12 month running business plan

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How to make a 12 month plan — Goals, Vision, and Content

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This post may contain affiliate links. Please read the disclaimer

Ready to kiss this year goodbye and look ahead to the new year!? The #1 enemy of not accomplishing goals is a broken focus, so to get back on track for your new year, we need to reclaim our focus and make a plan!

> Download my free Annual Planner and Yearly Journal (50 page pdf)

Why create a plan?

• Knowing you have a pathway to follow feels good
• Planning inspires action
• Setting goals makes you feel accomplished

In this post, we’re going to talk about setting goals with ease and taking inspired action for the year ahead. To do this, I recommend retreating to a quiet place and giving yourself time to really ask the big questions and ponder your big goals. 

Set aside an afternoon, a day, or even a couple of days if you can!

This is your business, and it deserves attentive and focused planning to grow and evolve. 

I’m going to let you in on a little biz secret — the most effective way to plan is to focus on ONE thing at a time. 

Don’t dive in and scatter lists all over the table or open up a million google docs at once. When you have too many things on your plate, your focus becomes blurred. Instead, take your time and work through this process slowly. 

I love this acronym…

FOCUS: Following One Course Until Success.

This acronym demonstrates how important it is to take action and follow through on each part of your business plan. The more action you take, the more progress you’ll make, and the more satisfaction you’ll feel!

The exercises I’m leading you through in this post are NOT about doing everything perfectly! We cannot let perfect action become the enemy of good action. 

If the past few years have taught us anything, it’s that perfect plans aren’t always the best. 

Step One – Pick Your Theme for the Year (Word/Idea for the year)

Choose a theme that will help inspire action all year long. To narrow one down, think about how you want to feel throughout the year. For example, this year my theme will be “inspired action.”

Step Two – Brainstorm How to Get There

Begin a list of ways that you can embody your chosen theme in the new year. How can you bring that theme into your life? 

Use this list to invigorate yourself when you get off track. 

Step Three – Set 2 to 3 BIG Goals

Now it’s time to get more specific. 

If you were to accomplish something distinct in the coming year, what would make you the most excited? The proudest? What 2-3 big things will make this upcoming year feel like a success if you get close or achieve them? 

Maybe it’s scaling your revenue with existing products, or creating clear boundaries in your business? Whatever the case, set goals that are a little uncomfortable but not TOO uncomfortable. The best goals are hard to reach, but not impossible. 

What 2-3 goals come to mind?

Step Four – Create a “Would Be Nice” List

Brainstorm outcomes that could be easily achieved by working on them for a few days or by occasionally working them into your schedule. These would-be-nice outcomes don’t need to be major goals , but they do need to help support how you want to feel throughout the year. 

An example? Maybe you want to feel more refreshed and at peace in the new year, so you choose to spend more time in nature and hike at least once a month.

Brain dump a list of “would-be-nices” like this example that will help you feel better. Go for it and list as many things as you can!

Step Five – Gather Data from the previous year

Now that you’ve set your theme, big goals, and would-be-nice ideas, it’s time to dig into the numbers to see where you have room for improvement. Open up those past year metrics and take a look! They are the key to making a plan and achieving your goals.

A quick note: Some people tend to start with the numbers and work backward. My advice is to not do that. Instead, begin with how you want to feel in the next year, like we have in the steps above, and set those intentions before you ever look at the data. 

As business owners, we can easily get wrapped up in the numbers. But to be fulfilled in our lives, we need to start making decisions based on our desires. 

So what do you really want from the new year?

Once you’ve decided what you want, the data will show you how to make informed decisions to get there.

Data to gather may include:

• Website analytics
• Subscriber info
• Profit and Loss sheets
• Notes and Journals

Think about how much you made in the past year, how many email subscribers you added to your list, how many visits there were to your sales pages, etc.  Look at where your website traffic comes from and what blog posts performed the best. Really dig in and study the metrics. 

In addition, look at what you’re spending on your team, your projects, and the tools you’re paying for to see if they are accomplishing what you intended them to.

What has created success? Let this data inform your next steps.

Step Six – Ask deeper questions about your Top 4 Priorities as a Business Owner

When you peel away the outer layers, most business owners really have the same set of priorities no matter their niche. These 4 priorities need to be considered when you’re setting your goals for the coming year:

• What will increase sales?
• What will increase my social proof?
• What will improve my profitability/operations?
• What do you need to do to master your craft?

Make sure you’re revisiting these questions often to determine if your plans will help you achieve one of these four goals. 

Step 7 – Set Your Specific Quarterly Goals  

To help you achieve your 2-3 BIG goals, it’s time to dive into the nitty-gritty. 

I like to place one “ROCK” goal on my planner per quarter. This goal is “set like a rock” and requires long-term planning, focus, and strategy. Sure, some ROCK goals may take longer than a quarter, and that’s okay, but break them down as much as you can to fit them into a smaller, more defined time frame. 

If you find you have too many goals on the calendar, be willing to cut the fat and move them to the “would be nice” list.

Then ask yourself: What should I DO, what should I DELEGATE, and what can I DELETE?

Use this method to pair down your plans into steps that you and/or your team can accomplish day in and day out. 

Step 8 – Specify the details

Once you have your ROCK goals set, you need to spend time outlining the specifics and how you make these goals happen. Using Trello, Asana, or Click Up, create and schedule tasks that can be checked off when complete. 

You can organize your goals and plans on a Trello board like this example here:

Step 9 – Gather Content Ideas

Creating supporting content is a step we can’t leave out of your new year planning! After all, your content is the key to supporting your goals. Start by brainstorming content ideas that will help you move toward success. 

To get started, ask yourself :

• What does my audience struggle with? 
• What do they always ask about? 
• Why do they always ask about it?
• What’s missing for my audience?

You can organize your content ideas on a Trello board like this one.

Come up with themes for your audience to meet these needs and address these specific pain points. If possible, try creating quarterly content themes, then break those up into monthly themes.

Your content themes should easily relate back to your offerings, so the sales conversations can continue, and you can easily turn your audience into paying customers. If they don’t, ask why, and revisit your goals to fix that.

Step 10- Create Batch Days on Your Calendar

Batch days are ways of organizing your time by doing similar tasks on similar days. For instance, when it comes to content creation, batching may look like this:

• Monday — Draft Day. Create your outline and bullet points for blog posts, lead magnets, webinars, and Facebook Lives.
• Tuesday — Writing Day. Fill in your outlines and do the bulk of the writing for your blog, emails, webinar content, etc.
• Wednesday — Repurpose Day. Pull points from blog posts and create social content.
• Thursday — Graphics Day. Create graphics to pair with your content.
• Friday — Admin Day. Finalize, proofread, and schedule.

Step 11 – Reward Yourself! 

Last but not least, be sure to set up rewards along the way to boost your mood and celebrate your wins all year long — after all, you’ve planned like a boss and deserve it!

Ready to get started on your planning session

I’ve created a Trello Board that summarizes all the steps we’ve walked through in this post. This board will help you align your goals with your actions. 

Let’s do the work and implement these action steps to achieve your BIG dreams.

FREE PLANNER DOWNLOAD

Want a full training and trello board too.

> Check out my full 90 minute workshop training complete with trello board access

What Next? Learn More from these other articles: 

• How to turn a blog into a business with digital products and online courses
• 6 Profitable online income streams that make me $30k/month
• 6 steps to more clients
• 16 questions to help you find more clarity

Thank you, Kayla. As usual you bring such obvious clarity to things I always struggle with. I’m still blogging after a few years where I’ve gained little traction and this year I really hope to FOCUS and be consistent. Your tools always help me get organized, it’s just me that falls off the schedule. Jessica, http://www.digitalplanningmom.com

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How to Develop a Slow Content Creation Strategy for a Soft Business

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#1 Way to Stay Motivated with Content for Your Digital Product Business

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Ready to Launch a Business? Here’s Your 12-Month Plan to Making it a Success

Is this the year you make your entrepreneurial dreams come true? Congratulations! But… you’ll need a plan. Consider this your month-by-month guide to ensuring that the business you launch thrives.

StartupNation exclusive discounts and savings on Dell products and accessories: Learn more here

Month 1: dream big (and write it down).

I know you’re excited to get going, but first you really need to articulate what you want your business to look like. You probably know in general what the product you want to sell is or what the service you wish to deliver is, but dive deeper and consider:

• Who your clients are
• Who your competitors are
• How you will market your business
• How you will price your products or services
• How much money you need (approximately; we’ll go deeper next month)
• What you want your business to look like one, five and 10 years from now

Don’t be shy about dreaming big! But realize that in order to accompany those dreams, you’ll need an action plan .

Month 2: Get your finances in order

This month, dedicate energy to your finances. Make a detailed budget that includes operating expenses, inventory, payroll (if you’re planning on  hiring in the future ), marketing and emergencies. 

Consider where the money to start will come from. Do you have a nest egg you can tap, or would you need to take out a loan or perhaps seek a form of alternative funding ?

Open a business checking account this month. It’s best to keep your personal and business finances separate, and when it comes time to file your business taxes, you’ll thank me.

Month 3: Get your website and social media up and running

Now it’s time to lay the groundwork for a website and marketing. Hire a web designer to create a stunning professional site, or if you have a little design and technical expertise, try a website builder like Wix .

Also, create social media profiles on the channels you think are best to connect with your audience (this goes back to Month 1 when you identified your target audience and what platforms they use). Less is more here: rather than setting up profiles on every site available, focus on just one or two to start so you know you’ll have time to manage them.

Month 4: Situate your space

Now’s the time to start looking for the ideal property that fits your needs and budget, whether that be a retail space, office, coworking space, etc. And i f you’ll be working out of your home, designate a space for your home office that will minimize distractions and help you be productive. It might also allow for a deduction come tax time .

You’ll need to buy supplies and equipment this month, as well. Consider opening tradelines (or credit with vendors) so you can get supplies when you need them and pay later, usually 30 days after receiving an invoice. Look for vendors who report to business credit bureaus so you can build your business credit.

Related: 5 Founders Share the One Piece of Advice They Wish They Knew Before Launching a Business

Month 5: get your permits and licenses.

Chances are, you’re going to need at least one business license before you can start operating. Depending on the type of business you’re running, you may need several months to get these approved, so start getting them in line before you launch your business.

Even if you work out of your home, you will need a sales tax certificate or some type of permit(s) specific to your business. Check with your city, county and state government to find out what you need.

Month 6: Put your marketing plan together

If you’ve done your homework and truly understand where you will best connect with your audience, this is the time to put together a detailed plan on how you will market to spread the word about your business and attract customers.

In your plan, include which marketing channels you’ll use, what your budget is for each, and whether you, an employee, or a third party (freelancer or agency) will help with the marketing tasks.

Month 7: Hire help

You’re getting closer to opening your business, and you’re going to need some help! Consider what aspects of your business you will need the most help with. Sure, you could try to do it all yourself, but you’ll end up doing a mediocre job with everything. Instead, put your attention on running your business and hire others to do the rest.

If hiring a team of full-time employees isn’t in your budget, start with part-time help and/or freelancers.

Month 8: Plan your launch

The type of business you’re opening will impact what sort of business launch you should have. If you’re opening a services business online, you can activate your website and be up and running. But if you’re opening a brick-and-mortar business, you may want to alert local media and social followers to attend your grand opening event. The bigger the splash you can make, the more aware of your new business people will be.

Plan an event with giveaways, discounts, entertainment, and food and beverage. Promote it in your local newspaper, online publications and through your social media channels.

Month 9: Launch!

All your hard work has paid off, because now you can officially open your company for business!

Don’t be disappointed if sales are slow to trickle in; this is also a period of learning, where you pay attention to what’s driving revenue and what isn’t. M ake sure to track website visits through Google Analytics so you know which marketing channels are driving visitors to your site, and any areas where you might need to reconsider strategy.

Month 10: Focus on promotions

You may see a little slowdown in traffic or sales after your initial launch, and that’s when it’s time to start thinking about promotions and sales. Discount products that are slow to move. Bundle two items together to push some of those slower-moving items. Create a loss leader to drive people to your store where, hopefully, they’ll buy more.

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Month 11: assess results.

By now, you’ve had some time to build up your web traffic and social media following. If you have a physical store, you’ve gotten some face-to-face time and have spoken to customers. You may have developed an email subscriber list as part of your marketing efforts in Month 6. Use all these points of contact to determine where you should take your marketing efforts in the future.

Are customers asking for a loyalty program? That could be a good way to drive repeat sales. Are your emails not getting opened? Look at the subject lines you’re using and test out different copy.

Month 12: Look to the future

You put a tremendous amount of energy into the launch of your business, but your work isn’t done.

Now is time to look ahead: where do you want to take your business in the following year? Five years out? How about 10? Look back at your business plan and see if you’re still aligned with the direction you were initially going in, and if not, tweak it to reflect your new direction.

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How to write a business plan in 12 steps (2024 edition)

Updated 26 June 2024 • 12 min read

This guide breaks down how to write a business plan, step-by-step, detailing what your document needs to include and what you need to think about to make your business plan as persuasive as possible.

What is a business plan?

A business plan is an essential document that can provide immense value for new and existing companies of all sizes. It is an overview that includes an outline of your business, its key objectives and plan for achieving important goals.

This information can be used to communicate strategic actions to internal teams and also attract interest from potential partners and investors . However, writing a business plan can be a lengthy and involved process. For many, using a business plan template can be a good way to get started.

For best results, you’ll need to do a lot of thinking and planning before you start writing your business plan. This way you have all the information and resources you need at your fingertips and won’t be under time pressure to come up with something at the last minute. After all, a well-thought-out business plan can help you avoid generic information and set your company up for success.

Download your free business plan template .

Why write a business plan?

Writing your business plan helps to get your strategy nailed down and onto the page. A plan that stays in your head is probably going to be full of unrealistic assumptions and biases, whereas a strategically thought-out and organised approach forces you to notice your blind spots and find a way forward.

If you’re looking for financing, a bank or investor needs to be persuaded by your business proposal and the opportunity to work with you. Therefore, a well-written business plan can help provide potential financial partners with the confidence that your business can become profitable. Your business plan gives them a comprehensive view of all aspects of your business and details your strategy for achieving your goals.

What are the main sections of a business plan?

Whatever your line of work, your business plan will generally need to provide the following:

An executive summary

A business overview

The market opportunity

Your products/services

How to write a business plan

Make sure you cover each of the following steps when preparing your document:

1. Write an executive summary

This section of your business plan should be 1–2 pages in length and enables potential financiers or partners to get an overview of what your business does and – most importantly — what the opportunity is for them. If they’re interested in the opportunity, they’ll conduct their own due diligence - and this will start with going through your business plan and financials.

It’s a good idea to write your executive summary last, when you’ve clarified your thinking around every section of the document. As an overview section, you don’t want to add any new content that isn’t in your business plan. Aim to keep this summary succinct and engaging by using simple, plain language, as this is much more persuasive than complicated or academic wording.

Use sub-headings and bullet points to help your most important information stand out, especially as busy executives may simply scan your executive summary and use this to decide whether they want to find out more.

What to include in an executive summary?

Make sure you include details on:

What your business does

What the opportunity is

What your unique selling points / differentiators are

How much funding you’re looking for

What the funding will be used for

How you'll succeed

Remember, you’re providing the big picture overview of your business - the detail is in the rest of the document and in the appendices.

2. Write your business overview

This section of your business plan needs to be more than just a list of what your business does. Its purpose is to excite those you’re hoping will work with you or help to fund your business.

Information to address includes:

What's the purpose of your business?

What problem does your business’ product or service solve?

What niche could it fill?

What’s different about your offering?

How are you better than anyone else at what you do?

Consider what your customer value proposition is by deciding what you want to achieve and what your number 1 benefit is for your customer.

3. Identify your USP

Think about what your unique selling points (USP) or differentiators are, and what proof-points you can provide to back them up.

For example, you can use terms like “market-leading” but if you don’t provide any evidence to back up your claims, your reader will take them with a big pinch of salt!

You should certainly reference any awards or endorsements that position you as the best person to provide your product or service, as well as any client testimonials. Make sure you include any education or experience that makes you an expert in your field as well.

4. Describe the market opportunity

Show you understand your industry, market and where you fit in it. While no-one can predict the future, offer up where you think the opportunity is for your business and make sales projections based on that. 

For example, imagine your business is selling personalised cookies - there's little competition in your area and you see your market opportunity to create designs for all calendar and holiday events. You expect to increase sales by 30% in one year and 50% in three years, driven primarily by word-of-mouth referrals.

Make sure you also consider macro trends that may create opportunities for you, such as social, environmental, or technological changes that may affect buying behaviour.

