If you are working for yourself, begin a schedule to pay yourself every week. This commitment will stimulate your business growth.
Part of Business Development is to Pay Yourself
1. How much do you want to earn in the next 12 months? Add to that net income a guesstimate of what your expenses and your taxes will be. That figure will be your projected gross income for the next year.
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2. Take that gross-income figure and divide it by 52. That’s how much you have to earn per week to meet your business goal–pay taxes, purchase equipment and supplies, and pay yourself–you are the staff!
3. Now, take the figure that is your net income (what you will take home) and divide it also by 52. This is the weekly personal income your business owes you, the income you have agreed (with yourself!) to work for.
4. Go on your bank(s) internet site(s) and transfer that amount (your weekly net income) from your business to your personal account. (Next week you will perform this task on Monday.)
If your business account does not have this sufficient funds in it, go through the motions anyway. Transfer the balance necessary to your business account from your personal account. Then, after making a notation of how much your business account owes your personal account, transfer the weekly payment to your personal account. It’s that easy–you have paid yourself.
For the rest of this week, you will be focused on how your company can produce an amount equal to your gross weekly needs. How about making those cold calls to prospective workshop clients to boost your upcoming enrollment? Call co-authoring queries to close the sale. Write to people who owe you money to request payment.
Your weekly payment will be due again next week.
In this way, business development will not be a theory. It will be something that you will engage in weekly as you transfer money into your personal account. You will be focused on billable time, on not talking longer on the phone than necessary, on passing on “creative” projects in favor of income-producing ones. In short, you will begin to “chase the money.”
Remember, next Monday, make the transfer again.
This is not a hobby you are engaged in. It is a business. A business must produce wealth for its owner.
If you need help with this sort of strategic planning or if you have failed to plan for where you will be in 12 months and how you will spend your time while in the office, you OWE IT TO YOURSELF to sign up for individual business coaching.