Planning for the new year? the first step is to appraise the previous year; look at work actually worked and those that didn't.
The culture of planning for the new year started in the United State of America(USA). Today, it has been informally adopted by citizens of many countries. However, the challenge is that, despite planning for the new year, many people are actually not successful. What could be the cause? bandwagon. Yes! many people actually plan because they see others planning and also lacks the basics of planning.
Let see how to plan for the new year by following the steps below:
1. Have a plan
2. Write the plan
3. Have a time frame
4. Strategize
5. Review the plan at interval
6. Focus on the big picture
Among these phases of personal planning process, the most important stage is stage two; it's very important to write the plan on paper.Secondly, what are those things to plan for? Family, income, health, business and etcetera. However, as an entrepreneur, I would recommend planning for the following:
1. Savings
Hundreds of people actually have no plan to save. Savings could be painfull if not done strategically. The excuse might be that your income is not enough, the truth is that income is always not enough. Restrict your expenses to necessities. Discipline is key to achieving target savings. The best way is to have a percentage for savings. For instance, you plan to save 15% of your income.
2. Investment
Investing the savings is the next step. Either fully employed or self employed, there are so many businesses that you can do depending on your capital. Before investing, get some information about the business. Invest wisely!
3. Employment
Make it as part of your plan to employ some one in 2015. Yes! It is possible if you believe. The year 2015 has been tagged year of 'disruption'. Hundreds of hitherto unknown brands are now leading brands courtesy of innovation. Skpe and wechat became the biggest telecom company without any telecom infrastructures, Facebook became the biggest media company without personaly spending any money on multimedia and video, Uber became the bigest taxi company without buying any taxi. Traditional business model is changing. The new year will witness more disruptions. You could be the next largest employer. Plan! plan!! plan!!!
4. Income
The real essence of planning is to have more control of your income and improved standard of living. Increasing personal income in the first month of the new year may practically be unrealistic. However, a good savings plan and reinvestment will definately stabilize income within the year.
