Planning for the New Year in your nutrition business allows you to have a fresh start and grow your business. I believe there are 5 areas to address so you can spur business growth in the New Year.
As the year winds down, business owners like myself begin to forecast goals for the next year. Goals may include new programs, new revenue streams, annual income targets, and more.
As a pediatric or family-focused dietitian, how are you planning for the New Year? What will you focus on next year? How will you grow your business? How will you keep yourself on track?
As you prepare for the new year, here are 5 areas to address as you plan your business growth and development:
1. Target Your Income and Strategize Your Growth
So many of you have told me you want to double your income. Wouldn’t it be remarkable to double your income year over year? I want that too!
The more income you make, the harder it gets to double your revenue. It becomes an aggressive goal and one that has consequences attached to it.
Nevertheless, you need a strategy to achieve your income goals. Start with your business pillars – the places you are already making money.
For your business, do the following:
Pick a modest, achievable goal. Example: Launch a new product.
Subcategorize this bigger goal into three sub-goals including a specific launch date, details of what needs to be in place to launch, and an income goal.
When selecting your income goal, pick a low goal you can be happy with; a realistic “stretch” goal; and an out of the park goal.
For your profitable pillars:
Choose the profit pillars of your biz where you will target this growth. Example: Passive income streams, or your digital product line.
Another example, if you have a private practice, how many clients will you need to get in the door to meet your income goals for that pillar? Or, how many patients do you need to see for the year? If you can’t meet your income goal, ask yourself, is it time to raise your rates?
If you’re a writer and make money this way, can you increase your fees? Pitch new outlets? Or, do some sponsored posts?
Can you start to work with brands? Do a project?
Once you set your strategy for income growth, include it in your overall plan for the new year and map it out on a timeline.
2. Take a Look at Your Mindset, Because It Matters
Do you have a fixed mindset?
The sense that things in your business are what they are, and will likely never change? When you have a fixed mindset, you tend to think you’re a victim in the rat race of business.
Does these thoughts sound familiar?
I’ve tried everything and I can’t do any better.
I can’t invest that kind of money in myself or my business.
I could never charge that price for my services.
I’m open! Let the referrals start flowing and the people flood my office.
If this is how you talk to yourself, or the way you think, no wonder things aren’t going the way you want them to!
What you tell yourself every day sets the tone for how you conduct yourself, how you show up in your business, and your overall outcomes.
If your mindset is fixed, then you need to work on a growth mindset. Carol Dweck wrote the book Mindset, and if you haven’t read it yet, treat yourself. And while you’re at it, read Jen Sincero’s, You Are a Badass, too.
A growth mindset means you’re confident that every day you’re learning and growing. That the possibilities for you are infinite.
You are confident that money flows in and out and that it’s abundant. That you have agency over yourself and your business. You control yourself and your outcomes. That you and your work are valuable and you can charge what you’re worth.
And that growth is achievable and you’re excited to do the work.
If your mindset isn’t here yet, working on it will be a game changer for your business as you start planning for the new year.
When you get to the place of confidence, you become fearless and unapologetic in your business and your thought leadership.
3. Invest in One Area of Improvement for Yourself or Your Business
Many of you want to grow. You want to make more money. Well, investing in yourself requires two things: money and time.
One of the very real lessons I’ve learned over the years is that when you invest time and money into your personal development or certain areas of your business you see results.
There are many things you can invest in:
- A mentoring program, a business coach or a mastermind. (Check out THRIVE for new pediatric nutrition business owners and STRIVE Mastermind for seasoned nutrition professionals in business who want to sustain momentum.)
- A new website.
- A virtual assistant (VA) who will help run the administrative side of your biz.
- A babysitter or house cleaner so you can have a little bit more time to work on your business.
- Regular self-care – massage, mani/pedi, a gym membership.
- A course or program to hone your professional skills, speaking skills, or counseling skills.
Pick one thing.
Remember, investments can be a tax write off. If you’re serious about your business you will be strategically putting money back into it as well as into your personal development each year.
It’s what successful business owners do.
4. Design the Work/Life Balance You Want
Back in 2011, I was at the height of my private practice. I worked 4 full time days in the office, while mothering 4 kids between the ages of 10 and 15. I was a full time mom, homework helper, driver, and social playdate organizer – my plate was very full and I could feel myself drowning. Getting depleted.
My work-life balance was not good. I started to crunch my work days, reducing the number of week days and working longer days. I hired another dietitian to share my patient load and eventually reduced my work days to 2 per week.
I intentionally redesigned my work-life balance to a better place. I continue to do so every year.
Before the pandemic, I traveled a lot with my husband and family; and for work. I designed a fun experience every month for my husband and I, or our family. I committed to a spiritual women’s group every Tuesday and a yoga class at least twice a week, and some form of exercise most every other day.
When I balance my personal health and life this way, I don’t feel like I’m sacrificing my life for my work – and things feel balanced.
Notice I say design. So many of us live out a work-life balance by default. We let clients schedule and cancel appointments… whenever.
We answer FB and Instagram posts at all hours of the day and night. We work on weekends when we really want and need rest and to reconnect with our families or partners.
We neglect personal self-care. We don’t exercise as often as we’d like, we don’t get enough sleep, and we put our friendships and spiritual needs on the back-burner.
Choose the most cumbersome, bothersome part of your work-life balance that needs recalibrating and work on a new habit.
When you feel you’re living your life by design, not default, you will feel more empowered, happier and will be more energized and effective in your business and personal life.
5. Release the Parts of Your Business that aren’t Serving You
Sometimes we have to sit down and list the areas of our business that are going well, and those that aren’t.
Do you have parts of your nutrition business that you don’t like? Parts that aren’t working? Aspects that aren’t aligned with what you really want to do?
Maybe you’re patching several jobs together. Maybe you want to move toward your primary entrepreneurial endeavor and let the hospital job, the contract work, or the adult job go.
I’ve had seasons where I’ve let things go. Times when my heart wasn’t in the work and I wanted to focus on other things.
Or times when the excitement of the work wore thin. I’ve also had times when I tried something on and decided it didn’t work for me.
It’s ok to let things go, especially if they aren’t serving you or your business any longer.
If you keep parts of your biz that aren’t serving you, you’ll lose your luster slowly but surely.
So do an assessment. Ask yourself: What isn’t serving me? What is aligned, exciting and serving me well?
It’s an amazing feeling of freedom when you walk away from things that aren’t serving you!
How are you planning for the new year in your business?