Setting Financial Goals For Your Business: The first step to success
When you know what to aim for, you can make it happen. That’s what Susie, a client of ours, did.
She told us,
“I quickly added 3 brand-new clients (each paying over $2500 a month). And we've also upsold some of our previous customers into this new service line. Adding your process of lead generation to our service line has generated a lot of interest from our existing customers and increased our average revenue per client pretty significantly.”
Great, right? Everyone wants new clients.
Here’s a question for you though… how many leads did Susie need in order to close three new clients? What did she actually have to do to meet that goal?
So many business owners, whether just starting out, or even with some experience under their belt, often get so caught up in the day-to-day that they forget that it’s really a numbers game!
As you look back over last year, how happy are you with your business’s performance? Are you patting yourself on the back, having nailed every goal?
If the answer is no, then you’re like many business owners who have trouble hitting their business targets. You know exactly what you want—a bigger business, larger per-customer sales, more leads, higher profits—but most businesses struggle to meet them.
In this post, we’ll show the secret to meeting your financial goals for your business, and how to make the changes you need to power your way through them. Let’s make this the year you hit every business target you set.
SMART Goals Aren’t Enough On Their Own
You know the acronym…
S.M.A.R.T. Goals should be:
- Specific: What exactly are you going to do?
- Measurable: How will you know if you are succeeding?
- Achievable: How will you implement the goal?
- Relevant: Does the goal connect to your overall objectives?
- Timely: When will you achieve the goal by?
But I argue that doing all that for each goal still isn’t enough because of one glaring reason:
A goal without a plan is just a wish.
When it comes to meeting your financial goals for the year, you need to be very clear on your sales numbers.
Want to learn the best systems for getting leads and clients this year?
Learn the system I used on my upcoming L.E.A.D. Blueprint Training. RSVP Here NOW
Sales Is A Numbers Game!
We need to work backward from our ultimate revenue goal for the year.
Let’s keep it simple and say you want to add an extra $100k in revenue.
How many sales do you need in order to hit that?
How many people do you (or sales team) need to talk to in order to hit those sales numbers?
How many leads do you need coming in, in order to book that number of conversations?
And how many people need to sign up to your list, be reading your content, see your ads in order to get that number of leads?
These are the numbers you need to know… Also known as critical KPI’s.
KPIs (or “key performance indicators”) are numbers you can track that show if you are making progress with your goals or not. They are also great motivators.
For example, a KPI would be the number of new clients won. We might also want to consider setting KPIs for how many sales calls you book, how many you complete, and how many you close.
The answers to these questions will depend on the price of your offer(s), and the average conversion rate for each step.
WHY go through all this trouble?
Because once you know the yearly numbers you need in order to meet your annual financial goals, you can break it down by month and week and then DO the tasks that will contribute to reaching those numbers.
NOW you have a plan to make sure you actually realize your goals and keep them from becoming long-forgotten wishes.
Remember…
“You cannot manage what you cannot measure…and what gets measured gets done.”
Conclusion
As you look back at last year, and you looking forward to creating the life and business you want this year, don’t just make wishes.
Use this process to make a PLAN and follow through! That’s the only way to actually meet the financial goals you set for yourself and your business.
Your Turn
If you’d like to learn more about how to set a plan, get the leads you need, and reach your business goals this year…
Without it taking up too much of your time every day? Learn the system I used on my upcoming L.E.A.D. Blueprint Training. RSVP Here NOW
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