5. Include a SWOT analysis

Whatever your business strengths or opportunities, they’ll always be known and unknown weaknesses and threats; there’s no such thing as certainty in business or in life!

However, you can demonstrate that you’ve examined your business through different lenses and have a thorough understanding of it by doing a SWOT (strengths, weaknesses, opportunities, threats) analysis.

Don’t worry about drawing attention to your business’ shortcomings - every opportunity has them and it’ll give investors and partners confidence in you that you won't bury your head in the sand. Naturally, it's important that you specify what you’re going to do to address these weaknesses and counter these threats.

Here are some areas you can think about to get started: reputation, technology, location, experience, staff, overheads, competition, suppliers and price.

6. Present a competitor analysis

Let’s face it, no matter what industry you’re in, or what you’re selling, there’s going to be other businesses offering the same thing. But instead of worrying about the competition, use this as a positive opportunity to up your game and work out the unique advantages you have that will keep you competitive.

Identify your top 3 competitors and analyse what they're doing well and where they’re coming up short. Try to be as objective as possible and identify how to differentiate yourself from them.

You should also look into who the industry leaders are and what the benchmarks are for your industry so that you can set yourself targets for continuous improvement.

7. Create a customer persona

A customer persona is a fictional person who represents your company's ideal customer. Naturally, the persona can be based on a real person - the more you get to know your ideal customer, the more targeted and successful your marketing efforts will be.

To create a customer persona, you need to conduct research into your ideal customer’s age, sex, income, employment, daily activities, interests and hobbies. If you’re feeling unsure about your customer persona, you may need to give your ideal customer further thought and download the customer persona template to get started.

8. Write your marketing strategy

When you’ve created your customer persona, you need to work out how you’re going to reach them. Do they hang out on social media apps, like Facebook, Instagram, Pinterest, Twitter or LinkedIn? Or are they more used to local, traditional marketing like free local papers or high foot traffic areas?

Once you’ve figured where your audience is likely to hang out, you can outline your strategies for promoting and advertising your products or services in the next 12 months.

Make a list of the marketing channels you’ll use to achieve your advertising strategy and be sure to include your budget. How much can you set aside for advertising? And where are you most likely to see a return on your efforts? Paid ads on Facebook? Half or full paid spreads in an industry magazine? Or even a direct mail out? 

For more structured help around this, check out free course: Business 101 | Get social with your business on Facebook . 

9. Design your customer retention strategy

Business success relies heavily on the relationship you’re able to build with your customers. What techniques will you use to keep them coming back? Consider the following:

What can your business do to increase the number of repeat customers? 

Does your business have a referral or loyalty program? 

Do you have a post-purchase follow up in place?

Will you use surveys to track customer satisfaction?

What ways can you continue delivering outstanding service?

Is there a way to continue educating and adding value to your customers?

10. Present your financials

Most people who are looking at investing their time and/or money in your business will want to see your financial statements - your performance to date and your projections over the short and medium term. They'll also want to know how much you’ve received in funding to date and what these other sources of funding are - including your own investment.

Current finances

You need to show how your business has performed financially over the last year, highlighting metrics such as positive cashflow , net profit and assets.

Financial forecasts

You should also provide a balance forecast projecting total assets, total liabilities and net assets over 1, 2 and 3 years, and a profit and loss forecast for the same periods detailing gross profit /net sales, total expenses and net profit/loss. Finally, you should also provide a cash flow forecast month by month over the next year.

It’s also a good idea to speak to an expert like an accountant or bookkeeper about your finances and get advice on how best to present them in this all-important section of your business plan.

11. Detail how much funding is needed

Naturally, you also need to be very clear about how much money you’re looking for and what you plan to do with it. If you’re looking for a loan , you need to detail what it’s for, over what period it’ll be repaid, and what collateral you have to secure it.

12. Propose an exit strategy

Any financial stakeholder in your business will want a return on investment. If you’re pursuing this type of funding, you should include some detail on your proposed exit strategy . For example, do you want to sell the company at some point or go public?

Similarly, you should outline your succession plan so the business can continue to operate if you decide to step away from it. Likewise, you need a plan for what happens if the business loses money and can’t sustain itself. Documenting this means that everyone is on the same page and potential investors have this information upfront.

Frequently asked questions about writing a business plan:

When to write a business plan.

Typically, entrepreneurs write their business plans within the first year of operations. A business plan is a tool that helps business owners refine their strategy, attract partners and financiers, and grow their business.

If a business plan is written too soon, it may lack the substance that comes with time in the market. However, it’s important to note that a business plan isn't a static document - it can and should change as the business evolves.

How long should your business plan be?

There are no hard and fast rules around how long your business plan should be - it just needs to include all the relevant information. Aim for clear, concise sections and build a business plan that is as easy to read and navigate as possible.

Using a business plan template can help you make sure you have everything covered off, while also having a document that looks as professional as possible. Make sure you run a spelling and grammar check too - any sloppy errors can undermine your credibility.

What’s a business plan on a page?

It’s important to write your business plan as it helps to embed your strategy - as well as communicate what you’re about to potential partners or investors. When you have a comprehensive business plan you can easily adapt it to suit different audiences. For example, a full business plan is essential for raising capital but a business plan on a page may be enough for potential partners or employees.

What do venture capitalists look for in a business plan?

Venture capitalists invest money into businesses with the goal of achieving a return on their investment within the short to medium term. As a result, they’re looking for an attractive market opportunity, a clear point of differentiation, a strong management team, a proven track record, solid financials and, importantly, an exit opportunity.

Where to go for help or more information?

There are many great resources out there to help you fine-tune your business strategy and write your business plan. The Australian Government has a comprehensive website dedicated to supporting businesses at all stages of their journey.

You can also get help from Business Enterprise Centres , business advisors, accountants and fellow business owners. MYOB also has a list of business advisors who can give you feedback on your business plan, so your venture has the very best chance of success. 

Related Guides

How to get a business loan arrow right, how to find investors: a guide for startups arrow right, business models: definitions, types and key components arrow right.

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The Essential Guide to Writing a Business Plan Here's the no-nonsense guide on how to write a business plan that will help you map success for your startup.

By Carolyn Sun

Opinions expressed by Entrepreneur contributors are their own.

President Dwight D. Eisenhower once said, "In preparing for battle I have always found that plans are useless, but planning is indispensable." If you're starting a business, you should have a business plan regardless of whether you're bootstrapping it or looking for outside funding.

The best sorts of business plans tell a clear story of what the company plans to do and how it will do it. Given the high failure rate of startups in their first year, a business plan is also an ideal opportunity to safely test out the feasibility of a business and spot flaws, set aside unrealistic projections and identify and analyze the competition.

A business plan doesn't need to be complicated, but for it to serve its purpose and set you up for success, it must be clear to whomever is reading your plan that you have a realistic handle on the why and how your business will be a success.

To get you moving in the right direction, here's a guide on how to write a business plan.

Overall tips

There's a lot of advice in the infosphere about how to write a business plan, but there's no single correct way. Your approach depends on your industry, who is reading your plan and what the plan is intended for. Are you trying to get funding? Sara Sutton Fell, founder of FlexJobs , a job site for flexible telecommuting jobs, says her business plan was an initiator for more in-depth conversation with potential investors. "A plan does help to see if investors and entrepreneurs are on the same page with general expectations for the business," she says.

A business plan serves many purposes, but there is universal consensus on the following when it comes to your business plan:

Have several versions tailored for specific audiences: "One of the mistakes that inexperienced business owners make is not understanding who they're writing the plan for," says David Ciccarelli, a small business owner who got consultation from his local Small Business Association (SBA) when he was starting his company Voices.com , which connects employers with voiceover talent.

Your plan is a living document: Tim Berry, the founder of a business planning software company Palo Alto Software , took his company from zero to $5 million in sales in its first three years. To do so requires frequent review and close tracking, says Berry, who met with his management team every month to review the plan versus what actually happened -- and then to revise. "There is no virtue to sticking to a plan if it's not useful and responsive to what actually happens," he cautions.

Be realistic about financial estimates and projections: "When you present a plan to bankers and financiers, or even to your employees, people will get way more excited about what's real rather than some huge thing that's never going to happen," says Ciccarelli. So present an achievable sales forecasts based on bottom-upwards information (i.e. how many units per month get sold in how many stores) and stop over projecting profits.

Writing your business plan is about the process and having a blueprint: Your business plan "reflects your ideas, intuitions, instincts and insights about your business and its future," according to Write Your Business Plan (Entrepreneur, 2015). The plan serves as a safe way to test these out before you commit to a course of action. And once you get your business going, the plan also serves as a reference point. "I still print the document," says Ciccarelli. "You're capturing it in time. If you're changing it all the time, you kind of don't remember where you were last year."

Back up any claims: Follow up your projections and assertions with statistics, facts or quotes from a knowledgeable source to lend your plan credibility.

Presentation counts: Reading any long, text-heavy document is hard on the eyes, so format with this in mind. Consider formatting your text pages into two-columns and break up long passages with charts or graphs. Arial, Verdana or Times New Roman are standard industry fonts.

Writing your business plan isn't busy work or a luxury; it's a vital part of the process of starting a business and arms you with information you need to know. So, let's get into what information goes into your business plan.

Related: Bu siness Plans: A Step-by-Step Guide

What goes into a business plan?

A typical business plan is 15 to 25 pages. Its length depends on a variety of factors, such as whether your business is introducing a new product or belongs to a new industry (which requires explanation to the reader), or if you're pitching to bankers, who generally expect to see a traditional written business plan and financials.

"Most equity investors prefer either an executive summary or pitch deck for first contact, but will often request a more detailed plan later in the due diligence process. Potential customers don't need all the details of your internal operation. Your management team needs access to everything," says Akira Hirai, managing director of business plan consulting service Cayenne Consulting .

Most business plans include these seven sections:

1. Executive summary : The executive summary follows the title page and explains the fundamentals of your business. It should provide a short and clear synopsis of your business plan that describes your business concept, financial features and requirements (i.e. cash flow and sales projections plus capital needed), your company's current business position (i.e. its legal form of operation, when the company was formed, principals and key personnel) and any major achievements in the company that are relevant to its success, including patents, prototypes or results from test marketing.

2. Business description : This section typically begins with a brief description of your industry and its outlook. Get into the various markets within the industry, including any new products that will benefit or hurt your business. For those seeking funding, reinforce your data with reliable sources and footnote when possible. Also provide a description of your business operation's structure (i.e. wholesale, retail or service-oriented), who you will sell to, how you will distribute your products/services, the products/services itself (what gives you the competitive edge), your business's legal structure, your principals and what they bring to the organization.

Here are some worksheets from Write Your Business Plan that will help determine your unique selling proposition and analyze your industry.

Click to Enlarge+

3. Market strategies: Here is where you define your target market and how you plan to reach them. Market analysis requires research and familiarity with the market so that the target market can be defined and the company can be positioned (i.e. are you a premium product or a price-competitive product?) in order to garner its market share. Analyze your market in terms of size, structure, growth prospects, trends and sales/growth potential. This section also talks about distribution plans and promotion strategy and tactics that will allow you to fulfill your plans.

Here is a worksheet from Write Your Business Plan that will guide you toward identifying your target market.

4. Competitive analysis: The purpose of the competitive analysis is to determine the strengths and weaknesses of the competitors within your market, strategies that will provide you with a distinct advantage, the barriers that can be developed in order to prevent competition from entering your market, and any weaknesses that can be exploited within the product development cycle. Show why your business will be a success over others.

5. Design and development plan: You will only need this section if you have a product in development, such as an app. The purpose of this section is to provide investors with a description of the product's design, chart its development within the context of production and marketing and show a development budget that will enable the company to reach its goals.

6. Operations and management plan: This section describes how the business functions on a daily basis, its location, equipment, people, processes and surrounding environment. If you have a product that needs to be manufactured, explain the how and where; also, describe your work facility, the personnel, the legal environment (such as licensing, permits, special regulations, etc.), key suppliers and inventory. This section will also highlight the logistics of the organization such as the various responsibilities of the management team and the tasks assigned to each division within the company.

7. Financial factors: Financial data is always at the back of a business plan -- yet it's extremely important. The financial data can include your personal financial statement, startup expenses and capital, your projected cash flow statement and 12-month profit-and-loss statement. PaloAlto's Berry stresses that if you're going after investors, you'll need to show a cash flow statement and a break-even analysis -- or the breakdown to see where your business breaks even.

The best way to prepare for running a business is to have all the components of the plan ready. So if you are are showing a prospective lender your business plan on 10 PowerPoint slides and get asked about something that isn't in the presentation, you can speak knowledgeably and follow up with a more fleshed out plan -- and quickly.

Some business owners hire business plan writing services. Cayenne Consulting's Hirai says that his clients generally fall into one of two categories: those intimidated by the process and those who could write the plan themselves but would prefer to spend their time on other priorities.

If you find yourself intimidated or stuck, you can always write the parts of plan yourself that you understand and hire a consultant or researcher to help with parts that you find confusing.

Or if you're a startup watching every dollar, then tap the free services of the federal Small Business Association (SBA). Every state has a district office . Through the SBA, you can get business plan assistance through its various resource partners, which includes Women's Business Centers , Small Business Development Centers and Service Corps of Retired Executives .

Allow this business plan template for Business Plan for a Startup Business to guide you:

Different types of business plans

Generally, business plans can be divided into four categories :

Working plan: This plan is what you will use to operate your business and is not meant to be admired. This version of your plan is an internal document and will be long on detail, short on presentation. Here, you can omit descriptions that you need not explain to yourself or your team.

Mini plan: The reader may request a mini plan, or a condensed version of your business plan (1-10 pages), which includes most of the same components as in a longer traditional plan -- minus the details and explanation. This includes the business concept, financing needs, marketing plan, financial statements (especially cash flow), income project and balance sheet. This shorter plan is not meant to be a substitute for a full-length plan, but serves as an option to present to potential partners or investors.

Presentation plan: Whether you're using a pitch deck or a written business plan, the information in your presentation plan will be, more or less, the same as in your working plan but worded differently and styled for the eyes of an outsider. The reader of your presentation plan will be someone who is unfamiliar with your business, such as investor or venture capitalist, so lose any jargon or shorthand from your working plan, which only makes sense to you. Also, keep in mind that investors will want to see due diligence on your competition threats and risks as well as financial projections. In addition, looks count, so use the color printer, a nice cover and bindings and the fancy paper stock. Or else, if you're presenting your business plan as a PowerPoint presentation, you can use this business plan presentation template .

What-if plan: This is a contingency plan -- in case your worst case scenario happens, such as market share loss, heavy price competition or defection of a key member of your team. You want to think about what to do in the face of an of these, and if you're trying to get outside funds, having a contingency plan shows that you've considered what to do if things don't go according to plan. You don't necessarily need this, but if you are getting outside funding, then it can strengthen your credibility showing that you have thought about these what-if possibilities. Even if you're not going to get outside funding, shouldn't you be thinking of the what ifs?

If four plans seem like a mountain of work, don't panic. Select two to start off -- a working plan and a mini plan, which will be an abbreviated version of your working plan.

Take several months to write your business plan. Consider it a journey, not a sprint.

Related: The Ultimate Guide to Writing a Business Plan

Carolyn Sun is a freelance writer for Entrepreneur.com. Find out more on Twitter  and  Facebook . 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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12-month business planning in 5 steps

Planning ahead for 12 months from now can be a difficult task to start in the COVID-19 environment. Follow this five-step methodology to get ahead of business planning and feel more in control, despite the current uncertainty.

May 12, 2020

Companies that succeed best in the long term take a step back and plan. But in this unprecedented time, how do brands move from reactionary to proactive? A recent Naturally Network webinar explores the five steps to planning the next 12 months of a company’s growth.  

Leading the panel, Maura Mitchell, managing partner of Brandology—a firm specializing in powerful and profitable growth plans—walked through her five steps to success, joined by entrepreneurs all facing unique challenges within the framework. The founders were Sadie Scheffer, founder of Bread SRSLY, Pete Brennan, co-founder of Soñar Foods, and Danielle Vincent, founder of Outlaw Soaps.  

Here are the steps that companyies should use to start thinking about growing, scaling and thriving in the next year, and how to pivot within the steps based on unique business challenges.

1. Create two to three imaginary future scenarios.

This exercise will help brands prepare for how their category will look in 12 months. Work on creating a best, worst and somewhere-in-the-middle circumstance for how the company may face and overcome challenges. Mitchell expressed caution around mixing scenarios—each should have a clear differentiation and action plan.

