Revenue Goals That Actually Move the NeedleJul 13, 2023
As business owners, setting revenue targets is a common practice. Initially, we aim for a number that covers our expenses, and then we gradually expand it to include some extra income for ourselves. Over time, this number keeps growing as we strive for financial stability, considering our business as our primary source of livelihood.
However, it's crucial to stay connected to our "why" and have a clear understanding of what it will truly take to achieve these business goals. To facilitate this journey, I will share my approach of breaking down significant business goals into actionable steps that can be pursued daily, ultimately increasing the likelihood of success.
The key takeaways from this episode are:
1. Setting revenue targets alone may not be sufficient. Understand the underlying drivers that contribute to hitting your goals for a comprehensive approach to business success.
2. Break down significant business goals into actionable daily steps. By focusing on manageable tasks, you increase your chances of achieving long-term success.
3. Evaluate your progress using a scorecard and reflect on your actions. Don't expect different results if you keep repeating the same actions. Adapt and make necessary changes to improve outcomes.
What you'll hear in this episode:
[0:50] Why setting a revenue target as a goal in your business may not be thorough enough.
[2:30] Stepping through an example to show how ‘drivers’ factor into successfully hitting goals.
[6:45] Breaking down your larger goal into manageable daily goals.
[9:00] Give yourself and scorecard and time to reflect on your actions based on your scorecard.
[11:48] Stop expecting different results after taking the same actions.
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.