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Each year we go through a process of setting our financial goals for the following year, or at least we should. And I don\\u2019t use the \\u201cshould\\u201d word without consideration. Many of us hate to be told what to do, so my hope is that in this podcast you understand the why behind it and you decide for yourself that you \\u2018should\\u2019 create financial goals.
Metrics
Financial goals
Top-down
Bottom-up
Taking the time to really understand my financials was a life and business saver for me \\u2013 and it can be for you. Michele (2:27)
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Top-down financials allows you to begin with the total sales or revenue you want to bring in. When we use this method, often we are comparing it to the prior year and choosing either a number or a percentage increase. Michele (3:03)
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Bottom up starts with defining out the net profit and how it will be used. Many start by creating their salary first, then taxes and company profit, bonuses, etc. and adding all that up. Michele (4:56)
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Creating this high-level financial set of goals will allow you to do other financial tasks to truly take control of your numbers. Michele (7:45)
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Facebook: Scarlet Thread Consulting
Instagram: @ScarletThreadATL
Website: ScarletThreadConsulting.com
LinkedIn: Michele Williams
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