Use each scenario to plan for systems that are out of the company’s control. Currently, companies may be facing a scenario where e-commerce is dominant and brick-and-mortar retail is less powerful for their category. Within this scenario, assume that the company’s product or category is not being fulfilled quickly or prioritized on Amazon. How could the strategy pivot based on this assumption?

Planning should always be in a relatively small trusted group. Make these scenario-planning decisions with key leadership and valued mentors. Be careful not to have anyone in the room who would require a lack of honesty and openness about the state of the company.

2. Find common ground and define what "winning" means.

Determine how your brand will win in each area of business, then identify the commonalities. Across channel, products, sales, marketing, operations, finance and human resources, how can the company win? What is needed to pivot within unknown and unforeseen circumstances? Use this planning to balance long-term views with short-term survival. Figure out how to time the tactics so that you can work toward getting ready for the long term, while staying afloat (and cash flow even) for now. Recognize that "getting things done" may look different now than when they are tenable and have an impact.

What does it mean to ‘"win"? This is a crucial step to define in the process.  

3. Assess: Stop, start, continue.

Determine what the company needs to start, stop and continue doing to get from the circumstances of today to the next 12 months. To carry a company from now to a more scalable future, founders and teams have to really look at not only what they would like to start (which proves to be a bit easier), but what they have been doing that is no longer serving the team or working. Be careful not to take more on without letting go of other priorities as a group.  

4. Identify pivotal external events and develop a ready-for-action plan around them.

Identify "forks in the road" and "signposts" that will guide decision-making. Mitchell defines forks in the road as external events that a company should be ready to respond to in real time. Use these to determine how and when to act. If food service is an important channel for your business, develop a timeline and workplan around how the company would like to be ready when the channel reopens. If Fulfill by Amazon is strategic, how will the company pivot when the channel starts accepting new SKUs?

Mitchell also expressed the value of keeping signposts in view, which she defines as external metrics that a team should monitor to help them understand the future, to increase the level of comfort with all scenarios as plans progress.

5. Reflect often. Review progress and dashboards weekly. Fine-tune but don’t overhaul.

As with all changes that companies face, there are always wildcards that may influence and interrupt planning. Mitchell stressed the importance of sticking to a plan and not letting too many outside factors radically overwhelm the plan in place. Review the 12-month progress as a team and check in on the rapid changes that are happening. Think about fine-tuning actions but try not to make big changes that can lead to overwhelm.  

Watch the full webinar.

About the Author(s)

Denver Lewis

Community and Conference Content Manager, New Hope Network

As Community and Conference Content Manager, Denver is passionate about educating and supporting the growth of early stage natural products brands, strengthening understanding of the investment landscape and providing a platform for storytelling, with a focus on mission-driven business.

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How to Create a 12-Month Profit Plan for Your Business

If you’re trying to create a profitable company that people love, we recommend creating a 12-month business plan around this concept every year . This isn’t just your typical business plan that you use to secure loans.

Instead, you’ll create this 12-month plan to realign your values and mission.

A major part of making your business a success is remembering the value and mission that you set when opening your company. Unfortunately, it’s easy to get distracted by shiny objections or new offerings, and these values and missions can slowly fade away.

When you know how to set up business plan yearly goals that align with creating a business people love, it will help you:

• Attract new customers
• Retain customers
• Continue to grow

12-Month Business Plan to Realign Your Values and Mission

Review your company’s values and mission.

A unified vision for your business is necessary to meet your company’s value and mission statement. This is a time to sit down and reflect on your value and mission to:

• Reinforce your business’ vision to your employees
• Review communications to make sure they align with your values and mission

Often, different employees will have different ideas of your values and mission. So, sit down with important stakeholders to ensure that all parties have a clear vision of your company’s goals.

Customer and Employee Feedback

If you want to keep your customers happy, you must listen to their feedback. A good starting point for your plan is to review all of your customer feedback and implement changes based on the bad feedback.

Perhaps shipping is too slow, or items are breaking in transit.

Take steps to improve on these key areas where customers are having issues. Inversely, also look at what customers love about your business and continue doing the same . You can learn a lot from feedback that you can then use in your planning for fulfillment, distribution, marketing, and more.

Next, be sure to consider all of your employee feedback, too. You can send out employee surveys that ask:

• What went well for the employee in the last year
• What improvements/changes the employee would like to see made

You can also gain a lot of insight into what steps your business needs to take in the coming twelve months through year-end planning for your business .

Analyze and Forecast Sales

Company mission and vision are critical, but you can only meet this vision by analyzing and forecasting sales. This is the time when you want to look through your books to determine where sales are coming in and being lost.

Have you lost certain customer segments? If so, can you pinpoint why?

Look for underserved areas or what’s lacking in segments where sales are being lost. Customer feedback can help here, too. When you consider the input, you may find answers to why sales are being lost and how to forecast future sales.

If your internal sales forecasts are low, try and determine why.

Perhaps sales are lost in a dying market segment, but if you’re losing sales in a thriving market, you need to consider your company’s vision.

That being said, we have a whole guide to growing your business. If you’re looking to do that, check out grow.cobbcpa.com to grab your free guide!

Marketing Channels and Approach

Marketing channels and the way that you reach customers may change. Think back to the time of newspaper ads, where many businesses were built. Now, marketing channels and approaches have evolved both online and offline.

In 2020, 66% of marketing executives expected to focus more on customers as individuals than a single target market.

Multichannel approaches need to be taken in today’s marketing. It’s essential to look over your marketing channels and strategy to:

• Remove marketing channels that aren’t producing results
• Consider increasing budgets for high-performing marketing channels
• Create cohesion across marketing channels

You’ll want to examine your marketing efforts to ensure that your marketing is honest, reaches the right customers, and sends the right message. If you run a more significant business with its own internal marketing team, be sure that you sit down with them at this time to discuss your goals and vision.

Finances and Profitability

When your vision is being met and properly executed on, it should lead to steady financials and profitability. You’ll want to review your books to understand where money is coming in and where expenditures occur. This is important to keep your business running smoothly.

Lean business practices should be a part of every business.

What are Lean practices?

These practices help you optimize your business by:

• Eliminating waste, which improves profitability
• Optimizing business operations
• Delivering products quickly and efficiently
• Building a quality business

The entire idea of a Lean business is to understand customer value and to continue improving key processes.

You can use this time to realign finances to training or product improvement and lower funding in areas that aren’t helping your business reach its goals. Profitability will follow as long as you maintain adequate profit margins.

Operations and Management

Your business’s operations and management need to know and enforce your company’s vision at all times. Managers should be in charge of making sure that all employees:

• Understand the company’s mission and vision
• Follow internal protocols and procedures
• Train to create an internal standard of quality

Training may be an essential part of your operations and management. As employees enter and leave your workforce, each new employee needs to be trained properly. You want to make sure that training is still taking place, is updated, and enforced. You’re also want to provide ongoing training and development to help ensure people are feeling fulfilled in their roles. 

Fulfillment and Distribution

Finally, when you’re at the end of your plan, you’ll want to look at your fulfillment and distribution. You’ll want to consider:

• Markets that aren’t served or underserved 
• Analyze whether these markets are a market opportunity
• Consider fulfillment channels, speed, efficiency, and accuracy 

If customers complain of slow shipping speed, issues with broken products, or services not being delivered as described, you’ll want to dig into your current fulfillment and see where changes can be made. You may be able to make internal changes, add new fulfillment partners or put protocols in place to correct these issues.

Final Thoughts

A 12-month business plan can help you realign your business to make sure that you’re meeting the demands of consumers while staying true to your business’s mission and values. You can refer to this plan throughout the year as a blueprint of what you can be doing to continue growing your business into a success.

Over time, you’ll continue to grow your client or customer base while creating a profitable company that people love! 

Click here to schedule a 21 minute call to discuss business planning .

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How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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How to Create a Powerful 12 Month Vision for Your Business in 15 Minutes

Her Business

You get to create your life and business. It is within your power to be intentional about your business success by being deliberate and detailed about your vision.

You want to be able to relish your vision, sit in it, soak it in. Why? Because everything you do daily in your business, including the things that bore, overwhelm or irritate you, are in service of your vision. A strong, compelling, inspirational vision will pull you forwards.

Envisioning a new future may require a mind shift, to begin with. Your vision is more than a to-do list, more even than setting goals. It is about creating a big dream that pulls you forward.

Don’t worry if you don’t know how to get there. Thinking about getting there and how far we are from our goals is a great way to feel stuck or move backwards. So often get bogged down with the day-to-day and think like we’re not making meaningful progress. Instead, let’s focus on the word “vision” and precisely this idea of envisioning a new future. This idea of picturing what you want mentally is important because the vision starts much earlier than the practical strategies, plans, and actions.

Can you confidently and succinctly describe your 12-month vision?

When we asked women inside the HerBusiness community about their business visions, more than half had created a vision in the past but acknowledged it needed to be updated. Some women had a vision but hadn’t documented it. Some people, a tiny percentage, had a clear vision. Many had no clear vision.

We’re bombarded by this idea that we should have a really big vision, especially when we see people like Richard Branson and Oprah Winfrey changing the world. So we start to believe our vision needs to be that ambitious. But here’s the thing: if your vision is to help 100 people with Type 2 diabetes feel better about their health. Or, to help a thousand women to create a wardrobe full of clothes that they love, or to help 20 corporations overhaul their corporate identity, all of these are profound, beautiful visions. Even a vision of working less and spending more time on your hobby is a valid vision.

Creating a vision is about what’s right for you and what captures your heart’s desire.

Why do we create a 12-month vision, not a 5-year or lifetime vision for our business?

Whether you’re trying out a new business model, or you’re looking for more ideal clients, or you’re figuring out your marketing, you want a focused vision for your business. You may be tempted to go really, really big, but here’s what I know. I couldn’t see more than 12 months ahead in some years running my business. Some of us can’t even see a few weeks ahead.

Envisioning years and years ahead can be challenging because the world changes all the time. A few years ago, the phrase “Watching TikTok videos will entertain us during the COVID pandemic” would have meant nothing to us. What commonly understood terms will we be using in another two years that we have no idea about today?

In my first few years of business, the vision I had is markedly different from my vision today. This is why I recommend focusing on the next 12 months.

Let’s envision what your business looks like one year from now.

Why is YOU the most essential Growth Zone in your business?

When women join the HerBusiness network, they experience a 12-month cycle of working on different parts of their business, from being savvier in their marketing, finding the right technology to manage their processes, understanding how to build a team, and so on. We call each of these areas Growth Zones.

One Growth Zone is called the You Growth Zone. You are the most essential part of your business. Your mindset, vision, and confidence are integral to having a successful business. I tell you this because vision is part of the You Growth Zone and is core to taking care of you. It helps you design a business you love.

What do you want? What is ideal for you? And what is your 12-month vision?

Where do you want your business to be in 12-months’ time – even if you don’t yet know how you’re going to get there? If nothing that’s happened up until now mattered to the future of your business, how would your business look 12 months from now?

In 2019, I envisioned spending 10 weeks in New York City with my partner, PJ. I’d had this dream for many, many years, and I decided 2019 would be the year we were going to make it happen. Although, I admit I was scared to create this vision because I knew it would take a hell of a lot of work to get there.

I knew there’d be planning. We’d have to upgrade our technology. We’d have to manage the logistics far away and in different time zones. And what about the team? What promotions could we reasonably execute? It turned out to be one of the most rewarding, exciting experiences of my life. And it started as a vision.

HerBusiness member, Chantel Gilbert , built Bluegum Electrical Solutions from scratch with her husband Josh. They provide quality electrical services to customers in regional Victoria. They’ve helped hundreds of local families enhance their homes and businesses with electrical upgrades.

A couple of years ago, Chantel’s vision was to get a third van on the road. You might think that’s an oddly specific 12-month vision, but she knew if they had a third van, Josh could get off the tools a bit, she could step into the operations manager role, and they could afford to increase their staff.

A couple of years later, their revenue has climbed to almost $2 million. Chantel is super clear on her vision.

Fiona Keary created The Style Liberation , helping women put together a wardrobe full of clothes they love. Her 12-month vision is focused on bringing new members to her Super Stylers Program – an online membership community that helps coach and support women to look and feel fabulous.

Amanda Farmer of Your Strata Property helps property owners demystify the legal complexities of apartment living. She created a vision of more than 30% of her income coming from non-face-to-face legal services. Today more than 50% of her income comes from non-face-to-face services such as the power of creating a vision.

Your business activity might change every year; the world certainly has over the last 12 months.

How Do YOU Create a 12-Month Vision for My Business?

You can create a 12-month vision for you and your business in just 15 minutes.

• Find a quiet space and PAUSE . Block off the time and place to sit and REFLECT .
• What big change would make your business more ideal for you?
• What could revolutionise your business?
• What do you want MORE of in your business?
• What do you want LESS of?
• Setting a monetary target, e.g., increasing profit by $50,000 in 12 months.
• Building your customer base, e.g., increasing your membership group by 100 new people or growing your email list by 1,000.
• Stepping out of day-to-day operations, e.g., hiring a manager or a virtual staff member
• Scaling up, e.g., moving from 1:1 coaching or professional services to 1:many workshops, online courses or mentoring
• Expanding your business, e.g., taking your offline business online
• You might be part of a networking group. Be sure to share your goals in a supportive environment (Inside of HerBusiness, we call this the “Lift Up” move – where your wins can be shared and supported).
• You may have close friends with similar aspirations – make time to share your goals with them.
• You may be part of the HerBusiness Network with all its support and connections (If you’re not, request an invitation).
• Writing down your vision is the first step to making it real.
• Sharing your 12-month vision will declare your intention and draw support and energy towards you.
• Reward yourself along the way for each micro-win to keep you motivated and focused.

Create a vision so strong, specific and compelling that you can’t help being pulled forward into an inspiring and exciting new future.

A 12-month vision, when realised, can revolutionise your business and take you to the next level.

Remember, it starts with you.

If you would like to experience the same level of support and connection as so many of our HerBusiness Network members, then head over to herbusinessnetwork.com and put your name down on the waitlist to join us when the doors are next open .

About the Author

Hi there. I’m Suzi Dafnis, CEO at HerBusiness. My BIG passion is helping women business owners to grow and scale their business, so that they can create their ideal lifestyle and make a difference in the world. Every day I am inspired by the more than 30,000 amazing women (and...

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12-Month “Simple” Business Plan  

The simplest business plan you’ll ever create for your business.

We focus on Revenue, Profit and employees for this exercise, as these are the baseline numbers for most businesses. The figures for this exercise don’t have to be exact and precise, they just have to be reasonable. 

Step 1. Goals―5 Years 

• What are your financial Goals for the business in 5 years’ time? 
• If you haven’t thought this far forward, you don’t know your “destination”. 
• Without a destination, how can you know if you heading in the right direction?  _______________________________________________

Step 2. Goals―3 Years 

To be on track for your 5-year Goals, where do you need to be in 3 years?  _______________________________________________

Step 3. Goals―12 Months 

To be on track for your 3 (and 5-year) Goals, where do you need to be in 12 months’ time? Come up with a reasonable figure based on your ambitions and the best information currently available. You need to start being more specific as the time frame is much shorter.  _______________________________________________

Step 4. Goals―9 Months 

To achieve your 12-month Goals, where do you need to be by 9 months? Consider the impact of seasonality and “momentum” and all other factors known at this time.  _______________________________________________

Step 5. Goals―6 Months 

To achieve your 9-month Goals, where do you need to be by 6 months? This is the half way point. What is realistic and achievable and will keep you firmly on track for achieving your 9- month figures?  _______________________________________________

Step 6. Goals―Where are we now? 

To achieve your 6-month Goals, where do you need to be in 90 days’ time? Take into account all known factors known at this time. How you start is all-important, so stretch yourself while being realistic. These figures need to be quite specific and remember there is only so much you can do in 3 months?  _______________________________________________

Step 7. Goals―Where are we now? 

This will give you an indication of how reasonable your plan is. Don’t be put off by setting your goals too high in the long run, just be realistic in the short term. After all, if you aim for the stars and reach the moon then you have still made a major leap forward.  _______________________________________________

Please complete the form below, if you would like to gain access to the full business and marketing plan interactive document.

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Goal Setting Guide

Your 12-month success plan.

In a moment I am going to invite you to map out the next 12 months of your life and business.  This is one of the most important and powerful things you can do to increase profit and enjoy a life that you love – one that is balanced and that honors both business and personal needs.  We will be planning time for  “free days” ,  “work days” , and  “working on your business – or strategy days” .  

