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Why You Need to Give Up (and Go Back to the Business Plan)

by Jake Martin

3 min read

It’s a rare thing for us entrepreneurs to give up. But, is all your hard work paying off? I mean really paying off. Or are you working harder with little serving you and the ideal business lifestyle you had planned?

It’s June, which means one of two things — either your 2015 business plan is motoring along successfully or it’s sitting in a corner gathering dust, long forgotten. If you’re ahead of the game, hats off to you.

But if you’re feeling swamped and disillusioned, let’s take a look at what you haven’t achieved and discover the hidden gems in all of that hard work. What is it you need to give up?

July is the Perfect Time

We all start a new year with high expectations for the future, touting audacious plans with renewed vigor. But what happens when the excitement dies down, or things haven’t worked out the way you expected them to?

July is the perfect time to refocus, realign and repurpose those plans that didn’t work. It is halfway through the year, so why not have the best second half you possibly can?

3 Actionable Steps to Reignite Your Business Plan

If you’re not where you planned to be by mid year, don’t worry. There are still three actions you can take now to get the business and lifestyle you planned for 2015.

1. Refocus: As entrepreneurs, we love to learn, apply and push ourselves. It’s how we grow, how we build our confidence and where we find the desire and opportunity to stretch ourselves even further.

When you wrote your 2015 business plan, you identified your specific business and personal goals. Take a good, hard look at these goals now, and assess if you’ve really achieved all you set out to. No excuses here. You’re not going to progress unless you’re brutally honest with yourself.

For example, if you planned to launch a new product or course and it hasn’t happened yet, what’s stopping it? Get real. And decide on a firm launch date.

Refocus your goals, whether you have achieved them or not. You’re not the same person you were in January, so use what you have achieved and the hard lessons you’ve learned in the process to re-evaluate the methods that aren’t working.

2. Realign: Again, pick up your 2015 business plan and take another look at those goals.

Be frank with yourself.

Check whether all of your hard work is still aligned with your goals and your mission statement. Are those business and personal goals you defined in January still relevant? Have you lost sight of the bigger picture?

If you can, get offline and take time to disconnect. Realign your goals. Where do you want to be? Where is your business heading? You might feel like the world will collapse if you’re not available 24/7, but it won’t. (I say this from experience.) A short sabbatical might be just what you need to realign your values. In the end, both you and your clients will reap the rewards.

3. Repurpose: Check-in and ensure everything from your list of goals to your staff is best serving you and your business. If they’re not, it’s time to change things up a little.

Free up your time. Then repurpose that time for maximum results.

If your time has become more focused on hourly rates rather than tangible growth and building a valuable client list, products or services, consider packaging your existing content differently. Try group deals, courses or even retreats where you can take on more quality clients in trade for less hours.

You must deliberately manage your revenue streams and that might require shuffling things around a little in order to focus on what is working for you. If most of your time is spent on the product that has the least return, it’s you who is limiting your revenue potential.

Don’t have a business plan? I designed a one-page business plan to clearly define all aspects of my business, and it remains a highly useful tool that keeps me laser focused all year long.

Use these three steps to put the clarity back into your business and lifestyle goals. Achieve all you have planned in 2015. Look out; is that Q4 pushing up on our calendars?

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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