Ep 2. Looking Back to Leap Forward: Tips on Reflection and Goal Setting
Before you dive into goal-setting for the coming year, we encourage you to reflect on the previous year, both intuitively as well as by looking at your numbers. Using Shaochen's New Year's Reflection Guide, we're diving into three questions to ask yourself as you're doing your past-year reflection, the three numbers that you should review in your business, and the three questions to ask yourself as you're setting goals for the new year.
As examples, we're sharing our answers to each question and how we will use our 2023 reviews to inform our goals and actions for the next year. Get ready to hear our transitions within the calligraphy biz world, expanding our focus from wedding calligraphy to business education, and the importance of aligning your business goals to your personal values and desired lifestyles. We'll also dive into the importance of tracking business metrics across marketing, sales, and client experience for more informed goal-setting. Grab your notebook and pen, because this one is a treasure trove of information!
🔗 Links to resources mentioned in this episode:
Hey friend! We're Shaochen and Alane, full-time wedding calligraphers and business mentors who built our dream businesses from scratch. On the Calligraphy Biz Corner podcast, we spill the ink on how you can too! Together, we'll uncover the business that compliments the life YOU desire, and we'll leave the overwhelm and imposter syndrome behind. Whether you're a wedding calligrapher, a live event artist or a creative entrepreneur, there's something here for you! Join us for biweekly business chats, where we guide you through the maze of running a creative business, complete with real-life strategy and mindset magic.
In this episode of the Calligraphy Biz Corner podcast, hosts Shaochen and Alane discussed the essential steps calligraphers should take to analyze their businesses, both through reflection and quantitative analysis, and practical methods for setting business goals for the upcoming year.
They reflect on their own experiences from the past year, analyze crucial business metrics, and share actionable strategies to set realistic and inspiring goals that support both personal and professional growth. This episode is a treasure trove of tips and insights that can help calligraphers and other creative entrepreneurs build a thriving business that aligns with their personal values and professional aspirations.
The episode kicks off with Shaochen and Alane sharing personal anecdotes about overcoming various challenges to maintain their business operations. From technical troubleshooting to navigating through harsh weather conditions to get to the studio, they remind listeners that hurdles are a part of every entrepreneurial journey. They also express excitement about diving into reflections from the past year and setting new goals for the coming year.
Past Year Reflections: What I Achieved, What I Learned, and What I Loved
Shaochen and Alane emphasize the significance of reflecting on the previous year's accomplishments, lessons, and joys. They break down the process into three sections:
What I Achieved: Both hosts discuss their proudest moments in business from the past year.
What I Learned: They explore the obstacles that stand between them and where they want their business to go.
What I Loved: The hosts highlight how their business supported their personal lives over the past year.
What I Achieved
Shaochen and Alane encourage listeners to start reflections on a positive note by recalling their proudest business moments from the past year. Alane speaks about staying true to her business values and making decisions that align with her larger vision, while Shaochen shares how hosting a new masterclass for calligraphers was both challenging and immensely rewarding.
What I Learned
The hosts delve into the importance of being honest about what is standing between them and their business goals. Alane discusses her struggle with mindset and the fear of taking on fewer wedding clients to create space for new ventures. Shaochen, on the other hand, shares her emotional decision to focus on her local Denver market and stop taking clients in the San Francisco area that she served for the past few years, and expand the education facet of her business, emphasizing how reflecting on numbers can offer clarity in decision-making.
What I Loved
The duo underscores the importance of having a business that supports one's life, rather than running it. Alane speaks about achieving the time flexibility she always dreamed of, while Shaochen discusses the significance of her business in providing her the freedom to be a present parent. They both stress that creating a business that allows for personal fulfillment is as important as achieving financial success.
Analyzing Your Business: Understanding Key Metrics
The episode shifts to the importance of tracking and understanding business metrics to make informed decisions.
Marketing Metrics
Shaochen explains how key marketing metrics—such as top lead sources by number of leads, revenue, and conversion rate—can help businesses understand where the best opportunities lie. Monitoring these metrics can inform where to focus marketing efforts, leading to more effective client acquisition strategies.
Sales Metrics
Next, they cover sales metrics, such as revenue, profit, and profit margin. The hosts stress that these figures are essential for understanding the financial health of the business. By comparing different income streams and their respective profit margins, business owners can decide where to invest their time and resources more effectively.
Client Experience
Client feedback is another crucial area of focus. Shaochen and Alane discuss the power of customer reviews and how they not only build trust with potential clients but also serve as a reminder of the quality and impact of the services offered.
Setting New Goals: Vision Casting and Defining Success
The final segment of the episode focuses on setting goals for the coming year. The hosts outline a thoughtful approach to goal-setting that begins with vision casting and defining what success means on a personal and professional level.
Vision Casting
Listeners are encouraged to envision what they want their lives to look like in 2024. This exercise covers various aspects, including personal relationships, well-being, and professional growth. For Alane, this means maintaining flexibility and working with clients who align with her business vision. For Shaochen, it means being a good mom while simultaneously building a thriving education business.
Defining Success
Shaochen and Alane then move on to defining what business success looks like for the year. They caution against solely focusing on revenue goals and advocate for a more holistic approach that includes booking ideal clients, launching new service offerings, and achieving personal development milestones.
What Will You Say No To?
Finally, they emphasize the importance of saying no to opportunities and activities that don’t align with their vision. Shaochen plans to say no to non-ideal clients and projects that don’t excite her. Alane reminds listeners that saying no creates room for someone else who is really excited about that opportunity and who is a great fit for that job, to say yes.
By the end of this episode, listeners will not only understand the importance of reflecting on their past year but will also have a roadmap to set meaningful and achievable goals for the coming year. Whether you’re a calligrapher or creative entrepreneur, these strategies will help you leap forward in your business journey. Get ready to make this your best year yet!
Be sure to download the Reflection Guide that accompanies this episode to analyze your own business and set your vision for the following year!