Michael Gerber  introduced a very important time management concept in his popular book,  “The E-Myth Revisited – Why Most Small Businesses Don’t Work and What To Do About It” .  Mr. Gerber explained the importance of  “working on your business” versus  “working in your business” .  

One of my strengths as a coach is supporting people who get so caught up in the day-to-day that they fail to be strategic and effective enough in developing their business or life to its true potential.  There is a key distinction between working  “in” your business and working  “on”  your business.  Working  “in”  your business or  “in”  your life is what most people do most of the time: returning phone calls and e-mails, making sales calls, taking out the trash, feeding the cat, etc.  

Working  “on ” your business or  “on”  your life are those things like working with a coach, creating a 5-year strategic plan, systematically evaluating your current strategies, setting goals for the day or the week, participating in a workshop, reading a book that increases your knowledge in a useful area, etc.  Planning your 12-month calendar is a  “working on”  your business and life activity.  These types of activities are usually not urgent, but are very important.  In fact, these activities are usually the most important factors of success.  They are too often neglected because the urgent (and often not important) activities dominate our schedules.  Spending more time working  “on”   your business and  “on”   your life will increase your overall effectiveness dramatically. 

PLAN YOUR 12 MONTH CALENDAR

Step 1  – Schedule a block of time to plan the next 12 months.  This project will take at least a couple of hours, not counting the errand to pick up supplies.

Step 2  – Go down to Office Max, Staples, or your local office supply store and pick up a 12 month  “at a glance”  calendar.  Mine is 16″ x 12″, which seems to be a good size.  You may need to purchase two – one for the rest of 2009 and one for 2010.  If you get the dry erase type of calendar, then also pick up at least 3 colors of dry erase markers.  If you get a regular paper calendar, then pick up some little sticky circles (dots) of at least 3 colors.

Step 3  – Decide how long you want your weekends to be, and what days of the week you will take as your  “Free Days” .  Personally, I take 3-day weekends (Friday through Sunday).  You might prefer to take 2-day weekends, or 3-day weekends (Saturday through Monday).  It’s up to you.  What do you want?

____________

Step 4  – Decide how many vacations you would like to take and for how long.  Personally, I am taking 14 weeks vacation during the next 12 months.  What would you like to take?  ____________

Step 5  – Decide how many  “Strategy Days”  per month you would like to be working on your business vs. in your business.  I recommend at least 4 days per month, or 1 day per week.  Your Goal ___________

Step 6  – Choose a color for each of the following categories:

1.   “Free Day”  = vacation day, weekend, personal day, family day, goof-off day, get personal stuff done day, etc.  Color: _______

2.   “Business Day”  = working in your business day, seeing clients, the day-to-day of running your business.  Color: ________

3.   “Strategy Day”  = working on your business day, these are days for doing all the important but not urgent things like planning,         strategizing, marketing, personal and professional development,  “sharpening the saw” , etc.  Color: _______

4.  You might have an additional category that is unique to your business and life.  Color: _______

Step 7  – First, go through and put in the  “Free Days”  by marking those days with the color you have chosen for this purpose.  Most people do this in the opposite order: first they put in their work days, then they try to fit in everything else with what’s left over.  You are going to reverse this process.  First, put in your  “Free Days” , then put in your  “Strategy Days” , then put in your  “Business Days” .  Again, do it in this order – 1) Free Days; 2) Strategy Days; 3) Business Days.

Step 8  – Once you have mapped out your year and you feel satisfied with your plan, I invite you to make the following three commitments:

  1.  Commit to fulfilling your  “Free Days”  with satisfying personal activities.

  2.  Commit to working your your business during  “Strategic Days”  to increase your profitability.

  3.   Commit to making your business successful within the time frame that you have allotted for working.

WORKING HOURS

The one piece we have left out is what your  “start”  and  “stop”  time will be for your  “Strategy”  and  “Working”  days.

Step 1  – What would you like your working yours to be?  Write down your intended “Start” and “Stop” times here:

  1.  Start: _________

  2.  Stop: ________ _

Step 2  – What would you need to take care of in order to consistently follow through on your intended start and stop times?

Step 3  – Now, I invite you to make a commitment to yourself to start and stop on the schedule you have created for yourself.

Enjoy our 12-month planning process.  It can be fun.

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Online marketing consultant, your 12 month marketing plan template – and example.

January 11, 2019 By Kellie O'Brien 6 Comments

January is the time of year when many of my long-term clients request a session on planning a 12 month marketing plan so we can clearly see where we’re going for the year ahead. I’ve completed so many lately I thought it was worth compiling some of the top questions that stem from those sessions into this post in the hope it helps you too.

But I want you to know that you don’t need to wait till January to start a 12 month plan. It can happen any time of year – from the beginning of a fiscal or financial year to the start of a new business project.

Either way, the  12 month marketing plan template and example I’m going to share with you will guide you on what you need to achieve in to arrive at where you want to be in one year.

I’ve spoken previously about creating a template aimed at public relations campaigns, I’ve also created a seasonal marketing calendar  to help with monthly marketing themes to help inspire content through evergreen events to fill your plans. But what about the framework for a one page marketing plan? Where do you start?

You want something that avoids pushing you into overwhelm and frustration.

What is a 12 Month Marketing Plan?

We’ve all heard the saying before: “if you fail to plan, you plan to fail”.

Some research suggests those who plan double their chance at success. Maybe you’ve experienced that yourself, where a little bit of planning has gone a long way towards achieving a goal you’ve set yourself. The reason is often that we’ve given ourselves specific steps towards a specific outcome within a defined period of time.

A 12 month marketing plan is really a marketing strategy with a schedule of marketing activities to provide you with a high level view of where you’d like to be and how you’re going to get there.

It’s the opportunity to take a holistic look at your marketing for the coming year and understand where you want it to lead you. What do you want to create in your business? What are the steps required to get there?

Creating a marketing plan allows you to reverse engineer the entire process and will help define your quarterly and monthly marketing plans that ensure you implement. You know that saying about “eating an elephant”…

So you end up with a holistic view of your marketing in a 12-month format, which can then be broken down into more achievable goals and action steps per quarter, month and week.

Often, the big problem with creating an annual marketing calendar is that people get discouraged not too long into the plan because it all feels too overwhelming. In her book Grit: The Power of Passion and Perseverance, Angela Duckworth says: “Enthusiasm is common. Endurance is rare”.

To avoid that, download this 12 month marketing planner . This is a plan I’ve been using annually since the early days of my business.

What to Include In Your Marketing Plan

Knowing what to include in your 12-month marketing plan can be daunting.

There are some key topics that need to be highlighted BEFORE you even begin to map out your one-year marketing plan, including:

• What you learnt from the previous 12 months – what will you take into the new year and what will you leave behind
• What are your financial goals for the year that tie into the vision and mission for your business
• Key products and what ratio of profit they create
• What ideal client the products are aimed at
• Whether there will be launches for them (and when that will be) or if there will be  evergreen campaigns (and the strategy for consistency)
• The pathway that moves them from awareness to investing with you
• Auditing the assets you already have to discover future opportunities
• Forecast your numbers – how many impressions from your brand awareness campaigns, how many leads generated, how many sales conversations booked and how many conversions you need to achieve your overall financial goal

Using the free marketing plan template

To avoid starting from scratch and tip you into overwhelm, I’ve created a free marketing strategy template for you to download and instructions on how best to use it to make this as simple and easeful as possible. You can download that here.

Review your year by plotting out the highlights from each month

What did you have to celebrate month by month in 2020? You’ll be surprised at just how much you’ve actually achieved.

What worked from the previous 12 months that you want to continue?

And, likewise, ask what didn’t work that you want to stop doing? When I work with a client, we dive deep into this area because often this is where the gold is hidden that holds clues for what you need to do to achieve your goals the following year. In this version at least, you need to take a look at the things that generated leads and sales. Then look for the clues for leverage.

What were the biggest lessons you learned?

Often, we’ve given some challenges throughout our year and these are sometimes blessings in disguise. There are things we’re taught that help us grow. What were they for you? How will you use this information going into a new year or a new 12-month plan?

What seeds did you plant this year that are ready to come to life next year?

This is one of my favourite questions, because often the work I do with clients is creating a holistic strategy and then putting in place the systems to allow that strategy to come to life. Some systems don’t happen overnight and we can get impatient waiting for them to yield results. But there’s no greater feeling than going into a new year (calendar or financial) with all those systems in place and knowing they’re ready to start revealing results for you.

Next, it’s time to step into the year ahead. Diving deeper with the template and workbook here will help a lot when you reach this point, but some simple questions to ask yourself…

What are your financial goals for the coming 12 months?

Take a look at what you achieved during the past 12 months and choose something that’s going to see your business grow and stretch you, but isn’t so big that you’ll become discouraged part-way through the year.

List out all the products, programs and offers

Make a list of all the products programs and offers you have and determine what ratio of profit they created during the past 12 months.

This is often an eye-opener to what you might want to let go of and, equally, where you might want to put some more marketing effort into because it’s yielding good results with little effort.

If you decide you want them part of your goals for the coming 12 months, then you need to ensure you’re clear on who they’re for , whether there’ll be launches for them (and when that will be) or if there’ll be evergreen (and the strategy for consistency).

This is also a chance to think about at a time plan for further projects.

One thing to always focus on when it comes to product development, is knowing the value proposition of a product . If you can’t clearly articulate what the value of your product or program is to your ideal client, then the chances of selling it will be difficult.

What is the pathway that moves your ideal client from awareness to investing in these programs?

This is often a missing piece in many marketing plans. If you don’t understand WHERE your marketing is leading people, then you’re really causing noise in the market with little return.

We want to create purposeful marketing and the way to do that is to be clear on the messages and platforms on the front end and who you’re targeting, followed by understanding the pathway that allows them to move from awareness to investment. Learn more about soulful sales funnels .

Audit the assets you already have to discover future opportunities

This isn’t just a yearly task, but something I do regularly with new clients. In fact, the past month alone I’ve done four audits of sales funnels and marketing strategies.

We often have so many opportunities in our business that get overlooked, whether that’s a blog post that’s gaining organic traffic but doesn’t have an opt-in offer on it or a successful opt-in that doesn’t go further than a welcome email. These are opportunities to be leveraged.

Forecast your numbers for the coming year

You want to understand:

• How many impressions from your brand awareness campaigns do you need to gain,
• how many leads will you generate,
• how many sales conversations do you need to have booked and
• how many conversions do you need to achieve your overall financial goal you originally set

Next, plot out the tasks for the coming year. Think about what you want the highlights to be for the next 12 months that you’ll be able to celebrate this time next year.

In the next part, I’ll share an example of my plan .

A 12 Month Marketing Plan Example

I want to give you an example of an annual marketing plan and what it might look like. Due to privacy with my clients, I can’t share one of theirs but I do want to show you a real life example. So I’m sharing mine for 2021.

Before I do, here’s a quick snapshot of my review…

I identified that my biggest revenue providers were my masterminds and 1:1 coaching and consulting clients. I gain digital sales throughout the year, but they don’t compare to the higher touch offers. The energy to launch lower priced offers isn’t worth it for me, particularly when my business isn’t built around high volume low touch, so these remain evergreen.

Each of my products already have soulful sales funnels attached to them, but auditing each of them provided some new opportunities and areas for improvement.

And now for my one page marketing plan example:

As you can see from my marketing plan, it includes:

• The Promotions in green
• The Delivery of those programs in pink (although I’ve actually excluded it from this example)
• Audience Build in blue is the final part so my email list is always growing

I include in there my regular marketing activities:

• Power posts – or epic blog posts . These are generally more than 1500 words long – like this one! The aim is to build organic traffic, build my email list (so it’s usually attached to the “Audience Build” activity) and connect with my audience.
• Videos , which this year will be more tightly linked to the blog post I’m writing, but will also be leveraged across Youtube, Facebook and LinkedIn.
• A weekly eNewsletters to help continue to build relationships with my list
• Facebook ads to grow my list so I have someone to send my eNewsletter to!! Although, more of my focus lately has been on retargeting ads to bring people already familiar with me back to my site.

These are the things I commit to being regular with.

Next, I’ll look at how many sales I’ll require that month to reach my overall financial goal and how many discovery calls are needed to reach those sales. If you’re unsure of your marketing activities, starting with this step first can help.

It’s not in this version, but it’s also wise to add in your budget for each month too if you’re needing to print marketing material, sponsor events or run advertising campaigns.

One of the beauties of laying out your 12 month marketing plan like this is that it prevents you from over promoting to your email list. One of the challenges I had earlier in my business life was that I was promoting back to back and wearing my email list out.

I see this a lot in my own inbox now, with some entrepreneurs and small businesses always in promo mode or even promoting two things at once – which is never smart. You simply confuse your audience and they end up buying nothing.

You can also more easily see what budget is required depending on when and what you’re promoting throughout the year.

The other thing to consider is that your plan will look very different to the next business . For example, one of my real estate agent clients has an extensive marketing calendar that takes in many varied strategies and multiple budgeting needs, while one of my health coaches has a simple 3-channel approach. Do what makes the most sense to you, your business and your ideal client.

Marketing Activities For Your Annual Plan

Still unsure exactly what YOU should be putting into YOUR plan?

If you’re just starting out in business or really unclear on where your ideal client is “hanging out” to know where to market, pause to spend some time interviewing your ideal client. Learn more about ideal clients here .

In the meantime, here are some strategies you might want to explore further:

• Content creation strategies
• Social media strategies
• PR strategies
• Referral strategies
• Collaboration strategies
• Public speaking strategies
• Advertising strategies
• Online marketing strategies
• In-person networking and events strategies
• Direct mail strategies

Many of these topics I talk about on this blog to help get you started.

Working Your Plan into 90-day Marketing Strategies

When I create a 90-day marketing plan, it’s this map that I look back to and the questions that ensure I stay in alignment all year round and don’t end up with bright shiny object syndrome – that is, that I go off following all the latest marketing fads. This has long been a weakness for me and I’m well aware of it, so I put things in place to ensure I can use my creativity without going too far off track.

Download a copy of your marketing plan so you can ensure you have a clear path to follow this year and create your best year yet.

If you’d like to book a 1.5-hour session to create either your 12-month plan and 90-day marketing plan, please reach out .

Building in a Celebration Plan

Yes, you need to build a celebration plan alongside your marketing plan. Why? Because otherwise you never stop to fully appreciate all you achieve. Women, in particular, are notorious for not pausing and taking stock. We tend to just keep going and this is where we end up burning out, losing momentum or resenting our businesses.

Your celebration can be as big or small as you want. Mine are often booking a facial, buying a book or even planning and taking a mini holiday.

When it comes to celebrating, you need to be checking in EACH week. You’ll have at least something you can celebrate each week and this is important to do. Find a mastermind group to ensure you do celebrate weekly, along with setting a goal you can work towards and use the group to hold you accountable to.

If you’re not part of a mastermind , take a look at what it’s like inside a women’s online mastermind group .

And make sure to download your 12 month marketing plan to start – and the continue – 2021 strong!

[…] how much you want your business to make in the next 12 months and/or 90 […]

[…] it comes to marketing strategy, many clients haven't previously had one. They tend to make things up as they go along and never […]

[…] that you can't work with a single man. What we're trying to achieve here is that when we get to the marketing part, we have a clear picture in our head of who it is we're writing copy for. This will shift you from […]

[…] that you can't work with a single man. What we're trying to achieve here is that when we get to the marketing part, we have a clear picture in our head of who it is we're writing copy […]

[…] are you feeling about what you’ll be achieving? I’ve talked a lot about  planning and goals, but at some point you have to take ACTION. Otherwise, we end up with virtual shelves full of half […]

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What is a 12 Month Rolling Trend?

I n my blog post How Do You Measure Success , I wrote about the need to pick key business indicators that show important elements of the state of your organization. Once these key indicators are selected, the next question that needs to be answered is; “How will we report and view this key indicator?” A really good answer to this question is a Rolling 12 Month Trend report.

A Rolling 12 Month Trend report does not sound too exciting but it is a valuable tool for any organization to use to track its progress and to show trends. Essentially, it is a report that uses the running total of the values of last 12 months of an indicator. Each month, the indicator that is 13 months old is dropped from the total and the new month’s indicator value is added.

Why use this trend report rather than looking at the actual values? Well, the actual values are important for many reasons but they do not show any trends that can point to growth, flattening or decline.

Take the following chart for an example. This chart shows actual monthly indicator values over the last 8 years (the example shows revenue but it could be for any data type). Although you can see the data is choppy, it is hard to pick out any trends in where the data is going.

The chart below shows exactly the same data but this time in a Rolling 12 Month Trend report format.

Now you can easily see where your monthly key indicator is climbing (a good thing in the case of revenue) or going sideways or falling (both really bad things for revenue).

