’s on you to make that happen.
Once you’ve set these goals, share them with at least 1 other trusted person to keep yourself accountable.
Until next time,
Dan Steinhart, CPA.
P.S. My final tip is to find an advisor that not only understands the inner workings of your business but is also partnered with you to help you achieve your growth goals. If you’d like to find out how me and my team at Clear Accounting can give you financial peace of mind while giving you the support and guidance you need to scale your info-product business to new heights, then get in touch today.
If that’s not you right now, then when you’re ready, here are 2 other ways I can help:
- Subscribe to ‘Growth Notes – How I scaled a 7-figure newsletter business’
- Download my guide ‘How to build a $10M content subscription business’