An American Editor

January 6, 2014

The Business of Editing: Goals

It’s a new year and if tradition has been followed, many of us have created New Year resolutions. Typically, they are health-oriented, such as “I will lose 20 lb and start exercising at the gym daily.” But few of us have created resolutions for our business.

“Resolutions” in this sense is synonymous with “goals.” I resolve to lose 20 lb; my goal is to lose 20 lb. With the beginning of a new year, it is time to not only start the business books over for the new tax year, but also time to set goals.

Goals are important in business because they act as focusers. Goals let us decide what will be important to us in the coming year. A well-written goal is narrowly defined and accomplishable. It may require great struggle to accomplish, but it can be done. Most importantly, well-written goals provide our business with direction for the foreseeable future.

A goal can be anything business related. The most common goals are of these types: “I will increase my billings by 25% over last year’s billings” and “I will replace client X with a new, better client.” For most of us, goals like these are not only appropriate, but what we need.

A goal can be very defining because a goal requires planning and execution of the plan. Using the 25% increase in billings as an example, it is insufficient to say “I will increase my billings by 25% over last year’s billings.” First, you need to know what last year’s billings were, which means that you need to have kept appropriate business records. If you haven’t kept detailed records, it is time to revise your record-keeping system for this new year. (Remember that detailed data is the lifeblood of a business.)

(An important note: There is a difference between what was billed and what was collected. For some freelancers, the numbers are identical; for other freelancers, billings will exceed collection, sometimes by a significant sum. The reason may be that some clients simply didn’t pay or it may be that you had a spectacular December and based on the terms of your agreement with your client, you will not collect until January. Therein lies the making of two goals: one to increase billings and one to increase collections.)

In a way, what we are talking about is updating (or creating) a business plan, except that we are focusing only on portions of what would be included in a complete business plan. We need to identify where we are today, at the beginning of the new year, and where we want to be at year’s end. We then need to spell out the steps we will take to get from point now to point then.

Goals are important because freelancers too often go with the flow of events rather than try to shape events to their needs. We need to mold our future to fit our wants and needs, rather than molding ourselves to fit whatever the future throws at us. In the absence of a goal such as increasing billing by 25%, we are likely to sit back and take what comes our way. If we are lucky, what comes our way will amount to an increase in billings, even if just by a slim amount; if we are unlucky, it will be a decrease in billings. As passive participants, whichever it is will be accepted even if it is unsatisfying.

By setting a goal and by planning for its achievement, we are creating our own luck. I know there are freelancers who will say they have tried this but no matter what they did, they were unable to meet their goal. What that tells me is that an insufficient amount of time was spent planning and executing a plan to accomplish the goals. It is like the freelancer who says he hasn’t time (or money) to do effective marketing, but then can be found spending hours every week (if not every day) “socializing” (rather than marketing) on the Internet. It is a question of priorities and with establishing priorities, we establish our own luck.

When I began my career as a freelancer, one thing I was certain of: If I didn’t have clients, I wouldn’t have income and the way to get clients was to market my services. I spent a significant amount of time and money marketing my services to the audience I wanted to reach, and I did so continually for years. Every year I created a new marketing plan, which I implemented over the course of the ensuing year. I didn’t call this a goal, but that was what it was. The result was that I had more business than I could handle myself; the legacy of that effort is that I continue to have more business than I can handle myself.

Your goals and my goals do not have to match or even be similar. Your goals have to fit your wants and needs. The key is setting those goals at the beginning of the year, planning how to reach them over the course of the ensuing year, and implementing that plan. If you haven’t set business goals for this new year, now is the time to set them, establish a plan to accomplish them, and determine what yardsticks will indicate that you are moving toward your goal.

Intermediate yardsticks are as important as the final goal because they are the measure of whether your efforts are bearing fruit. If you repeatedly fail to meet the yardstick goals, then you need to revise your plan and/or intermediate goals — not your final goals.

Remember that you are a business and need to create the atmosphere in which you can and will be successful, no matter how you define success. Keep a list of your goals taped where you can see them when in your office. We all need to be regularly reminded of what we are striving to accomplish if we wish to accomplish those goals.

Richard Adin, An American Editor

5 Comments »

  1. One way to help establish financial goals for an editing (or other freelance) business is to get everything organized for tax filing – that’s when you see how much you made and how much you spent over the past year. That can also help in deciding what kinds of marketing to continue doing and which efforts to discontinue.

    Like

    Comment by Ruth E. Thaler-Carter — January 6, 2014 @ 9:17 am | Reply

  2. Happy New Year! One of my annual goals for the past few years has been to add at least three new clients. Most of my work is from repeat business from institutional clients, but that can make me complacent and think that it will never end. Guess again! Any company can fold, be bought out, decide to off-shore all freelance work, or simply decide to no longer use my services for whatever reason. Adding new clients, who will ideally turn into repeat customers, gives me a cushion against losing any existing clients and it also puts me a good position when I want to raise rates — because I can better afford to walk away if any existing clients won’t budge on price.

    This year I’ve added another goal of increasing my skills or knowledge, either by adding a new skill or increasing my skills or knowledge of something I already do but could develop further. Sometimes this professional development involves taking a class, and because I live in a rural area, online classes work best for me. Last summer, I was pleasantly surprised by the high quality of the first multiweek online course I took. I had taken a couple of webinars in the past, but this was the first full course. I learned a lot, added a new skillset, and met some new colleagues. Besides all that, it energized me, which I’ve found is another essential component to maintaining sanity as a freelancer working from home.

    Like

    Comment by Teresa Barensfeld — January 6, 2014 @ 3:55 pm | Reply

  3. I posted about goals today as well! I have learned that only when a goal is written does it get achieved, at least in my life. I have developed my list and have it posted in my home.

    Like

    Comment by Andrea Altenburg — January 6, 2014 @ 4:09 pm | Reply

  4. […] Just as you set personal New Year resolutions, you need to set business goals for the year and create a plan to accomplish them.  […]

    Like

    Pingback by The Business of Editing: Goals | Editorial tips... — January 7, 2014 @ 12:14 pm | Reply

  5. […] what questions go hand-in-hand with goals, which we discussed in “The Business of Editing: Goals.” What we expect and what we want help form our goals because our goals should be steps in […]

    Like

    Pingback by What? The Fundamental Question | An American Editor — January 8, 2014 @ 4:00 am | Reply


RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Blog at WordPress.com.

%d bloggers like this: