Answer the question of whether you are achieving financial, time and mind freedom. If not, what are you going to do differently in 2023?
RECIPE FOR SUCCESS INGREDIENT CARD
Ingredient
Keep Within the Law
Question:
Are you achieving financial, time and mind freedom? What will you prioritise in 2023?
Answer:
As we round out 2022 and enter 2023, this is a great time to reflect on the year passed and plan for the year ahead. Because at this time of year, we have work and school holidays and Christmas and New Year’s catch-ups and many people will ask you, “How is business?” and the default response is always, “Yes, it’s good.” But is it really good?
January is a fantastic time to check in on what success looks like for you personally and in the business. Remember that the business is a vehicle to drive your personal goals and that it is there to serve you – not the other way around.
I love this concept of Financial Freedom, Time Freedom and Mind Freedom:
- Financial freedom is when you hit the business and personal financial goals you’ve set – this could be revenue, profit, cash, or no debt.
- Time freedom is the control around your calendar – time in your business, time off, and holidays.
- Mind freedom is peace of mind and relaxation – less stress, switching off from business, and not checking emails every five seconds.
Reflect on these freedoms and question whether you are achieving financial, time and mind freedom. If not, what are you going to do differently in 2023?
What do you need to focus on next year:
•Are you crystal clear on the drivers of growth and where your focus will go in 2023?
•Would it make sense to know where you sit on your business lifecycle?
•Are you planning to sell your business in the coming years and want to maximise value?
•Do you need to know your numbers to run a better business?
•Have you planned out your organisational chart and made decisions on how it needs to grow and evolve in line with your growth aspirations?
•Is cash flow a problem you need sorting?
2023 action plan
Set a basic action plan for the January 2023 – March 2023 quarter:
•Set three high-level goals.
•Chunk those goals down to three to five action items you need to take to achieve the goal.
•Delegate, where possible, those actions to relevant team members (if it’s just you in the business, then you’re doing all of them).
•Set a due date (some might be the end of the quarter, others might get actioned earlier).
That is a basic action to kick-start your year. Better yet, have someone hold you accountable for it. (Source: Koshies Business Builders – December 19, 2022. Article by Brad Turville.
Method
Starting and running your own food service business is hard work and not without risks, but it is also an exciting and satisfying challenge and can give you a good income, provided you are prepared to invest a lot of time and energy into making it successful.