Building your key indicators into the proper report formats is critical to understanding and running your organization. Note that the indicators and reports are not something that you get correct the first try and then never change. This is something that you should always be reviewing, questioning and tweaking as your organization adapts to the continuously changing market conditions.

Download the 12 Month Moving Average Excel template from the Business Tools page . Take this Excel Workbook and modify it to fit your reporting needs.

Please note: I reserve the right to delete comments that are offensive or off-topic.

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3 thoughts on “ What is a 12 Month Rolling Trend? ”

• Pingback: Colorado Real Estate Sales | Dollar Volume | Fort Collins, Boulder, Loveland and Region

Nice explanation, especially the example! I have a related question. Which term would you prefer in a Dashboard? Rolling 12 Months or Moving Annual Total (R12M or MAT)? I see lots of BI books using the abbreviation MAT. Personally, I prefer R12M. Wondering what your thoughts are. Thanks!

Thanks for your question . . . I don’t have a preference for what the report is called, although R12M sounds pretty cool! The important thing is to apply it to your data and leverage this with your other indicators to identify trends and then make adjustments to your business accordingly.

• Business Innovation

February 20

0  comments

Boost Your Business: 12 Month Growth Strategy Plan

By   Alex

February 20, 2024

As a business owner, you understand the importance of growth and setting strategic goals. This practical guide will provide you with a 12-month growth strategy plan to take your business from good to great. It will help you outline the necessary steps for each quarter, ensuring that you are focused on growth and not just survival. By following this guide and making necessary adjustments along the way, you can achieve the growth you desire for your business.

Key Takeaways:

• Implementing a 12-month growth strategy plan is crucial for long-term business success .
• Setting strategic goals and outlining the necessary steps for each quarter keeps your business focused on growth.
• Regularly reviewing and adjusting your growth plan ensures that you stay on track and achieve desired results.
• Building strong relationships, optimizing your online presence , and leveraging social media are key elements of a successful growth strategy .
• Expressing gratitude to your customers fosters loyalty and can drive further business growth.

Setting the Foundation for Growth – January

In January, it is crucial to set the foundation for growth. Start by creating a comprehensive contact list that includes existing and potential customers. This list will serve as the basis for your marketing efforts.

Additionally, review your online presence , including your social media profiles and website. Ensure that they are engaging, professional, and up-to-date to reflect well on your business and attract potential customers.

By focusing on building a strong contact list and enhancing your online presence , you lay the groundwork for success in the coming months. These actions will allow you to reach a wider audience, build trust, and establish credibility in your industry.

Remember, a robust contact list and a captivating online presence are crucial components of your growth strategy. They provide the means to connect with your target audience and showcase the value of your products or services.

So, take the time this January to put in the effort and set yourself up for growth in the year ahead. By investing in your contact list and online presence, you are taking essential steps towards achieving your business goals and elevating your brand.

Nurturing Relationships and Building Credibility – February

In February, focus on nurturing relationships and building credibility to create a strong foundation for your business growth. Implementing the following strategies will help you establish trust with your audience and attract new customers:

Launch a Monthly Online Newsletter

Keep your contacts informed and engaged by launching a monthly online newsletter. Craft compelling content that provides value to your readers, such as industry insights, exclusive promotions, and helpful tips. Use email marketing tools to automate the process and ensure consistent delivery. Offer incentives, such as discounts or free resources, to encourage readers to stay on your mailing list.

Address Website Updates

Regularly updating your website is crucial to maintaining user-friendliness and generating leads. Review your website’s design, functionality, and content to ensure a seamless user experience. Optimize your site for mobile devices and incorporate clear calls-to-action to guide visitors towards taking desired actions. Continuously monitor and improve your website’s performance to enhance credibility and attract potential customers.

Research Charitable Organizations

Partnering with charitable organizations can be a powerful way to build credibility and contribute to meaningful causes. Research and identify charitable organizations that align with your business values and goals. Evaluate their impact and reputation to ensure a mutually beneficial partnership. Engage in philanthropic initiatives that resonate with your target audience to enhance your brand’s image and connect with customers who share similar values.

Consider Holiday Promotions on Social Media

Leverage the holiday season to attract new customers and increase your online engagement . Craft compelling promotions tailored to the specific holidays during February. Use your social media channels to promote these offers and encourage shares and engagement from your followers. Showcase your holiday-themed products or services creatively to stand out and capture the attention of potential customers.

Implementing these strategies in February will help you nurture relationships with your target audience and build credibility for your business. By providing valuable content, updating your website, partnering with charitable organizations , and running holiday promotions , you’ll create a positive impression in the minds of potential customers and set the stage for long-term growth.

Leveraging Social Media and Encouraging Referrals – March

In March, take advantage of the power of social media to drive engagement and fuel business growth. By strategically scheduling social media content posts , you can optimize your reach and connect with your target audience.

Create a content calendar that includes relevant holidays and occasions for the month. Craft valuable and informative posts that resonate with your audience, offering tips, insights, and relevant industry news.

Remember to encourage customer referrals as well. Implementing a formal referral program that rewards customers for bringing in new business can be highly effective. By incentivizing referrals , you can tap into your existing customer base and leverage their networks to expand your reach.

Building an online community is vital for establishing strong relationships with your customers. Engage with your audience through comments, likes, and shares. Respond to their inquiries promptly and provide helpful information to deepen their connection with your brand.

• Develop a social media strategy that aligns with your business goals and target audience.
• Explore different platforms and identify the ones that are most relevant to your industry and customer base.
• Consistently post valuable content that resonates with your audience and showcases your expertise.
• Engage with your followers by responding to comments, initiating conversations, and participating in relevant discussions.
• Monitor and analyze your social media metrics to evaluate the effectiveness of your campaigns and make data-driven decisions.

Remember, social media is not just about self-promotion. It’s about building relationships, providing value, and fostering a sense of community.

By leveraging social media and encouraging referrals , you can enhance online engagement , strengthen relationships with your customers, and increase brand awareness. Stay consistent, be authentic, and strive to provide value with every interaction. March is the perfect time to boost your online presence and set the stage for continued growth in the coming months.

Building Brand Awareness and Optimizing Online Presence – April

In April, it’s time to focus on building brand awareness and optimizing your online presence to attract more customers and increase your visibility. By implementing effective strategies, you can take your business to new heights and connect with your target audience. Let’s dive into the key areas that require your attention this month.

1. Monthly Newsletter

Your monthly newsletter is a powerful tool for keeping your customers informed and engaged. Design and send a captivating newsletter that includes promotions, updates, and valuable information relevant to your customers’ needs and interests. This will help you stay top of mind and encourage repeat business. Don’t forget to include eye-catching visuals and compelling content to make your newsletter stand out.

2. Social Media Strategy

Social media platforms are essential for building brand awareness and engaging with your audience. Review and improve your social media strategy by identifying the most effective platforms for your business. Focus on posting valuable and relevant content that resonates with your target audience. Experiment with different formats like videos, images, and infographics to capture their attention. Engage with your followers by responding to comments and messages promptly. This will help foster a sense of community and strengthen your brand’s online presence.

3. Google My Business Profile

Optimizing your Google My Business profile is crucial for local businesses looking to increase visibility and attract nearby customers. Ensure that your profile is complete and up-to-date with accurate information, including your address, phone number, business hours, and website URL. Encourage your satisfied customers to leave positive reviews, as they can greatly impact your online reputation. Regularly monitor and respond to reviews to show your commitment to customer satisfaction.

4. Event Planning

Planning an event can be an effective way to promote your brand and engage your audience in a meaningful way. Consider partnering with a charity or non-profit organization to host a joint event that aligns with your values and resonates with your target audience. This collaboration will help showcase your commitment to social responsibility and create a positive image for your brand. Incorporate your event details and updates in your newsletter and social media posts to generate excitement and encourage attendance.

Optimize your online presence and attract customers through event planning .

“Building brand awareness and optimizing your online presence are key to establishing your business in the market. With a compelling monthly newsletter , a thoughtfully designed social media strategy , an optimized Google My Business profile , and engaging events, you can make significant strides in growing your brand and attracting customers.”

By focusing on building brand awareness and optimizing your online presence this April, you can position your business for success and reach a wider audience. Implement these strategies with care, monitor their effectiveness, and make improvements as needed. Enjoy the process of connecting with your customers and growing your business!

Engaging Customers and Showcasing Success – May

May is an exciting month for your business, as it’s an opportunity to engage with your customers and showcase your success. Let’s explore some strategies that will help you make the most of this month.

Design and send your monthly newsletter

Your monthly newsletter is a powerful tool for keeping your customers informed and engaged. In May’s newsletter, highlight the latest promotions and offers, and don’t forget to encourage sign-ups for your referral program. This will not only keep your customers updated but also help you generate new leads.

Host an event with your partner charity

One way to engage with your customers and give back to the community is by hosting an event with your partner charity. Personally invite your Platinum clients to attend and make it a memorable experience for everyone. This event will not only strengthen your customer relationships but also showcase your commitment to social responsibility.

Remember to share photos of the event on social media and in your newsletter. Highlight how this collaboration has benefited the charity and your business. This will not only create a positive image for your brand but also inspire others to get involved.

With a successful event, you can further strengthen customer relationships and promote your brand.

By engaging with your customers and showcasing your success in May, you’ll be on track to achieve your growth goals and build a loyal customer base. Stay tuned for our next section, where we’ll explore strategies for continued customer engagement and expressing gratitude in June.

Continued Engagement and Expressing Gratitude – June

In June, it’s essential to maintain customer engagement and show appreciation for their loyalty. Keep your customers informed and excited by designing and sending out your monthly newsletter. Make it even more enticing by offering an exclusive discount or a small giveaway to recipients. This creates a sense of exclusivity and encourages customers to continue their engagement with your brand.

Don’t forget about your social media presence! Use this platform to connect with your audience on a deeper level. Share industry insights, behind-the-scenes content, and tips to keep them engaged and interested in your brand. By providing valuable and relevant content, you can strengthen customer relationships and foster a sense of community.

“Engaging customers on social media is the key to building a strong brand and establishing long-lasting relationships.”

To express your gratitude to your loyal customers, consider sending personalized thank you cards or small appreciation gifts to those in your Loyalty Risk segment. This personal touch shows that you value their business and appreciate their support. Additionally, running a contest or social media game can generate excitement and reward one lucky customer with a significant prize. This not only creates a sense of fun but also encourages further engagement and brand loyalty.

Remember, the key to continued success is ongoing engagement and expressing gratitude to your customers. By implementing these strategies, you can foster strong customer relationships, increase brand loyalty, and drive business growth.

Continue Engaging Your Customers:

• Design and send your monthly newsletter with an exclusive discount or giveaway.
• Share industry insights and behind-the-scenes content on social media.
• Express gratitude to your Loyalty Risk clients through personalized thank you cards or small appreciation gifts.
• Consider running a contest or social media game to reward one lucky customer.

Leadership and Data-Driven Decision Making – July

In July, take your business to new heights by focusing on thought leadership and data-driven decision making . Strengthen your position as an industry expert and gain your audience’s trust by featuring insights and recommendations from a thought leader in your office in your monthly newsletter. Share valuable expertise that demonstrates your knowledge and positions your company as a trusted source of information.

To maximize your impact, continue refining your social media strategy. Identify the platforms that yield the highest engagement and tailor your content accordingly. Craft compelling posts that resonate with your target audience and encourage them to engage, share, and amplify your message.

But don’t stop there. Embrace the power of data-driven decision making . Analyze the outcomes of your marketing efforts and adjust your strategies accordingly. By leveraging data and analytics, you can make informed decisions that drive your business forward and help you achieve systematic growth.

Remember, success comes from staying ahead of the curve and making proactive choices. By being a thought leader, refining your social media strategy, and embracing data-driven decision making , you’ll pave the way for continued growth and cement your position as a leader in your industry.

• Feature insights and recommendations from a thought leader in your monthly newsletter.
• Refine your social media strategy to align with your target audience and maximize engagement.
• Embrace data-driven decision making by analyzing marketing outcomes and adjusting strategies accordingly.

A 12-month business plan is crucial for achieving long-term success and growth strategy. By setting clear goals and following a strategic plan, you can steer your business towards success and stay on track throughout the year. Building strong relationships, optimizing your online presence, leveraging social media, and expressing gratitude to your customers are key elements to drive business success .

Commitment and regular review of your progress are essential to unlock the full potential of your business. Stay dedicated to your growth plan and make adjustments along the way to ensure continuous improvement. With a well-executed 12-month business plan, you can achieve your desired level of success and watch your business flourish.

Remember, success doesn’t happen overnight. It requires consistent effort and a well-thought-out growth strategy. By prioritizing these strategies and aligning them with your business goals, you’ll be on the path to long-term success. Start implementing your 12-month business plan today and set yourself up for growth and prosperity.

What is a 12-month growth strategy plan?

A 12-month growth strategy plan is a comprehensive roadmap that outlines the steps and actions a business takes over the course of a year to achieve significant growth and success.

Why is setting the foundation for growth important in January?

Setting the foundation for growth in January is crucial because it allows businesses to start the year strong by creating a contact list, reviewing and updating their online presence, and ensuring they are well-positioned to attract and engage potential customers.

What should I focus on in February to nurture relationships and build credibility?

In February, you should focus on nurturing relationships and building credibility by launching a monthly online newsletter, updating your website, partnering with a charitable organization, and running promotions on social media to attract new customers.

How can I leverage social media and encourage referrals in March?

In March, you can leverage social media by scheduling content posts, offering valuable information to your audience, and implementing a formal referral program to encourage customers to bring in new business. This helps drive engagement, build an online community, and increase brand awareness.

What should I do in April to build brand awareness and optimize my online presence?

In April, you should design and send your monthly newsletter highlighting promotions, improve your social media strategy, optimize your Google My Business profile , and start planning an event with a partner charity to promote your brand and engage your audience.

How can I engage customers and showcase my success in May?

In May, you can engage customers and showcase your success by designing and sending your monthly newsletter with highlights of promotions and encouraging sign-ups for your referral program. You can also host an event with a partner charity , share photos on social media, and showcase how the event benefited both the charity and your business.

What actions should I take in June to continue customer engagement and express gratitude?

In June, continue customer engagement by designing and sending your monthly newsletter, offering exclusive discounts or giveaways. Engage your audience on social media with industry insights and behind-the-scenes content. Express gratitude to your loyal customers with personalized thank you cards or small appreciation gifts, and consider running a contest to reward one lucky customer.

How can I demonstrate thought leadership and make data-driven decisions in July?

In July, demonstrate thought leadership by featuring insights and recommendations from a thought leader in your monthly newsletter. Continue refining your social media strategy based on platform effectiveness, and make data-driven decisions by analyzing the outcomes of your marketing efforts and adjusting strategies accordingly.

Why is a 12-month growth strategy plan essential for business success?

A 12-month growth strategy plan is essential for business success because it provides a clear roadmap to achieve long-term growth. By setting goals, building relationships, optimizing online presence, leveraging social media, and making data-driven decisions, businesses can unlock their full potential and achieve their desired level of success.

Source Links

• https://www.louisianafcu.org/articles/12-months-of-business-growth
• https://www.groovehq.com/blog/12-month-growth-strategy
• https://www.linkedin.com/pulse/your-12-month-business-plan-josh-stone

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Our Startup’s 12-Month Growth Strategy

In this post, we reveal the steps we took to develop a growth strategy for the next 12 months of Groove

Alex Turnbull

9 Min read · 1873 shares

Until about six weeks ago, our startup has been in a constant scramble to keep up and get better. Here’s how we changed that…

That email led to the most significant strategic meeting our team has had in the lifetime of Groove.

Over the past couple of years, we’ve spent a lot of time with our heads down, focusing on putting out today’s fires and building whatever is necessary to keep the business running tomorrow.

But we haven’t, as a team, spent a lot of time talking about what happens beyond that.

We haven’t had a serious, organized discussion about 3, 6 and 12-month goals, strategic roadmaps and action plans to achieve those goals.

We’ve simply been too focused on today .

But finally, a few weeks ago, we had that discussion.

For four and a half hours, we brainstormed, challenged each other, and came up with the blueprint for how we’re going to achieve our 12-month goal.

In the interest of transparency, and because I think it can help other companies structure their own thinking about roadmapping, the email that resulted from that discussion is below.

There’s not much focus on specific tactics, to-do’s and processes; those are separate discussions, and we’ve got posts in the works about each of them. I will say this: in the six weeks since we’ve started executing on this plan, we’ve learned and matured significantly as a team, and the way we work now is very different to the way we worked even a couple of months ago.

