When you’re a business owner, the last month of the year moves impossibly fast. Not only are you trying to wrap up the current season and finish the year strong, but you’re also having to think about the year ahead and create goals that will help you generate revenue and grow your business.
Tips for Setting Business Goals
The goals you create will be unique to you and your business, but here are some basic guidelines that we have used to grow our own business.
Look at Historical Data
Before you can begin thinking about the year ahead, you’ve got to take a look back. What has been your business’s rate of growth in the past? Knowing this data will help you shape your business’s projections and strategy for the upcoming year.
Compare Aspirations to Reality
If your business brought in $100,000 in revenue last year, it’s not a realistic goal to say that you want to bring in $1 million this year. Setting a goal that is too high or lofty will only lead to frustration in the year ahead.
Consider Your Upcoming Budget
It’s unlikely your budget for the year ahead is going to be exactly the same as it was this past year. You’re going to experience ebbs and flows in your expenses: new hires, changes to employee benefits, or new tools and software. Knowing your upcoming budget allows you to decide what your revenue needs to be in order to be profitable.
Create New Sales Goals
Once you know what revenue you need in order to be profitable, you can determine your sales goals. How many leads will you need, how many phone calls will you need to make, and how many closed deals in order to reach this amount?
Determine the Critical Activity Needed to Accomplish These Goals
Now it’s time for the nitty-gritty. What exactly do you need to do to reach these sales goals?
Create a prospect list
Connect with these prospects
Set up discovery meetings
Run “diagnostics” to determine a prospect’s exact needs and how you can serve them
Create a proposal outlining a plan of action and present it to the prospect
Determine Key Benchmarks and Monthly Accountability
It’s not enough to establish goals for generating revenue. You also have to create benchmarks, determine what you will use to measure your progress, and then set up monthly and quarterly reporting to know exactly where you are in meeting your goals.
Finally, you’ve got to stay optimistic and passionate. And it might sound silly, but you’ve got to have a plan to stay positive even when things get difficult.
2019 has the potential to be an incredible year. And it starts with creating strong business goals for generating revenue. These tips will get you well on your way to setting those goals and taking steps to reach them.
As you’re building out your goals for 2019, you may realize you need support to achieve them. That’s where we can help. We’ve worked alongside dozens of businesses to help them generate leads and customers. We’d love to meet with you to learn more about your needs and how we can help. Set up a time to meet with us by clicking the image below!