Pray, Plan, and Insure

As the new year begins, there is an air of hope and renewal. It’s a time when many people fast and pray, set goals, dream of a better future. However, turning those dreams into reality requires more than wishful thinking; it demands careful planning preparation, and journalizing. Habakkuk 2:2. says:

“Then the Lord answered me and said:
‘Write the vision and make it plain on tablets,
That he may run who reads it.’”

As a former executive turned entrepreneur, I’ve learned firsthand the importance of planning, not just before the start of a new year but as a continuous process. I’ve also seen how even the best-laid plans can falter without a solid back up plan in place. Let’s explore how you can approach this year differently and make it yet most productive.

The Power of Planning: Turning Ideas into Action

Planning is the backbone of any successful endeavour. Whether you are exploring a new business idea or refining an existing one, a strong plan gives you direction and focus. Here are key steps to consider:

1. Set Clear Goals: Define what success looks like for you this year. Success means different things for different people. Break your vision into smaller, actionable steps, and set deadlines to stay on track. Deadline makes you accountable.
   • For instance, if you want to start a bakery, identify your target audience and outline your product or service offerings.
2. Evaluate Your Business Ideas: Not all ideas are created equal. Use tools like a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to assess the viability of your options.
   • Consider market demand, your skill set, and available resources. An idea that aligns with your passion and expertise is more likely to succeed.
3. Create a Budget: Map out your income and expenses. Estimate costs for raw materials, marketing, operations, and unexpected contingencies including insurance premium. A detailed budget ensures you don’t over-stretch yourself financially.
   • Reflecting on my own experience, budgeting before every new year revealed surprising opportunities and uncovered potential pitfalls that I hadn’t initially considered.

Recognizing Risks: Even the Best Plans Can Go Wrong

Planning is essential, but no plan is foolproof. Risks, both known and unforeseen can disrupt even the most meticulous strategies. Common challenges include:

• Economic downturns or inflation.
• Natural disasters or accidents. (Consider the recent LA fire)
• Theft or cyberattacks.
• Health emergencies. etc

Without proper preparation for these risks, your goals could face significant derailment.

The Role of Insurance: Your Shield Against Uncertainty

This is where insurance becomes a game-changer. While planning equips you to seize opportunities, insurance ensures you’re not wiped out by setbacks. It is the practical step you take to safeguard your hard work.

Consider the following types of coverage as you proceed into the year:

• Business Insurance: Protects your business against property damage, theft, and liability claims.
• Health Insurance: Shields your family from the financial burden of unexpected medical emergencies.
• Property Insurance: Covers damages to your shop, equipment, or office space.

Let me share a quick story: A friend of mine, Shade, started a thriving bakery. One day, a fire broke out in her kitchen, destroying much of her equipment. Thankfully, she had insurance covering her business, which helped her replace the damaged equipment and resume operations within weeks. Without it, her business could have ended abruptly.

Simple Steps to Start Your Year Right

To set yourself up for success, follow these actionable steps:

1. Reflect on last year’s successes and setbacks.
2. Set measurable and achievable goals for the new year. Don’t overstretch yourself
3. Use tools like SWOT analysis to pick the most viable business idea from your options.
4. Draft a detailed budget, including an emergency fund.
5. Speak to an insurance advisor to advise on the coverage that suits your needs.

Closing Thought:

As you embark on this new year, remember that success is a combination of faith, strategic planning, and protection. While praying for a prosperous 2025, take the practical steps needed to secure your future. A solid plan prepares you for opportunities, and insurance ensures you can recover from setbacks.

This year, don’t just dream big but pray, plan, and protect your goals with insurance. Here’s to a successful and fulfilling year ahead!

Stay connected for the second episode on the same topic where I will shed more light on goal setting, budgeting and simple, easily adoptable financial statements. ‘If you cannot see the money on paper don’t bother to start the business’.