December is hands-down my favorite time of the year. I'm not talking about holiday parties, cookies, and gifts (although those are fun too!), but rather taking time to review the state of my business and life and set ambitious new goals for the year.
Much of this planning takes place in October prior to our annual Red Bike Advisors leadership team meeting, but I like to put the final touches on the plan and gear up for the year during the week between Christmas and New Year's. Our office is closed that week to allow the team to relax and refresh prior to the kickoff of tax season, and it's the perfect time for me to unplug from the day-to-day and think big.
I start by reflecting on the year past: What went well, what was a total train wreck, who and what I'm grateful for, who has influenced my thinking this year.
Then--because entrepreneurs are always chasing big dreams and we tend to forget how far we've come--I make a list of all the things the team and I have accomplished this past year. It's a great reminder that committing to and executing on "rocks" is the key to progress.
We use EOS (Entrepreneurial Operating System) as the engine driving our business forward. Using the EOS methodology, I set or adjust 10-year goals, including the "WHY" behind them. That "WHY" (usually a combination of mission, vision, and values) is critical because you need something to fall back on when you run into roadblocks or get tired on the journey.
At Red Bike, our vision is to transform small business finance and tax strategy from reactive to predictive. I want every small business owner to "Know Your Numbers" and be able to make good business and financial decisions as a result. I'm truly passionate about this because I know firsthand how hard it is to run a business, the risks entrepreneurs take every day, the sacrifices you make, and the incredible value you bring to the world. It's easy to wake up every day and get excited about helping small business owners achieve their dreams.
From the 10-year goals flow the 3-year goals: What needs to happen within three years to meet the 10-year goal?
Finally, I set 1-year targets and drill down into quarterly execution.
Want to know a secret? This pre-work makes creating a budget super easy. At this point I have complete clarity on our roadmap, including revenue goals for the year, and it's a matter of prioritizing what investments--people, technology, vendors, etc.--will get us there. It's also a roadmap of where not to go--allocating budget dollars to anything that won't power the goals.
My personal goal-setting is a bit less robust, but I set targets for health and fitness, continuous learning and personal growth, family and relationships, and personal finance.
And then I journal with specific daily, monthly, quarterly, and annual prompts to track progress and stay motivated.
If this sounds like a lot, well, it is. ☺ But I've been following this process for years and refined it over time. You don't have make goal-setting an extreme sport, but I would encourage you to set aside some previous time the last week of this year to do your own reflections and planning, and to consider whether your allocation of budget dollars is helping you get to where you want to go.
Let's make 2025 the best year yet!
Breaking News
A federal court in Texas ruled that the Dept. of Labor overstepped its authority with its rule increasing minimum salary for exempt employees. This means that most salaried employees need to be paid at least $684 per week and not $844 per the DOL rule.
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More Breaking News
Another federal court (also in TX where apparently all the big stuff happens) struck down the Corporate Transparency Act and its required BOI reporting. That said, word on the street is that it ain't over till it's over, and the Dept. of Justice has appealed the injunction. We'll keep you posted....
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A Question for You
What are your big goals for 2025? How can we help?
Until next month,
Your Red Bike Advisors Team
About Red Bike Advisors
We're on a mission to equip small business owners with finance and tax insights that create exponential value for their companies, customers, employees, and families. From compliance to advisory, we take the confusion and scramble out of business finance and tax strategy and bring in clarity, growth, and peace of mind.
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