Money Makers Myth #013 – I don’t need a financial plan, I can go on my gut feeling
Intuition is really key in our businesses and in our lives…but I don’t believe that you should SOLELY rely on it when it comes to the financial health of your business…I believe that you need a robust, implementable and systemised, financial plan to achieve the financial results that you want.
Profit is a habit…and habits need to be nurtured and developed in order to make them…well…habits!
And only with a financial plan in place…can you develop a profit habit.
I like to think of it as going on a journey…because having a business is a lot like a going on a journey…
You wouldn’t get in your car and start driving without knowing where you were going….and without checking to see if the car had fuel in…without putting on your seatbelt…
In order to have a successful journey you, at the very least, need to know where you want to end up…and how you are going to reach the destination (if you are anything like me…that is where the sat nav comes in!).
Financial goals are like the destination in your journey…they are where you want to get to…what you want to achieve…where you want to reach.
And the sat nav…that is your financial plan…it maps out exactly how you are going to get from where you are now…to where you want to be (your financial goals).
When you get in the car do you rely on your intuition to guide you on the route you should take to get to your destination (especially if you have never done that journey before…and in this case…if you have never reached those financial targets you are aiming for)? Or do you rely on the sat nav (or your pre-planned route plan) to get you there?
Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!
I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!