Focus On Setting Goals For Your Top-Line Revenue And The Pathway To Achieving Your Overall Goals Will Unfold.
As we wrap up 2018 and look to 2019, our minds inevitably wander towards goal setting and the quintessential New Year’s Resolution. I love doing goal setting, because I really get to sit back and reflect on how my business has changed over time. And then, even more exciting, I get to determine how I want my business…and my life in general…to look in the future, and set some goals to get myself there.
What are your top goals as we enter this new year? For small business owners, it may be hiring that first employee, or getting a small business loan to buy that equipment that will take them to the next level. Setting an intention for your business is critical, and this is the time to do it.
As you set goals for your business, keep your primary focus on your revenues. Good goal setting for a business begins with the top line in mind. What revenue targets are you setting for this next year? How much do you want to grow? Be aggressive, but realistic at the same time. How much did you grow last year? Use that as a barometer to assess if your goals are realistic, and adjust accordingly.
Once you become clear re: your revenues targets, you can then create the pathway to get your business there. To support your revenues, for example, you may need to expand capacity by hiring new employees, putting more funds into a marketing budget, etc. If you find that your revenues are not enough to cover your expenses, then you can start planning on how you will bridge that gap with a short term loan or line of credit. You will now have a realistic plan that you can follow to achieve your goals.
Setting revenue goals, and allowing the financial pathway to unfold, can be challenging. If you need help in making sure that your revenue goals are realistic and achievable, or need help figuring out how your revenue goals will translate into overall financial and business goals, then don’t hesitate to ask us for help. Schedule a free consultation with us and let’s chat!