Personal Productivity and Budgeting for Clarity in the New Year
Fifty percent of new businesses fail within the first five years– this according to the U.S. Small Business Association. You would hope that this information would lead us to understand that establishing a brand is a vital part of building a business.
Having goals and assessing them at the end of the year is extremely important. Unfortunately, many entrepreneurs don’t focus on productivity or budgeting.
A key differentiator between people who succeed in their business and those who do not is personal productivity. Leaders and entrepreneurs who are consistently making things happen know how to achieve what they want.
Here are 5 things you can start doing today to increase your productivity:
- Pick 1 task to focus on.One thing many successful entrepreneurs have in common is the ability to focus on what matters most. Pick one thing and do that one thing.
- Block out distractions. Martina Navratilova says, “I concentrate on concentrating.” If you don’t have the willpower to be self-accountable try Rescue Time. It is an application that runs in the background of your computer and measures how you spend your time so you can make better decisions.
- Set a strict time limit on meetings.In general, people don’t need as much time as they ask for. Meetings can be time vampires. So, be cut-throat when it comes to managing your time so you can focus on high value tasks.
- Set up productivity rituals.Setting up rituals that automate behaviors make us more productive – without depleting our energy reservoir. Force yourself to prioritize so that you know that you will finish at least that one critical task during the period of the day when you have the most energy and the fewest distractions.
- Get up earlier.Research shows that mornings can make or break your day. Use the mantra “mind over mattress” to motivate yourself to get out of bed to pursue your goals.
When it comes to your money, making sure your financial goals are in alignment with all your other goals will also require proper planning.
Assessing your finances at the end of the year will help you determine your short and long-term financial goals. Everyone needs to create a balanced plan to meet those needs and seek out expert financial advice to guide you along your journey and help you get you where you want to be.
Getting back on track doesn’t have to be hard if you follow these 5 easy steps:
- Update your Financial GPS – If you do not have one, get one now. Review and update your financial goals. Look at your average income and your average expenses. Make sure you focus on the expense part. Clearing up the ambiguity with spending could ultimately free up the energy to also earn more money!
- Prioritize your list of expenses – Once you have hopefully stopped spending, you have to make a list of your ‘must pay’ expenses. The ones you can’t really live well without. Such as your rent or mortgage, utilities, car, food and transportation expenses to and from work.
- Explore earning part-time income – There are so many ways to make extra income. Figure out the debt you incurred over the holidays and have an income goal and a set time to pay it off. It would be awesome not to take that debt into the next year. Consider monetizing your hobby.
- Start a cash-only spendingfund – Set money aside in a cash savings account. If you run out of money that month don’t buy it. Learn to say no and determine your real needs versus wants. People who use cash spend less money. People who use plastic tend to spend more.
- Save Money For Next Year – Figure out how much you really need to spend next year. Save the amount monthly that will equal what you need to have by mid-November. Having cash to spend for the next holiday season will be refreshing and alleviate unnecessary stress.
Now more than ever is the time to get your budget back on track and your financial goals in alignment for the exciting New Year.
Our goal for 2017 is to help you discover your zone of genius. It starts with understanding your innate talent: it is not about what you do, but how you do it.
People have to choose you between hundreds of others. If you are clear about your goals and passion and why you are doing what you’re doing, you will undoubtedly connect with your clients.
Are you ready to crush 2017? ETTWomen is here to support you every step of the way, join us http://ettwomen.com/
ShoreTV NJ Guest Bloggers: Lynette Barbieri and Vanessa Coppes, ETTWomen Founders