Sometimes our business goals seem incredibly elusive and the further we feel away from them, the harder we feel they are to achieve. I’m lucky to have been very successful in business and here are some top tips on achieving those big goals!
Well, Christmas has been and gone! Between Christmas and New Year was the time when I started looking forward, thinking about the 12 months ahead. It’s also a time when I remembered all those moments in recent weeks and months when it would have been good to plan for next year, to set goals and objectives and be prepared.
Reading on social media, such as LinkedIn, those organised (& probably successful) people who had already planned for next year. But, for me, there was always something more important, something more urgent to do and now, here we are, approaching mid January already.
My planning process began with the end, the goal I have for my annual turnover. I sat back and wondered, how on earth will I achieve that?
After some pondering I began to break it up, first divided into 12 months, and then each 12th divided by 4. An annual turnover broken into 48 pieces sounds far more achievable.
However, how does one achieve it?
Remembering a friend saying to me once, “You can eat an elephant, if it’s in bite size chunks”. I set about breaking my business model into pieces; pieces of activity. Having lived the corporate life for some years and working to targets, I recalled the dreaded KPI list; Key Performance Indicators.
Dissecting the business was quite an interesting process, giving me an objective view of what I do on a daily basis, speaking to people (selling), booking viewings & meetings for buyers, taking offers, signing terms, agreeing sales, and following through the legal process to the completion.
After breaking it up I looked at conversion rates. Even though some processes don’t have enough history to have a recorded conversion rate, I could assume one, some I simply based on an average number ie 50%. However, some processes we have a fair judge of the answer. For instance, I know that I’m rarely let down on bookings for business property viewings or business meetings between a buyer & seller, they generally take place, with only a few cancellations – Therefore a 90% conversion is sensible in order to ensure enough appointments are made to allow for those cancellations.
I cannot put a price on the individual activities. I can though take the turnover number and divide the activities required to achieve the total sum, using historical conversion rates or those assumed, through all the various activities, from initial enquiry to completion of sale & Invoice.
It is quite surprising how achievable the Goal becomes by meeting targets for the activities required on a weekly and monthly basis.
Why not set your Goal for next year. Assess your business model, break it into pieces, the activities required to achieve the total sum. Make your targets weekly activity goals. If you employ staff simply divide the activities across the staff. Achieving those weekly activity goals, week on week, should achieve your annual turnover! Good Luck!
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