With Halloween and Bonfire Night safely out of the way, you might think there’s nothing scary left to think about. WRONG!!
Setting sales targets and income goals each month can be a total nightmare. I really get that.
I’m not immune to getting the colly wobbles even though I used to do this with my eyes shut in a previous life for targets that were in excess of a million quid a month. Imagine!!
When you run your own business, knowing where to even start can be a struggle. But if you shy away from it or ignore the fact that you’re actually running a business then what are you actually aiming for?
Growing your business, increasing your income and having a goal is essential if you’re going to have the freedom, the choices and the power to do different things with your life and help other people with theirs.
There’s a few ways of approaching your income goal and here’s just a few tips to give you some ideas:
- Work out what is the absolute minimum you need to cover your business and personal expenses & commitments. If you achieve this then you’ve broken even.
Ideally, as your build your business you will be increasing those income goals and thinking about having “more than” you need in order to make more choices such as investing in your business (e.g marketing, outsourcing, networking, new stock, technology etc) and also creating a contingency fund or savings for your business account.
- When you think of your sales target, does it feel overwhelming? Break everything down.
You can chunk your annual sales goal down into monthly targets – I encourage my clients to look at the peaks and troughs and seasonality of their business.
For example, a £12,000 income goal doesn’t necessarily split into 12 months of £1000 targets. You could have months where you know that traditionally you are busier than others so your income goals will v9ry across differing months. Use the data that you have already from previous months/years.
- Another area that you can look at is splitting your income target down further.
If your target is £1000 for the month, you can split this into different types of products or services that you sell, rather than just seeing it is an overwhelming £1000 or £250 per week/£50 per day.
It could be 5 lots of one premium service at £100 and 10 lots of another product at £50.
Think about the things that you sell whether they be products or services and then split that out.
- What sells the best?
- Maybe you can focus on running a promotion to sell more of a particular product – so just 5 more of one thing could help you reach your target.
- When you make it more tangible and think about what that ££ value actually is in terms of your business products then it’s easier to know what you have to do.
Over in the Brilliant Business Women Community I’m working with my clients to get really clear about what their objectives are for the forthcoming months and how the actions they take will feed into their goals.
You don’t have to do it all alone you know.
All of us needs support, encouragement, advice, empowerment and sometimes enlightenment in our businesses. We can’t know everything and we shouldn’t accept that we have to struggle with stuff that we don’t understand, don’t like or don’t have time for.
So, if you fancy being part of a small, select, awesome, amazing and forward thinking group of business women who have four things in common then maybe our Brilliant Business Women Community is for you.
Want to know what those 4 things are? Click here to find out….