With that said, below is a behind-the-scenes look at how we think about growth at Groove.

The below is taken from an internal email. It’s not “prettied up” or censored for the blog.

Over the past two years, we’ve gone from having nothing but a bare-bones prototype to becoming one of the fastest-growing startups in the customer support space.

We hit Product/Market Fit .

We have customers that love Groove.

And we’ve built the foundation for a brand that people are starting to notice.

We’ve done a lot of things right, and we’ve learned from that.

We’ve also done a lot of things wrong. And we’ve learned from that, too.

We have a massive opportunity in front of us. In a 2013 report, IDC estimated that there were close to 76 million SMB’s worldwide. Our own research suggests that many of them have not been able to find or afford the right customer support software. And that many of them are using products that they hate.

If we execute on our mission of helping as many of those companies succeed as we can, we’ll all win.

Over the next twelve months, our team’s long-view focus will be on a single goal: to have 5,000 paying customers using Groove.

To do that, our strategy will stand on three pillars:

The Three Pillars of Our Growth Strategy

1) leadership in the smb market.

We’ve gotten here by serving small businesses and entrepreneurs. Unlike some of our competitors, we’re not going to move upmarket. Our product, our blog and our other efforts have all helped SMB’s grow, and we’re going to keep doing that. As you’ll see below, we have plans to increase — by a huge margin — the amount of value we’re delivering to our community. Our mission is to become the preeminent resource for small businesses when it comes to support, growth and business strategy.

2) Building the Groove Brand

As we’ve seen many times in the SaaS space, a good product isn’t enough for long-term growth. We need to build a lasting brand that people love to do business with. We’ve begun to do that with the 100K blog, but there’s a lot of work left to be done.

3) Becoming Even More Data-Driven

There’s no doubt that collecting, analyzing and using the right data can help us make smarter business decisions about our time, our budget and our roadmap. We’ve seen it with our own successes. We need to do a better job of this. We need to get to a point where we can treat our efforts — marketing channels, product features, team hours and focus — as levers; when we push or pull one, we know what result to expect. We can’t depend on luck; this will be the only way to make our growth systematic.

What Are Our Biggest Concerns?

As we discuss and execute on our strategy, we can’t risk being blind to the risks and worries we have. It’s the only way to tackle them head on and ensure that they don’t hurt the business.

Building the Right Team

Are we doing everything that we can to put together the right mix of talent to take Groove to the next level? How can we hire the right employees as we grow ?

It’s not enough to be good marketers, developers, designers or support agents. We all need to think like startup CEO’s; the goals in this email — our business vision — needs to drive every work decision that any one of us makes. We’re all responsible for lighting the fires under our own asses.

Doing More Faster

To meet our goals, we need to be moving faster than we are. In order to do that, we’ll need to set more regular milestones and timelines to constantly be pushing forward and not get stuck working on any one thing. Moving forward, we’ll work together to set quarterly and monthly goals to keep us focused on the right tasks to progress toward our 12-month goal.

[Alex note: since we wrote this, we’ve developed an entirely new system of benchmarking and goal-setting (based on a system used at many successful companies) that has made a huge impact on our productivity and workflow. Excited to share more on this soon.]

Bugs and Infrastructure Debt

A good portion of our development week is spent squashing bugs. If we’re going to accept that this is going to be the case, I think we should realistically look at our resources and figure out how we can account for these resources being used.

In addition to bugs, we can’t seem to get over our infrastructure debt. With bugs and infrastructure stories like parsing etc. we can’t ever seem to get over the Next Up bucket in PT. This is unacceptable and we’ll never be able to grow if this continues.

[Alex note: since we wrote this, we’ve covered one of our solutions to this issue in this post about our bug report workflow .]

Estimations

We’ve been consistently off on our estimates of how long things will take. Most notably, Trends, Settings, Parsing etc. have all taken 3x longer than expected. In order for us to more accurately plan for future growth initiatives, we must get better at estimating releases. On that note, when we release features we need to make sure we’re not cleaning up that feature for days/weeks to follow.

[Alex note: the systems in the post I linked above have also helped us get better at estimating and planning.]

How We Plan to Accomplish Our Goals

Doubling down on blogging.

To date, our content efforts have driven more users than any other channel. We’re going to grow this through:

• Keyword research to better validate blog topics (especially for the new support blog)
• Launching a new, improved support blog in the next month
• Closely tracking blog metrics and movement of blog visitors through our funnels
• Publishing more guest blog posts on high-profile outside blogs

[Alex note: we’ve got two very exciting guest blog posts planned on sites that everyone reading this blog will recognize. The first drops on June 24th.]

Community Building & Online Engagement

While the community on our blog is incredibly active and engaged, we’re going to be doing more to build the Groove brand outside of our own web properties:

• Developing a data-driven social media strategy (which platforms are best for us?)
• Sourcing case studies from Groove customers to be published around the web
• Creating a community for entrepreneurs (and Groove customers)
• Building the relationships we need to get more high-profile customers using Groove

[Alex note: for the first time, we’ve developed a game plan around social. Follow us on Twitter for more in the next few days.]

Organic SEO

Through the blog, we’re already ranking for a number of competitive startup-focused keywords on Google. We’re going to be taking a more strategic approach to organic SEO by:

• Developing personas for customers who are closer to being ready to get value from Groove than the traffic we’re currently getting
• Doing keyword research to find out what those customers are searching for
• Building blog/webinar content and targeted landing pages specifically for those interests

[Alex note: to date, we’ve largely ignored SEO. While it’ll never change the way we write, it will help us figure out the best ways to add value in ways that more people are looking for.]

We’ve talked about this quite a bit, and it’s going to be a big focus for us moving forward. We need to build a more structured referral engine, whether we build it ourselves or use a turnkey solution.

[Alex note: we’ve written quite a bit about this in the last few weeks.]

Expanding Integration Partnerships

Our HipChat integration has been a big boost to Groove, both to our customer base and our brand. We should continue to build an ecosystem for companies to integrate with Groove, and to do that, we’ll need to launch a lot more integrations.

Part of that is on the development side. Part of it means building deep relationships with potential partners to help us spread the word when we launch the integrations.

Product Improvements

We’ve done a lot of great work to take the product from where it was two years ago to today. And I’m really proud of our team for that.

We all know that there’s a lot of work left to do to make Groove’s software the no-brainer best option for SMB’s .

To do that, we’ll:

• Invest resources into strengthening the core infrastructure of Groove to minimize bugs, performance lags and regression issues.
• Rewrite the Knowledge Base app so that it becomes good enough to be a standalone
• Fix Live Chat bugs to make the experience better
• Make the transition from other helpdesks to Groove more seamless
• Put more “polish” on the app to make it more fun to use (a la Slack, MailChimp, etc…)

As a team, we also need to do a better job setting realistic expectations for development timelines. This will help us set better goals and have more wins, rather than spend our time playing catch-up.

[Alex note: we’ve got a lot to do here, and will keep our development team incredibly busy. More on our plans for this coming soon.]

Driving Paid Traffic

While it won’t be our primary strategy, we’ll test driving paid traffic to support our other efforts, including:

• Retargeting
• Pay Per Click on Google, Facebook, LinkedIn, Outbrain
• Native Ads elsewhere

[Alex note: we’ve tested some paid traffic in the past, but weren’t impressed with the results. We’ll revisit this more strategically and see how it goes, though I doubt it’ll ever become a cornerstone of our business; organic traffic has been exponentially more valuable to us.]

Improving the Marketing Site

Our marketing site converts, but it can convert much, much better. Over the next twelve months, we’re going to be:

• Testing all major elements of the page
• Testing more video content
• Building case study videos
• Creating more targeted landing pages that are vertical-specific, content-specific and partner-specific
• Improving our feature tour
• Doing SEO keyword research to optimize our copy

[Alex note: Our redesign made a big difference, but there’s much more to do. Expect to read a lot about this on the blog.]

Better Lead Nurturing

With more than 10,000 blog subscribers, among thousands of other email addresses, we have a lot of qualified leads, and we haven’t been doing a whole lot to nurture them. To change that, we’ll be:

• Implementing drip campaigns for new subscribers that drive them toward signup
• Creating more “middle-of-the-funnel” content for qualified leads

[Alex note: we’re not going to start selling here, or to our blog list. But we will be exploring ways to ensure that when people are ready, they know exactly where and how they can sign up for Groove.]

It sounds cliche, but this is an exciting time at Groove.

We’ve turned down multiple acquisition offers.

Our valuation has continued to rise dramatically.

We truly are on the verge of “breaking out” as a major player in the SaaS support space, and we’re all poised to benefit from that.

What we need to do to accomplish it is keep our eyes focused on the next big goal: 5,000 paid companies.

In the coming days, we’ll work together to set monthly and quarterly milestones that we can work towards to ensure our success.

We’ll start executing on these strategies.

We’ll track and test everything.

And together, we’ll win.

What Happens Next?

Clearly, we’ve got a lot of work to do.

We’ve gotten started on breaking much of this strategy into individual and team action items, and building more granular tactical plans for executing, tracking and testing every element of our strategy.

Things are going well, and the team is excited to have a single, focused vision to drive toward, rather than what felt like an infinite scramble.

I can’t wait to see what this effort brings.

In the meantime, my goal in sharing this was to get you thinking about your own business goals, and how you can accomplish them strategically and systematically.

Of course, feel free to copy any of the content above for your own plan. I hope it’s as useful for you as it has been for us.

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How to Calculate a 12-Month Rolling Average

by Bryan Keythman

Published on 21 Nov 2018

A regular 12-month average reduces a year of monthly figures into a single average number. A 12-month rolling average, or moving average, is simply a series of 12-month averages over multiple consecutive 12-month periods. This statistical tool can help you gauge the overall direction of a series of monthly data, because it smooths out the effects of month-to-month changes. You can use a 12-month rolling average to analyze almost any type of monthly numbers, such as revenues, profits, stock prices or account balances.

Step One: Gather the Monthly Data 

Gather the monthly data for which you want to calculate a 12-month rolling average. You need at least 13 consecutive months of information, but the more you have, the more useful the rolling average will be. For example, let's assume you want to calculate a 12-month rolling average for the following 14 months of sales:

• January 2017: $50,000
• February 2017: $55,000
• March 2017: $60,000
• April 2017: $65,000
• May 2017: $70,000
• June 2017: $75,000
• July 2017: $72,000
• August 2017: $70,000
• September 2017: $68,000
• October 2017: $71,000
• November 2017: $76,000
• December 2017: $85,000
• January 2018: $73,000
• February 2018: $67,000

Step Two: Add the 12 Oldest Figures 

Add the monthly values of the oldest 12-month period. So, in the example, you would add the monthly sales figures from January through December 2017:

$50,000 + $55,000 + $60,000 + $65,000 + $70,000 + $75,000 + $72,000 + $70,000 + $68,000 + $71,000 + $76,000 + $85,000 = $817,000

Step Three: Find the Average

Divide your result by 12 to calculate the average monthly figure for the oldest 12-month period. This represents the first rolling average.

In this example, divide $817,000 by 12: $817,000 / 12 months = $68,083 for the first rolling average

Step Four: Repeat for the Next 12-Month Block

Add the monthly figures for the next consecutive 12-month period. This includes the previous 12-month period except the oldest month. It also includes the newest month immediately following the previous 12-month period.

In the example, the next consecutive 12-month period is February 2017 through January 2018. Add the monthly sales numbers to get $840,000. Divide your result by 12 to calculate the second rolling average. In the example, divide $840,000 by 12:

$840,000 / 12 = $70,000 second rolling average

Step Five: Repeat Again

Add the monthly data for the next consecutive 12-month period, and divide your result by 12 to calculate the third rolling average. Repeat the same calculation for each subsequent 12-month period to calculate the remaining rolling averages.

In the example, add the monthly sales from March 2017 through February 2018 to get $852,000. Divide $852,000 by 12 to get a third moving average of $71,000.

The 12-month rolling averages are $68,083, $70,000 and $71,000, which shows an increasing sales trend over the given period. It's a good idea to plot your monthly figures and 12-month rolling average on a graph to see the trend of your data.

3 suspects accused of killing teenager in central Las Vegas last month

LAS VEGAS, Nev. (FOX5) - Three suspects, two of which are teenagers, are accused of open murder in the case of a teenager who died in May.

Police said the shooting happened around 10:45 a.m. on Saturday, May 11, in the 2300 block of Goldhill Way. Officers who arrived said they located a teenager with a gunshot wound.

The Clark County coroner would identify the victim as Jovan Wright Bullock, a 16-year-old.

Medical arrived at the scene and said Bullock died at UMC hospital.

The Las Vegas Metropolitan Police Department’s homicide section took over the investigation. Their investigation revealed that Bullock was in front of his residence when approached by a male before the shooting.

The suspect then fled, police said.

Police said they arrested three suspects in this case on Wednesday. 18-year-old Doir Jenkins and two other juveniles, ages 17 and 14. All three face open murder, robbery and conspiracy to commit murder charges.

Jenkins and the 17-year-old have been booked into the Clark County Detention Center while the 14-year-old is in juvenile hall.

Anyone with any information about this incident is urged to contact the LVMPD Homicide Section by phone at 702-828-3521, or by email at  [email protected] . To remain anonymous, contact Crime Stoppers by phone at 702-385-5555, or on the internet at  www.crimestoppersofnv.com .

Copyright 2024 KVVU. All rights reserved.

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As homeowner's insurance prices climb, more Americans ask: Is it worth it?

• The number of American homeowners without insurance has jumped to 12% from 5% in 2019.
• The spike in uninsured homes is being driven by a dramatic rise in the cost of coverage.
• Higher premiums are putting a strain on households already struggling to afford life’s staples.

It was 2019 when Anjali Tierra decided that homeowners insurance wasn't worth the price.

The retired high school teacher, 58, took out a policy in late 2018 after purchasing a three-bedroom home nestled in the Tehachapi Mountains of southern California. She considered the insurance affordable at less than $100 a month, and the coverage brought her peace of mind while living in a “very high” fire hazard severity zone.

But the following year, when Tierra’s insurance provider sent her a renewal notice, she learned her monthly payment had jumped to $350 – more than what she was comfortable paying with the $3,500 she gets each month from her pension. She dropped the insurance policy, assuming she would find affordable coverage somewhere else.

Her search turned up empty. She's been without homeowners insurance ever since.

"Every year, usually in the springtime, I will start to do the research again," she said. "I will just randomly choose an insurance company to see if they'll cover me. And since 2019, I've been rejected by every single insurance company, large and small."

Tierra is among a growing number of American homeowners who are “going bare,” or living without homeowners insurance. A recent study from the Insurance Information Institute found 12% of Americans no longer have home insurance, up from 5% in 2019. 

It’s the highest level of uninsured homeowners the industry-funded research group has seen, and follows a dramatic spike in the cost of coverage .

“It is a very concerning trend as catastrophe losses continue to escalate,” said Mark Friedlander, director of corporate communications at the Insurance Information Institute. “It is not feasible for most Americans to pay out of pocket for a significant loss to their property.”  

What are the risks of not having home insurance?

Dropping insurance isn’t an option for most U.S. homeowners. 

Mortgage lenders typically require proof of homeowners insurance – which covers select damages to the house, its contents and other structures on a property. Homeowners who fail to secure coverage can find their lender charging them for “force-placed insurance,” which can be twice as expensive as other insurance policies and protects the lender rather than the homeowner.

But for the roughly 40% of Americans who own their home outright, homeowners insurance may be viewed as a discretionary purchase ‒ even if industry experts say forgoing insurance often isn't worth the risk.

 "You're gambling on whether your property is going to sustain a loss," said Tim Zawacki, principal research analyst for insurance at S&P Global Market Intelligence. "And when you look at things like some of these hurricane forecasts that are out there, and data regarding the frequency of severe convective storms, that's a risky bet."

That hasn't stopped some homeowners from opting to “self insure,” or set aside money to save up for out-of-pocket losses that would have gone toward a premium. Others, like Tierra, focus on mitigation efforts to prepare their homes for potential disasters.

Tierra keeps the area near her home clear of any brush and trees and has installed ember-proof vents on her roof. Still, every fire season without insurance puts her on edge.

“This is my nest egg,” she said. “I do everything I can do possibly to protect my pets and to protect my emotional welfare, but it has been emotionally draining.”

The stress levels households are experiencing around the insurance crisis is “unprecedented,” according to California consumer insurance advocate Amy Bach.

“The majority of homeowners’ net worth is tied up in their homes. You can lose most of your net worth in one severe weather event if you don’t have insurance,” she said. 

