Here I am writing my marketing plan for this site and of course, I get to the section of the plan that asks for my goals. So my next step, is to google “blog goals” because I really hate reinventing the wheel. And of course, I get results that are exactly what I tell my marketing clients, BE SMART, BE REALISTIC and BE CLEAR. So I realize, as I’ve done many times, I already know what to do. My goal, I want to have passive income coming from this blog.
Ah ha, that is the problem with goals and why so many sites write about them. “I want passive income” isn’t specific enough. And when you consider all the time I spend on this blog, being specifc about the amount of revenue and profit I want to earn needs to be defined. I need to know the exact amount of income I desire. I need a budget.
The “B” Word
Whenever I ask my clients about their BUDGET and they don’t know it, two things happen. First, my expectations on winning the proposal decreases. Secondly, I immediately know that I will be able to add business consulting to the proposal.
As a business owner, you have to have an idea of what you are spending and marketing can be a big expense. Actually, we all need to have a budget to manage our finances. Knowing your budget goes a long way to setting your marketing and ultimately your business goals.
So that’s what I did and while I maybe a little conservative in my expectations, I have specific numbers I need to strive for.
The “P” Word
I like to be PROFITABLE in all my projects, especially for my clients who already have enough fear and doubt in their lives about their new or growing business. So taking the time to do the budget for this site:
- Allows me to see when profitability will occur – September 2019
- Helped me form my marketing calendar for better forecasting – Watch out Small Business Week!
- Aligned my strategy with available resources – I need to hire an assistant
- Gives you a feeling of control – I know what I need to do to achieve my passive income goals.
- See when funds are available for reinvesting – I need to hire a PR and web designer
The “C” Word
I have already spoke about Cash Flow. But, this is another excellent reason to complete a budget. A budget is a strategic look at the finances but reviewing your cash flow is an actual, day to day, look at what you’re spending your money on. It asks the financial question, is my business putting its money where its mouth is? And if you’re not, you can right the ship.
Change Your Business Vocabulary
Make Budget, Profitabilty, and Cash Flow part of your business vocabulary! Take the time to complete these reports and review them as part of daily, monthly tasks. Embracing them can only help you run your business better.