Have you taken a moment to rethink and reload your financial goals for 2020? It’s been a rollercoaster of a year so far, but there’s no need to despair! Essentially, we’re only half way through so let’s assess where you’re at and get planning!
Y’all know my favorite word is the “p” word. Ms. Nyckie loves the planning! However, you might be wondering, “what’s the point?” You’re maybe even thinking, “Let’s write off 2020 and start from scratch next year”. Who wants to sit back and mope?? Not me! And I want to encourage you to re-look at your financial goals with some positivity and hope!
Why you need to rethink your financial goals
Between a global pandemic causing financial chaos and the anxious state of flux we’re seeing on the international stock market, it’s not really surprising that we might not have met our goals for 2020. But I hasten to add one word to that sentence: YET. You might not have met them YET.
Clearly 2020 is giving us enough reasons to rethink (life, health, family…let alone our businesses!), so why not just go with the flow? We cannot control the way the pandemic is impacting our businesses – social distancing, face masks and additional cleaning are just a few of the adjustments we’re all having to make – not to mention closures for those of us in countries where strict lock-downs have been in place.
What we can control is our reactions and coping strategies. Let’s be pro-active, re-think and reload our financial goals!
Where to start with reloading
It sounds simple, but in the words of Julie Andrews in The Sound of Music, “Let’s start at the very beginning”! You made Q1 goals in January, right? And maybe the more savvy Childcare Ninjas among us even set Q2 goals back in March. Since then things have gone a bit haywire, and maybe that line you’re usually so able to predict hasn’t quite followed the path you were expecting.
Look at what’s worked well and where things need some support. Have you managed to stay open during this time, or have you had to close temporarily for everyone’s safety? I’ve been lucky in the grand scheme of things, but I know many childcare business owners elsewhere who’ve had to shut their doors, uncertain of when they’ll be able to welcome their families back and therefore had to dismiss staff. Now some of those day cares are preparing for re-opening and they’ve got to look at rehiring as well as navigate intense new levels of hygiene.
If you’ve been one of the lucky ones and have been able to keep going, take a good look at your goals from earlier in the year. How can you alter the projections you’d made to take into account any changes in the financial climate? Factor in any interest rate alterations and allowances you might have been able to access. You can still dream big, and maybe reloaded goals look more positive than you’d imagined they might, considering the current situation.
Ensure that your goals are SMART.
If you’ve not heard of SMART goals before, this means that you are looking at targets in a more analytical way. While you’re reloading your financial goals, it’s worth checking that they are: Specific, Measurable, Achievable, Realistic and Timely. Due to the instability of everything at this precise moment in time, you might be concerned about the longevity of your business so analyse everything and figure out what you can do differently.
Setting really specific goals, like “Find 3 new families for the day care” or “create new menu on a smaller budget”, will mean you can easily see if you’re making progress. Just be sure to write down detailed plans, to chunk big goals down into bite-size ones, and make a timeline for achieving your goals.
The back up plan for your financials…
If you’re not going to meet your goals, but still worrying about not meeting adjusted targets, what’s your plan B? What are you going to do differently to cover your back? If you’re not fully up and running yet, you could set a new goal to develop your childcare business by training up a team or looking at venues. Or maybe you’ve got to pick up some freelance jobs or babysitting work in addition to running your childcare business, just to tide things over.
You may decide that now is the time to start saving more emergency funds, or that you’re going to make changes in your investment strategy so your money has a better chance of surviving market downturns.
I’d be happy to chat over in the Facebook group with you about how things are going, and the other childcare business owners will have ideas about how you can adjust your strategy to reach your new goals, in the new normal (whatever that looks like for you!).
Before you go, have you found the Childcare Ninja Facebook group yet? We are an army of childcare professionals who are sharing ninja-sharp skills to transform our businesses into childcare empires! This is Childcare Ownership all Grownup! Interested in becoming a part of the community? Join us for more tips on how to make your childcare business the success it deserves to be! And don’t forget to follow us on Instagram!