Bach co-founded the consumer advocacy group United Policyholders three decades ago to counter the wealthy and powerful insurance industry. She says she knows people are getting priced out of homeowner’s insurance from her work on the ground in California.

“The premiums people are getting quoted are insane, $12,000, $18,000, $40,000. They can’t get their minds around it or their wallets,” she said.  

Why has homeowners insurance gone up so much?

Insurance companies sought to raise homeowners' premiums by more than 11% last year , according to S&P Global Market Intelligence. 

Analysts say insurance companies are trying to keep up with years of big losses as inflation and supply chain disruptions pushed up the costs to fix damaged homes. The Insurance Information Institute reports that insurers paid on average $1.10 for every $1 in premium they collected last year. 

Is homeowners' insurance required? Why more than 6 million Americans don't have it

Then there’s climate change, which is intensifying extreme weather. The National Oceanic and Atmospheric Administration reported 28 billion-dollar disaster events last year, a new record in the inflation-adjusted data going back to 1980.

“You have all these factors combining to result in people paying a lot more for the same amount of coverage,” said Zawacki of S&P Global Market Intelligence.

He expects another double-digit rate of growth this year.

Former Federal Emergency Management Agency administrator Craig Fugate said for some mortgage-free homeowners, dropping insurance may not be a bad decision if they have large enough cash reserves. But people tend to underestimate their exposure and the cost to repair.

"It's a risky decision," he said.

Why are Americans losing home insurance?

The higher premiums are putting a strain on households already struggling to afford price increases on life’s staples, from groceries to health care to automobiles , particularly lower-income households that have depleted pandemic-era savings and are running up credit card debit and falling behind on payments. 

At the greatest risk are low-income homeowners and homeowners of color who disproportionately go without homeowners insurance, research shows.

The Consumer Federation of America found homeowners who make less than $50,000 a year are twice as likely as the general population to go uninsured. The consumer advocacy group also found that 22% of Native American, 14% of Hispanic and 11% of Black homeowners have no homeowners insurance, leaving them more at risk than white homeowners.

Age is another significant factor. Older Hispanic and Black households are at higher risk of being uninsured. Older homeowners in general are more likely to leave their homes unprotected than younger ones.

“For many families around the country, their house is not only their home, but also their most valuable financial asset,” said Sharon Cornelissen, director of housing at the Consumer Federation of America. “One major storm or fire can turn an uninsured homeowner into an unhoused family or leave them to live in the wreckage of a damaged, unsafe home.” 

That’s what happened to James Mercadal.

The 54-year-old inherited his two-bedroom house in New Orleans after his parents died in 2004. Mercadal had lived in the 7th Ward home his entire life, but was forced to temporarily move out after Hurricane Ida hit the city in 2021. 

Mercadal said the damage was extensive. The roof, drywall and various furniture needed to be fixed or replaced, the floors had been flooded, and the home was growing mold. In all, he said roughly $38,000 worth of work was needed.

But as a person who is blind and living on a fixed income, Mercadal couldn’t afford the monthly insurance – let alone the repairs. 

“I’m interested in getting the insurance (now),” he said. “But with my income being at $900 a month, I don’t think I will be able to afford it.”

Mercadal has received assistance from the disaster relief organization SBP . Now, after a short stint in Houston after the hurricane, he’s back in his home.

In what states is it hard to get homeowners insurance?

Cornelissen of the Consumer Federation of America said this is a nationwide crisis in the making. Higher-risk areas may face higher costs first, but the rest of the country won’t be far behind. 

Yes, coastal disasters hurricanes and wildfires are affecting a growing number of people on the coasts. The U.S. Fire Administration estimates that more than 46 million homes valued at $1.3 trillion are at risk for wildfires, and the top 10 growth states in the 2020 U.S. Census were all hurricane-prone. Some insurance providers are even beginning to pull out of states like California and Florida .

But landlocked states are getting hit harder too, with thunderstorms resulting in an estimated $64 billion worth of economic losses last year – nearly double the losses in 2022, according to reinsurer Munich Reinsurance America . 

“This is not an issue restricted to coastal states such as California and Florida,” Cornelissen said.  

Still, people underestimate the likelihood that severe weather will affect them, according to Insurance Information Institute research.  

A third of homeowners reported that they have been impacted by weather in the past five years, a 2023 survey found . Among the survey population of all homeowners, 59% believe their residence will be impacted by weather risks in the next 10 years, but 25% believe that they will never be impacted by weather risks and another 42% believe they will not be impacted in the next five years.

'I have nowhere to go'

Michelle Gradnigo is a homeowner in the fire-scarred foothill town of Paradise north of Sacramento. In 2018, the Camp Fire − the deadliest wildfire in California history − destroyed more than 90% of the homes there.

Her annual tab for homeowner’s insurance was already high – $3,531 a year – but she budgeted for it. Then in January she got her renewal in the mail. Her premium jumped 500% to $19,310. Her monthly mortgage payment doubled overnight to $8,000.

In a panic, she contacted her broker. She was told if she increased her deductible, lowered the estimated cost to rebuild and bundled her car insurance, her premium would drop by several thousand dollars. That wasn’t enough. She had to pull money out of her retirement account and take on credit card debt for a couple of months just to make the higher payments. 

More money for less coverage seemed predatory to Gradnigo. Nothing had changed in the wildfire threat level to her home, she says. Most of the trees are long gone. Her home has sprinklers inside and a fire hydrant outside. She says she turned to the state insurance commissioner and to her local representative. No one would help her. 

A health care administrator and retired lieutenant colonel in the Army, Gradnigo, 54, had hoped to move away with her 16-year-old son, but now she says she feels stuck. With runaway premiums and insurance companies dropping coverage for homeowners in high-risk areas, she has watched neighbors slash the asking price to sell their homes. 

“If I put this house on the market and it really doesn’t sell, I will know that I have nowhere to go,” Gradnigo said. “It’s despair here. No one is helping us and no one is talking about it.”

Gradnigo dropped Farmers Insurance and purchased fire insurance through the Fair Access to Insurance Requirement plan which offers a limited policy as a last resort for California property owners unable to find affordable coverage. She supplements that coverage with a policy to cover other liabilities such as water damage or theft.

Her out-of-pocket expense is now about $12,000 a year, three times what she used to pay. In addition to the higher bill, she says she no longer has the feeling of safety she once had.

“I know it’s just an insurance company. But when you’ve grown up believing your insurance agents are the people you can trust and hearing the commercials and the jingles and then they just do that to you …” she said, trailing off. 

Can I negotiate a lower insurance premium?

There are several steps homeowners can take to try to lower their homeowners insurance.

• Try bundling home insurance with auto insurance or another policy such as pet or life insurance .
• Raise the policy deductible, or ask if an insurance agent can help identify discounts.
• Shop around for a policy as soon as you get a nonrenewal notice. 
• Seek out an experienced insurance broker who can access different options.
• Reduce the risk of your home being damaged or destroyed in a disaster.

Money blog: The 'disruptive' ingredients added to ice cream - and how you could save teaspoons of sugar by switching to classic

Welcome to the Money blog, your place for personal finance and consumer news and advice. Let us know your thoughts on any of the topics we're covering using the comments box below.

Friday 28 June 2024 05:09, UK

Essential reads

• How you could save 105 teaspoons of sugar (and money) by switching to classic ice cream this summer
• A week when probable future of mortgage rates became clearer
• Savings Guide: What to look for with 5% rates still available on easy access accounts
• Women in Business : How accident in cafe and £400 turned into a genius business idea that's about to go global
• Money Problem : 'I bought a new car but it's been back to dealership six times with same fault - what can I do?'
• Best of the Money blog - an archive

Ask a question or make a comment

It can be hard to balance the demands of eating well without spending a lot.

In this series, we try to find the healthiest options in the supermarket for the best value - and have enlisted the help of  Sunna Van Kampen , founder of Tonic Health, who went viral on social media for reviewing food in the search of healthier choices. We also speak to dieticians each week.

It's important to note from the outset that in this series, we don't try to find the outright healthiest option, but help you get better nutritional value for as little money as possible.

With the weather finally getting warmer, this week we're looking at ice cream. 

"With so many options out there, how do you fancy a 63% reduction in your sugar consumption and some savings for your wallet too?" says Sunna. 

What's in our ice creams? 

"Technically speaking, ice cream is just frozen milk and cream with a bit of added sweetness," Sunna says. 

But as time has gone on, we've progressed to less and less cream and more and more sugar.

"To give you an example, Mars Bar Ice Cream is only 31% milk and cream, while the traditional Mackie's ice cream is 81% milk and cream," Sunna says. 

"When you remove the cream, quite clearly you lose a lot of the creaminess and smooth texture, so manufacturers have turned to gums (like guar gum, locust bean gum, tara gum) to give the creaminess while lowering cost," he adds.

"The problem is some of these gums have demonstrated to be gut disruptive and hard to digest."

How much sugar can we eat?

The NHS recommends adults have 30g of sugar a day, with that decreasing to 24g for seven to 10-year-olds and 19g a day for four to six-year-olds. 

"A cut in sugar is not just good news for our waistlines, but also for our overall health, contributing to a balanced diet without the same spikes in blood sugar levels," Sunna says.

Those spikes can cause sudden drops in energy, spates of hunger and potentially lead to type two diabetes. 

How much sugar is in ice cream?

Let's look at some popular examples to compare the sugar content and the impact on your wallet... 

• Cadbury Flake 99: £4.25 for 4x125ml and 22.9g sugar per ice cream (5.5 teaspoons)
• Magnum: £3.25 for 3x100ml - 20g of sugar per ice cream (five teaspoons)
• Solero Exotic: £2.75 for 3x90ml - 12g of sugar per ice cream (three teaspoons)
• Mars Ice Cream Bars: £2.75 for 4 x 49.5ml - 12g of sugar per ice cream (three teaspoons)
• Cornetto Classic: £3.50 for 6x90ml - 10g of sugar per ice cream (2.5 teaspoons)
• Milk Choc Ices: £1.60 for 6x70ml - 7.3g of sugar per ice cream (under two teaspoons)

"Assuming you have one ice cream a day across, hopefully, 30 days of sunny weather this summer, and you'll find yourself saving over 105 teaspoons of sugar from your diet this summer if you choose a Choc Ice over a Cadbury Flake 99," Sunna says. 

That's a decent saving for your health - but what about your wallet? 

"Choc Ice is firmly in the category of win-win, as it's 65% cheaper than a standard Magnum," he adds.

That's a considerable £24.30 saving over 30 ice creams.

The nutritionist's view - from Nichola Ludlam-Raine, dietitian at  nicsnutrition.com ...

"Shop-bought ice cream isn't a product that I recommend having daily, and luckily for the UK population this isn't something that is too hard to stick to, given the distinct lack of sunny, warm weather.

"I recently had a Mars ice cream and although I really enjoyed it. I needed two to feel satisfied, as they were so small - which doubled my sugar intake (to 24g). 

"The good news, though, is not all the sugar quoted on the label is free or added sugar (and under 30g a day of this is acceptable within the context of a healthy balanced diet), as some sugar will be naturally occurring in the milk.

"Choosing ice creams where milk is the first ingredient is always preferable - or plant-based/fruit-based alternatives if you have a milk intolerance or allergy.

"The evidence regarding thickeners and emulsifiers on gut health is still in its infancy, and most of the studies are small and have been done on rodents, with relatively large amounts of the additives being used. 

"Some emulsifiers may also confer benefits due to their prebiotic effects - but with gut health, the key is to add in more fibre, natural colour and plants."

Read more from this series... 

Every week we take an overview of the mortgage market with industry experts, while the guys at Moneyfactscompare  round up the best rates...

We start this week with the exclusive interview Sky News' Ian King conducted with the chief executive of Lloyds Banking Group - the UK's biggest lender.

Charlie Nunn warned homeowners not to expect a return to the ultra-low interest rates seen for most of the last 16 years.

"We've just come off a decade where mortgages have been in the 1.5-2.5% range," he told King.

"The expectations the market have is that interest rates probably won't get below 3.5%. And that means mortgages, or the new normal for mortgages, will be in that 3.5-4.5% range, not 1.5-2.5%."

Mr Nunn's comments earned applause from brokers and mortgage experts, with the industry news service Newspage speaking to a range of voices...

"I agree with Charlie Nunn: ultra-low interest rates are history. The public is adjusting to the new normal of 3.5% to 4.5% mortgage rates. Nunn's comments highlight market reality and urge borrowers to adapt now." Ranald Mitchell, from Charwin Private Clients

"If you're a first-time buyer, you may not see ultra-low interest rates in your mortgage lifetime. But that doesn't mean a return to good interest rates isn't possible. We should see rates beginning with a 3 or even a 2 in the not-too-distant future, especially for those with good deposits or equity." Ben Perks, from Orchard Financial Advisers

For now, the focus of many mortgage holders has been on when the Bank of England will start easing rates from the current 16-year high of 5.25%.

June had been touted but this month's meeting came and went without a change - and the delay means more people coming off mortgages secured in the ultra-low era are facing significant hikes.

About three million UK households are still set to witness hikes in their mortgage repayments over the next two years, the Bank has said this week.

Its Financial Policy Committee (FPC) added there were likely to be "very large increases" of more than 50% for the mortgages of around 400,000 households.

At the moment, around 35% of households with mortgages, or more than three million, are paying below 3% for a range of reasons - like existing deals which pre-dated the recent crisis - and are expected to see an increase between now and the end of 2026.

A typical household rolling off a fixed-rate mortgage before the end of 2026 is due to face a jump of around £180 a month, the committee said.

There has been some good news for borrowers this week though, with a handful of major lenders cutting rates in response to falling swap rates (these dictate how much it costs lenders to lend).

"Fixed rate mortgage reductions from prominent lenders such as Barclays and HSBC dominated coverage this week, as last week’s inflation announcement continued to prompt speculation of an imminent cut to base rate," says Caitlyn Eastell from Moneyfacts.

Turning to the best deals currently on the market, Ms Eastell says the lowest two-year fix for first time buyers with a 5% deposit comes from Halifax. 

Priced at 5.63%, this deal has a £999 arrangement fee and offers a £250 Green Home cashback incentive to those purchasing eligible properties. 

Moneyfacts also rounds up the best overall deals - looking beyond just the headline rate.

Ms Eastell adds: "As a first time buyer, every penny counts and you may have already exhausted your savings building up a 5% deposit, as well as covering legal fees and removal costs. 

"It's important to consider the true cost of any deal you commit to, so if you are looking to save on the upfront cost of your mortgage, then a Best Buy mortgage may be a more cost-effective choice.

"This week, Hanley Economic BS takes one of the top spots of our Best Buy tables for a two-year mortgage. Priced at 5.69%, it offers a free valuation and £250 cashback incentive."

There could be good news on the horizon for borrowers, as an economist says the Bank of England is likely to cut interest rates in August.

Michael Saunders, a former member of the Monetary Police Committee (MPC), said the Bank has "clearly signalled" it wants to cut rates soon "if data are okay".

He told the Reuters Global Markets Forum that inflation and wage figures would need to align with the MPC's forecasts back in May.

"If so, I would expect the rest of the internal [members of the MPC] to move as a bloc to vote for a cut," he said, saying that markets had been given enough warning.

The BoE  held interest rates  at 5.25% for the seventh time in a row last week despite inflation falling to its target of 2%.

Mr Saunders predicted that the Bank would slash rates seven times in increments of 25 points by the end of next year, bringing the headline rate "close" to what he calls a neutral rate of 3.5%.

"I expect two to three cuts this year, the rest next year - again, depends a bit on the monthly data," he said.

The government has accredited three new forms of ID for purchasing restricted goods and services.

Lloyds Bank Smart ID, Post Office EasyID and Yoti ID can now be used to watch age-restricted films in cinemas, enter gambling premises, or pay for tattoos and tanning salons.

They cannot be used to buy alcoholic drinks in pubs and shops, but are recognised when buying alcohol online, along with tobacco, vapes, lottery tickets and fireworks.

"More UK businesses can now accept our Digital IDs to reduce the risk of fake IDs, increase compliance and improve the customer experience," said Robin Tombs, CEO of Yoti.

He said more than four million people have already downloaded a Digital ID app. 

"This is a strong sign that people are ready to embrace reusable Digital IDs and want a more secure, private and convenient way to prove who they are."

Each of the Digital ID apps includes the approved PASS hologram.

Most of us know the feeling of rushing back to your car when you realise your ticket is about to run out.

The good news is, new rules mean you won't have to race back quite as breathlessly in future.

Drivers are to get a 10-minute grace period when their time runs out at private car parks.

