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Business Planning: Recognizing the Right Time to Pivot

This Answer Key details three business planning techniques for shifting priorities to yield profitable results.


Black female pivoting in basketball on The Money Council blog

Have you ever felt like giving up on business?

 

But you hear your parental figure in the back of your head saying …

 

I didn’t raise a … [insert substitute word] … quitter!

 

Perhaps you're not ready to give up, but you're feeling disheartened by the slow progress in your business. Remember, every step forward is a step closer to your goals.

 

Strides to replace the income you miss from Corporate.

 

Strides to replenish your bank account from the $10,000 you pulled to bootstrap your business when you first started.

 

Or, maybe life’s good. But …

 

You miss the status quo of things being defined for you without having to wear thirty or more hats in a day!

 

Pro to pro …

 

I know this all too well.


Perhaps it's time to add pivoting to your business planning techniques.

 

Hi, I’m Renesha, and my clients call me The Legacy CPA™!

 

I’m a recovering boomerang Corporate girlie who loves the challenge of bookkeeping, accounting, and taxes!

 

I work full-time in my accounting practice as a CPA, helping Licensed Service Professionals solve Legacy Math™ for a living.

 

This article discusses Legacy Math's wealth activation and accumulation area for Law Firms, Wellness Practitioners, and Real Estate Investors.

 

I aim to focus on critical areas to amass revenue and profit predictably. Knowing how to predict revenue means being able to pivot when the business odds are not in your favor.

 

To know when to pivot in business, there are three critical business goals to address:

What does success look like as a business owner?

Have you ever heard of fail to plan, then plan to fail?

 

Not having goals in mind is the rendition of this oxymoron. Most goals as an entrepreneur are defined as

 

“I want to make 100,000 in a year.”

 

But since when was six figures the goal?

 

Why 6-figures instead of 7-figures?

 

So, before you define arbitrary goals, consider what you fully need to meet your personal and business bills.

 

Critical Insight for Your Next Step

 

What are your revenue, payroll, and profitability goals by dollar amount with your personal and business NEEDS in mind?

 

Ensure your goals are clearly defined, not only with the what but also with the how.

Is your business profitable? If not, what should the profit be?

Continually evaluate to update your offer.

If you found this Answer Key beneficial on your critical thinking journey as a licensed service professional, please share it with a friend!

 

Schedule your Legacy Math™ Evaluation today If you’d like to explore and customize any of these concepts for your Medical Spa or Aesthetic Practice, Law Firm, or Real Estate Portfolio.



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