With January around the corner, most business owners are spending the weekend figuring out their revenue goals for 2018. I know I definitely have a specific goal in mind, and I’ve already been conjuring up how I’m going to achieve them.
Start with The End in Mind
One of the biggest mistakes I made early on in my business was not having clear revenue goals. I simply wanted to make money to pay my bills. If I did that I felt like I was good. Why ask for more?
Because you can’t run a business that way that’s why. There’s also – as I learned – a huge difference between gross revenue and net profit.
It was only when I started creating clear revenue goals each year that I was able to create a plan to earn the kind of money I wanted.
So, the first step is to figure out what that revenue goal is. And remember – you have to take into account business expenses, personal expenses, taxes, savings, and investments. With that in mind, I know I need to hit at least $100,000 in 2018.
Reverse Engineer the Process
The next step is to reverse engineer the steps that will be required of you to reach your revenue goals. This is the part where I like to use accounting and invoicing software to see what went well and what didn’t.
For example, I can already see that the easiest way to reach my revenue goal of $100,000 is going to be through selling my group coaching program, increasing my writing rates and getting corporate brand partnerships.
All of these things are already happening in 2017 and they are working very well for me, so 2018 is the year to go all in.
Find the Help You Need
Once you know what your revenue goals are and how you are going to achieve them, it’s time to find the people who will help you get there. Let me use myself as an example again to make my point.
As I just mentioned, 2018 is a year I will be focusing on brand partnerships. That means I need an agent who knows the game and a PR company to help me get myself out there. I may also need a couple of people to manage a social media account or two.
With that in mind, I’ve spent the last few weeks finding these people. I have an agent, my social accounts are being managed and I just hired a PR company that specializes in working with bloggers and thought leaders.
Here’s another example. I also know 2018 will be a year of selling my group coaching program. In order to increase sales, I will be enlisting current students to recommend the product as affiliate partners.
The bottom line is you likely can’t do everything yourself when you’re trying to reach revenue goals, so find people that will help you get there.
By getting clear on your revenue goals for 2018, you’ll be able to create clear action steps to meet those goals. You’ll also be able to hire the right team members that will help get you there faster.