Create Growth Goals
The end-of-year holiday break gives us the time and space to reflect on the past year and project into the new one. By now you may have your list of New Year’s resolutions, both personal and business. You are ready to tackle the challenges of 2014 with determination.
But unfortunately, studies show what you probably have experienced for yourself – most New Year promises don’t stick. Surveys by FranklinCovey find that more than 75 percent of respondents will break their New Year’s resolutions within 3 months and almost one-third will break them by the end of January.
Why? Because we often create goals for our business -- and then stop. We hope for significant sales gains and then continue with “business as usual”. We expect different results but don’t change our “system” for leveraging our time, staff and money.
For the next few weeks I will lay out Your Next Best Three Steps for 2011 – or a quick guide to help you put the systems or “habits” in place to support your business growth goals.
Step 1: Create Growth Goals.
Financial Goals: As a base, collect year-end data from 2010. Organize sales figures by quarter, by product or service grouping, by profitability and by customer group. Also organize data on other indicators in your marketing/sales funnel: website or store visits, inquiries, proposals, referrals. With this information in front of you, answer the following growth questions:
- Where do you think you can grow (or avoid erosion) with your current product/service offering and current customer base?
- How do you think the economy and other macro trends will affect sales? Are you planning on launching any new or incremental products or services?
- Are you planning on reaching out to new customer groups? New geographic areas?
- Any possible new partnerships or distribution channels?
Personal Goals: Determine those goals that will keep you energized, relevant and focused.
- How many hours per week do you wish to be working?
- What activities to you feel should be your focus? Which can you (should you) contract out?
- What training, inspiration or “vacations” will you need to refuel?
Mission Goals: Where does your company “make meaning” ? How can you measure your greater impact in terms of dollars contributed, people employed, messages embraced?
Set your goals at three levels: 1) moderate, 2) stretch (best case) and 3) survival (worst case) with milestones by quarter so you can readjust.
Focus on the significant few - not the insignificant many. Prioritize your goals list to those few that will truly make a difference. This will make it easier to communicate and stay on track. List your assumptions in deriving these sales goals.