Long-Term Planning for a Life-First Business

Hey there, CEOs! Racheal Cook here, founder of The CEO Collective and your host for the Promote Yourself to CEO podcast.

In the last episode, I talked about how to set yourself up for success in the last 90 days of the year. We’re now officially in Q4, the end of 2024. Honestly, I’m pretty excited that this year is coming to a close because it hasn’t been an easy one for a lot of small business owners, myself included. It’s been a bit chaotic, and there’s been uncertainty, especially with this being an election year. Election years always bring more noise, more conversations, and more emotions.

But today, I want to shift our focus to 2025. In the next few episodes, we’re going to start talking about how to set yourself up for success in the coming year. I like to look at Q4 as a ramp-up into the new year, rather than racing to some arbitrary finish line. I don’t want to push myself beyond my capacity, especially with the holidays coming up, which I always love to fully unplug for and spend time with my family. I’m sure you do too.

I want to set myself up so that when I’m back in the office in January, things are already in motion, and I’m not starting from scratch. Building momentum now means I can jump right back into things, without losing the progress made throughout the year.

Today, I want to talk about some of the top mistakes I see entrepreneurs make when they plan for the year ahead. So, let’s get into it.

Mistake #1: Setting Vague Goals
The first big mistake I see is small business owners making vague goals. You know they’re vague—they’re broad and not really attainable because they’re not “checkoff-able.” I always say, your goals should be just as actionable as anything on your to-do list. You should know exactly when a task is done and when you’ve achieved a goal.

Too often, I see people set big, bold, aspirational goals that aren’t actionable. Aspirational goals are great for motivation, but we need to commit to goals that are within our control and can be checked off as completed. If you’ve heard of SMART goals, you know they should be specific, measurable, achievable, relevant, and time-bound. These are the kinds of goals that are much easier to follow through on because they’re based on actions you can take.

Here’s an example: One of the best ways for me to grow visibility for The CEO Collective is through podcast interviews. It’s easy to set a vague goal like, “I want to increase my visibility.” But there’s no clear metric there—it’s not specific enough. A more actionable goal would be, “I want to do 26 podcast interviews next year.” That’s checkoff-able. I can easily track my progress and see if I’m on course to hit that goal.

Mistake #2: Not Breaking Down Goals into Actionable Steps
The next mistake I see is not breaking down big goals into actionable steps. This is where our 90-Day CEO Planning Process really helps clients gain clarity. Many people set goals but don’t bridge the gap between the goal and what it actually takes to achieve it. When things feel too big or too vague, we tend to get overwhelmed, and that often leads to procrastination.

For example, if my goal is to do 26 podcast interviews next year, I can break that down into doing 6-7 interviews per quarter, or 2-3 interviews per month. Suddenly, the goal feels more manageable, and I know exactly what actions I need to take on a monthly basis to make progress.

Mistake #3: Failing to Review and Adjust Your Plan
Another big mistake is failing to review and adjust your plan throughout the year. Many entrepreneurs plan once at the start of the year and then never look at their goals again. This leads to a lack of accountability, which is where things start to fall apart.

At The CEO Collective, we build in self-accountability through weekly CEO dates. Every Monday morning, you sit down and review your plan, adapting and adjusting where necessary. Maybe you didn’t get everything done last week—that’s okay. You can create space to catch up, adjust timelines, or delegate tasks. The key is to check in consistently, so you catch small issues before they snowball.

Mistake #4: Ignoring Cashflow and Financial Planning
Ignoring cashflow and financial planning is another common mistake. According to statistics, 82% of small business owners struggle with cashflow, and it can happen at any level of business, whether you’re making $200,000 or millions. As you plan for 2025, it’s crucial to get familiar with your numbers—what worked, what didn’t, and what changes need to be made to improve your financial position, both in your business and personally.

Mistake #5: Overloading Your Plate
How many times have you sat down to plan and ended up brainstorming so many ideas that it’s impossible to prioritize? When everything feels like a priority, nothing gets the attention it deserves. At The CEO Collective, we recommend focusing on just five key goals for the year. By limiting the number of goals, you can ensure each one gets the time, energy, and resources it needs to be successful.

Mistake #6: Neglecting Long-Term Sustainability
Many small business owners focus too much on short-term gains without considering long-term sustainability. While short-term wins are important, constantly promoting and pushing for immediate sales can lead to burnout. Instead, balance short-term efforts with long-term strategies to ensure ongoing growth and sustainability.

Mistake #7: Failing to Involve Your Team
If you have a team, it’s essential to involve them in your planning process. Your team doesn’t know what’s in your head, so clearly communicating your goals, vision, and priorities is critical. When your team is aligned and understands the plan, they can take ownership and proactively help you achieve those goals.

Mistake #8: Not Planning for Contingencies
Life happens. Emergencies happen. You need to have a contingency plan in place so that your business can keep running, even if you need to step away for a while. Whether it's a two-week break or something unexpected, having systems in place to keep your business humming along is essential.

Mistake #9: Focusing Only on Business Goals
We believe in having a life-first business, which means you also need to plan for your life, not just your business. Think about what you want your life to look like in 2025. How do you want to take care of your health, nurture your relationships, and invest in your personal growth? These are just as important as your business goals.

Mistake #10: Focusing Only on the End Goal, Not the Process
Finally, don’t focus solely on the end goal. High achievers often hit a goal and immediately move on to the next without thinking about the systems and processes that will help them reach that goal with more ease. Building strong processes is key to making your business more sustainable and scalable.

We’ve covered some of the biggest mistakes small business owners make when planning for the year ahead. If you want to avoid these mistakes and set yourself up for success, join us for our Plan Your Best Year Ever Challenge. You’ll learn how to prioritize both your life and your business for a more sustainable and successful 2025.

Get all the details at TheCEoCollective.com/BYE (Best Year Ever) and join us today!