The changes are coming in after industry bodies the British Parking Association (BPA) and the International Parking Community (IPC) published a new code of conduct.

However, the AA said it still leaves room for drivers to be ripped off because it misses out "desperately needed" measures such as a cap on charges.

Read the full story below...

The electric carmaker Tesla is recalling more than 11,000 of its new Cybertruck vehicles after safety regulators found a potentially dangerous fault with its giant windscreen wiper. 

The US National Highway Traffic Safety Administration also said a trim in the boot may be improperly attached. 

"Excessive electrical current can cause the front windshield wiper motor controller to fail," the safety administration said in a recall acknowledgement letter. 

Tesla said it would replace the wiper motor at no cost to owners. 

It comes after nearly 4,000 Cybertrucks were recalled in April to fix an accelerator pedal pad that could come loose. 

Mass production of the vehicle, which starts at a price of $79,990 (£63,130), is expected to start next year. 

It's not yet known how many trucks have gone to consumers, but the Blade Runner-inspired car has been plagued by problems. 

Is your area crying out for a new supermarket to broaden your options and push prices down with a bit of competition?

Last month, the UK’s fourth largest supermarket - Aldi - asked shoppers to get in touch with their views on where it should open new stores.

The discount chain says it received thousands of replies, which it has used to hone its search for new store sites.

At the moment, Aldi has more than 1,020 stores. It says it wants more than 1,500 stores across the UK in the long run.

The 27 areas of priority to Aldi are:

• Woodford, London
• Surbiton, London
• South Croydon, London
• Notting Hill, London
• Walthamstow, London
• Beckenham, London
• Bromley, London
• Barnet, London
• Redhill, Surrey
• Aldershot, Hampshire
• Haywards Heath, West Sussex
• Burgess Hill, West Sussex
• Chatham, Kent
• Cheadle, Greater Manchester
• Chorlton, Manchester
• Formby, Liverpool
• Newark, Nottinghamshire
• Chesterfield, Derbyshire
• Wellingborough, Northamptonshire
• Rayleigh, Essex
• Brentwood, Essex
• Dorchester, Dorset
• Clarkston, Scotland
• Cathcart, Scotland
• Penzance, Cornwall
• Warwick, Warwickshire
• Bath, Somerset

Jonathan Neale, managing director of national real estate at Aldi UK, said: "We want to make high quality food accessible to all, but we can’t do that while there are still some towns and areas that either don’t have an Aldi or have capacity for additional stores.

"We recognise there is huge demand in certain regions for more stores, which is why we decided to get the public’s input on our latest list of priority locations."

Which?, the consumer website and magazine, has ranked Aldi as the cheapest supermarket in the UK consistently this year.

Using a typical list of popular items, Which? ranked Aldi as the cheapest place to shop from January to May - with rivals Lidl coming in second.

However, for a longer list of items and a bigger shop, Asda and Morrisons have typically been the top two for Which? this year.

Customers of both Tesco and OVO Energy are entitled to 2,500 free Clubcard points, the supermarket has announced.

The points can be redeemed as a £25 voucher or at double their value with Clubcard reward partners.

Customers can unlock the points by linking their accounts with both companies.

"The cost of living remains a key challenge for households and our partnership with Tesco is one of the many ways in which we are giving back to our customers with rewards that they can spend how they choose," said Mat Moakes, chief commercial officer at OVO.

New customers can link their Tesco Clubcard account when they sign up as an OVO customer, while existing OVO customers can log into their account, go to their profile, click "our partners", and select the Tesco Clubcard logo.

Want to see a show in London this summer without breaking the bank? 

You're in luck - as new data has revealed the most affordable musicals to see in the capital right now. 

The data, collated by theatre ticket site SeatPlan , shows the most affordable musical to see in London right now is Two Strangers (Carry A Cake Across New York), with the average cheapest ticket price at £17.90. 

The rom-com musical follows a British boy (Dougal), who lands in New York for his dad's second wedding. 

At the airport, he meets the bride's sister, and a quirky, offbeat love story ensues.

Also in the top 10 are Marie Curie The Musical (£20), Guys And Dolls (£23.90) and Sister Act (£26.40). 

Shows are ranked by the average price of the cheapest ticket, with the top ranked show having the lowest price.

On the flip side, the data also revealed the most expensive tickets, by analysing internal pricing data for musicals from SeatPlan.com. 

Musicals including Cabaret (£85.10), Mean Girls (£64.60) and Starlight Express (£43.70) make up this list...

If you've been reassured by positive recent news on inflation and a widely anticipated cut in interest rates later this year, unfortunately the Bank of England has a worrying update for mortgage payers.

About three million UK households are still set to witness hikes in their mortgage repayments over the next two years, the Bank has said.

Its Financial Policy Committee (FPC) added there are likely to be "very large increases" of more than 50% for the mortgages of around 400,000 households.

But the central bank stressed that UK lenders are still in a strong position to support households and businesses, even if the economic backdrop worsens.

The concerning update is in the Bank's latest Financial Stability Report.

It also showed that most households have already had an increase in their mortgage rates since borrowing costs began rising substantially in 2022.

Why is the outlook so bad if interest rates are expected to fall?

Interest rates are at a 16-year-high of 5.25%, with the central bank voting to maintain the figure for a seventh consecutive meeting earlier this month.

But many economists have predicted the base rate could be reduced at the Bank's next vote in August.

However, at the moment, around 35% of households with mortgages, or more than three million, are paying below 3% for a range of reasons - like existing deals which pre-dated the recent crisis - and are expected to see an increase between now and the end of 2026.

A typical household rolling off a fixed-rate mortgage before the end of 2026 is due to face a jump of around £180 a month, the report said.

It highlighted that an "increasing proportion" of households have been choosing to borrow over a longer period of time, reducing monthly repayments but leaving them with more debt to service over time.

Higher mortgage rates have resulted in many households and renters reducing their savings, the Bank also found.

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How to use the mortgage calculator

Why use a mortgage calculator, key factors that affect your mortgage payments, how to calculate a mortgage payment, what is amortization, how lenders decide how much house you can afford, tips for lowering your monthly payments, common mistakes to avoid.

• Reasons your payment could increase

Mortgage Calculator: Estimate Your Monthly Payments

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Calculating Your Mortgage Payment

Before you start house hunting, you need to know much house you can afford. A mortgage calculator can help by showing you how much you'll pay each month depending on the price of the home you buy and the size of your down payment.

The free Business Insider mortgage calculator shows how much you'll pay each month based on your home price, down payment, term length, and mortgage rate . We also provide customized tips on how to save money on your mortgage.

Mortgage Calculator

• Paying a 25% higher down payment would save you $8,916.08 on interest charges
• Lowering the interest rate by 1% would save you $51,562.03
• Paying an additional $500 each month would reduce the loan length by 146 months

To see your mortgage payment with our calculator, here's what you'll need to provide:

The purchase price of the home: This is the amount you agree to pay the seller.

Down payment: How much of your own cash you'll be bringing to the transaction. A down payment on a house may be as low as 3%, or even 0%, depending on the loan type. The calculator's default is 20%, which is the amount you'll need to put down if you want to avoid paying for private mortgage insurance if you're getting a conventional loan.

Length of the loan: Your loan term, or the amount of time it takes to pay off your mortgage. The calculator uses a 30-year mortgage term as the default.

Interest rate: The amount your mortgage lender charges you for borrowing the money to purchase your home.

With these inputs, you can use the calculator to help determine how much house you can afford and what your monthly payments and overall expenses will be.

Click on "more details" to see how much you might pay in interest over the life of your loan, and how different rates and term lengths can impact that amount. You'll also get some tips on exactly how you can save on interest.

How can it help homebuyers?

You've entered numbers into the mortgage calculator. What can you do with this information?

• Determine how much house you can afford. With our mortgage calculator, you can enter how much you want to spend on a home and the amount you have for a down payment. If the monthly payment is too high for your current budget, you may decide that you need to buy a less expensive home.
• See how much more you need to save. The calculator also shows how a higher or lower down payment will affect your monthly mortgage payments. This can help you decide if you're ready to buy a house now, or if it makes more sense to wait a little longer to save more.
• Choose a term length. Input a few term lengths to figure out which one best fits your budget. With a 30-year term, your monthly payments will be lower, but you'll pay more in the long run since you're spreading payments out over a longer period of time. A 15-year mortgage will give you a higher monthly payment but cost less over the years. Play around with term lengths and think about which one best suits your goals.
• Find out how your interest rate affects payments. This can be particularly helpful if you're thinking about refinancing , or if you think you could snag a lower rate by improving your credit score before applying for a mortgage. Use the calculator to see how much of a difference a slightly lower rate could make, and if it's worth it to you.
• Learn how to save money. Once you've entered your numbers, we provide a few suggestions on how you can either lower your monthly payments or save in the long term.

This mortgage calculator shows you how much you'll pay toward your principal and interest each month, but your actual mortgage payment will likely include a couple other charges. Here's a breakdown of the different items that make up your mortgage payment.

• Principal : This is the amount you borrow to buy your home. For example, if you want to buy a $400,000 home and have $50,000 for a down payment, you'll need to borrow $350,000. Your loan principal is $350,000. You'll pay a portion of this each month, reducing your principal balance over time.
• Interest:  This is what the bank charges you to borrow money. 
• Taxes:  Mortgage lenders typically include your property taxes in your monthly mortgage payment and hold this part of your payment in an escrow account. When the taxes come due, the lender will pay them on your behalf using the money in the escrow account. 
• Insurance:  As with property taxes, your homeowners insurance premium will also be included in your monthly payment and set aside in an escrow account. If you made a small down payment or you have an FHA mortgage , a small portion of your monthly payment will also go toward a mortgage insurance premium, which protects the lender.

You may see this full mortgage payment amount referred to as "PITI."

Interest rates and their impact

Mortgage rates fluctuate from day to day and even from hour to hour. The higher your rate, the more you'll pay on your mortgage, both on a monthly basis and over the life of the loan. 

You can get a better rate by making a larger down payment or improving your credit score . But overall rate trends are influenced by what's going on in the economy. So a homeowner who got their mortgage several years ago may have a significantly lower rate compared to someone getting a mortgage right now.

The role of property taxes and insurance

Because your lender benefits when you pay your property taxes and homeowners insurance, it typically will include these costs in your monthly mortgage payment. 

The average cost of homeowners insurance in the US is $1,428 per year, which would add $119 to your monthly payment. 

You can also check out the average property taxes in your state to get an idea of how much you might pay for this cost, but keep in mind that tax rates can vary a lot from city to city. Your mortgage lender should be able to give you an estimate based on where you're planning to buy. 

Prefer to do it by hand? You can calculate your monthly mortgage payment (excluding property taxes and insurance) using the following equation:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

"P" is your principal .

The "i" is your monthly interest rate . This is different than the interest rate you see on your mortgage documents. The lender provides the yearly interest rate, so divide that rate by 12 for this equation. If your interest rate is 4.25%, divide 0.0425 by 12 to find your monthly rate: 0.00354166%.

To find "n," the number of months required to repay the loan , multiply the number of years by 12. If you have a 30-year mortgage, multiply 30 by 12 to get 360 months.

Once you calculate M (monthly mortgage payment), you can add in the monthly property tax and homeowners insurance payment. 

Amortization refers to the process of making payments toward a debt until you've fully repaid it. With a mortgage, you'll make monthly payments that are calculated in a way that allows you to pay off your balance by the end of your term while also accounting for the interest you owe. 

When you get a mortgage, you'll receive an amortization schedule for your loan. This schedule will show you how each of your monthly payments breaks down in terms of how much you're paying toward your principal vs. interest.

For example, say you have a $300,000 mortgage with a 6.5% interest rate. Your monthly payment would be $1,896. To determine how this payment breaks down each month, you'll need to multiply the loan amount by your interest rate. Then, divide that number by 12 to see how much you'll pay in interest on a monthly basis.

300,000 × 0.065 = 19,500

19,500 / 12 = 1,625

This means that on your very first mortgage payment, you'll pay $1,625 in interest. The remaining $271 will go toward reducing your principal.

To determine how your second monthly payment breaks down, simply subtract the $271 from your principal and run the calculation again with the new loan amount.

You can use a spreadsheet tool like Excel to make it easier to calculate your full amortization schedule, or you can simply use an online amortization calculator.

Lenders have a responsibility to make sure they aren't lending more than what their borrowers can afford to pay back. This is known as the ability-to-repay rule.

To determine how much you can afford to borrow, lenders will look at your income, debts, assets, employment, and credit. They want to make sure that you have the income to afford your monthly payments, and that a mortgage wouldn't push your debt-to-income ratio (DTI) to an unacceptable level.

On conventional loans , you can't have a DTI higher than 50%, and borrowers with lower ratios will typically get better rates. 

But just because a lender says you can afford a certain amount doesn't mean you'll necessarily be comfortable with the monthly payment. Think about what your budget can comfortably handle when deciding your price range. 

Explore different down payment options

As you play around with the calculator, you can see how different down payment amounts will ultimately impact your monthly payment. The less money you borrow, the less you'll need to pay each month. 

However, the more you put down, the less money you'll have left over for things like furnishing your new home or paying for repairs and maintenance. Find the right balance that gives you a sufficient down payment but also leaves you enough cash for other costs.

The benefits of shorter term loans vs. longer term loans

The longer your loan term is, the lower your monthly payment will be.

Paying back $200,000 over the course of 30 years is going to yield a much lower monthly payment than paying that same amount back over the course of 15 years. However, you'll pay a lot more interest on the 30-year loan. This is because you'll not only be accruing interest for a longer period of time, but longer terms also come with higher interest rates. 

If you can afford a higher monthly payment, a shorter term could be worth it if your goal is to save money overall. But if you want to keep your monthly payment as low as possible, it's best to go with a longer term. 

Get a better rate

Rates vary among mortgage lenders, so be sure to get approved with three or four different lenders to be sure you're getting the lowest rate possible.

You can also work on getting a higher credit score and lowering your DTI to get access to lower rates.

Buy a less expensive home

You don't need to borrow the full amount a lender is willing to lend to you. For example, if your lender offers you a loan for $300,000 but you only borrow $270,000, you could potentially save around $200 per month.

Underestimating property taxes and insurance

First-time homebuyers are often surprised by how much their taxes and insurance can raise their monthly payment amount. Property taxes in particular can be fairly expensive, often adding at least a couple hundred dollars more to the payment. 

It's also important to understand that these costs can change every year. If your property taxes or homeowners insurance premium increase, your payment will go up as well. 

Forgetting to consider closing costs

The down payment isn't the only thing you'll need cash for at closing. Closing costs include lender fees, the cost of your appraisal, things you need to prepay like homeowners insurance, and other costs related to the mortgage and the home purchase.

In total, you'll typically pay between 3% and 6% of the loan amount in closing costs.

Reasons your monthly mortgage payment could increase

Your monthly mortgage payment amount will likely change slightly over the years, and may go up over time. Two of the most common reasons for this include:

• You have an adjustable-rate mortgage (ARM): Once your ARM's fixed-rate period is over, your rate will reset periodically, and your monthly payment could go up as a result.
• Your taxes or insurance increased: Most borrowers pay their property taxes and homeowners insurance premiums into an escrow account, which the lender pays out of on your behalf when those bills are due. If your taxes or premium have increased, so will your monthly payment.

Mortgage calculator FAQs

A mortgage calculator can give you an estimate of how much you might pay each month for a mortgage based on the home price, the size of your down payment, the loan term length, and your interest rate.

Mortgage calculators can be used for many different types of mortgages, including government-backed loans or adjustable-rate mortgages. Just be sure to account for any additional costs the calculator doesn't include (like FHA mortgage insurance, for example). 

Mortgage calculators are only as good as the information they're given. If you end up with a different rate than what you put into the calculator, your monthly payment will be different, too.

With current average rates, you might be able to borrow a little over $300,000 on a 30-year loan if you're looking to pay $2,000 a month for a mortgage, not including taxes or insurance. This is higher than the median monthly mortgage payment, but lower than the average monthly mortgage payment . 

You might need an annual salary of $120,000 or more to qualify for a $400,000 30-year mortgage. This is just a rough estimate — the amount you'll qualify for will depend on your current debt load and your estimated taxes and insurance in addition to your income. Depending on your individual circumstances, you may need to make more or less than this to qualify. 

Based on current rates, an average mortgage payment on a $300,000 house might be between $1,700 and $1,800 per month, not including taxes or insurance. But this will vary depending on the rate you can get.

A $500,000 mortgage might cost between $3,200 or $3,300 per month plus taxes and insurance. Depending on your individual mortgage rate, you may pay more or less than this. 

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