Do You Know How to Determine and Set Your Business Goals?
Hi Brian here again, this year is going very quickly, or is it just me. Here have the fourth article in the series, Rock 2019. I hope you have been following along.
What has been happening?
I have been very busy, the day job has been quite demanding of late.
Good news on the improvements to the website, progress is being made, some of it is behind the scenes and you probably wouldn’t notice any difference.
For instance a lot of work has gone into preparing the newsletter, the launch has been pencilled in for next month (April).
Rock your business in 2019 – Continued
The next part of this series looks at business goals, and outlines a process for setting these goals. Again, demonstrating the importance of measurements.
Previous articles:
How To Work Backwards To Set Your Business Goals
Determine a goal
Today I want to share my thinking process for setting smart business goals with you.Lets take an example work backwards from a financial goal to daily to-do lists. Here’s how that that would work.
It helps if that goal has a meaning beyond just the dollar figure. So, for example, let’s say that I want to replace my car. And, for this example lets say the payment is going to be around $400. To account for things like taxes and insurance and just to be safe, I’ll bump the goal up to $600. In other words, I need to add an extra $600 (or more… more is always better) to my monthly bottom line.
Once I am seeing that level of income on a regular basis, I’m ready to order my new car.
How to meet that goal
Now that I know how much money I have to make, I can start to think about different ways to do just that.
One option, I could find more customers for one or several of my existing products. For example, if I have a $10 eBook, I would have to make an extra 60 sales per month. From there I can work backwards. If I know that on average one out of 10 email subscribers buy the book within the first month of signing up, then I need to add 600 new subscribers to my list. This in turn would take 4,000+ new visitors to my site. If that’s my plan, I know that my daily to-do list needs to include plenty of action steps to ramp up my traffic by an extra 4,000 people per month.
That’s not my only option. I could also create another information product or eBook each month and sell it to both my existing and new subscribers.
Also, I could create a higher priced item so I need to make a lot fewer monthly sales to reach my $600 goal. For example, if I create a nice $100 product, it would only take 6 sales per month to pay for the car.
Since the car payment will be an ongoing thing, it would also make sense to look into recurring payments. This could be my own membership, or I could look into affiliate offers with recurring commissions. Depending on your market, there’s a lot out there that you can promote.
For me, one option could be to create some content around content marketing and promote a PLR Membership[there are several available]. A typcal subscription of $67 per month with a 50% commission. That means I can expect over $30 in commissions each month. Let’s say it’s 30 to keep the math simple. I only need 20 members to pay for my car. Once I reach that number, I only need to add the occasional new member to balance out cancellations. Getting one or two more members in each month going forward should more than cover that.
Determine the tasks
Now I have a concrete goal to work towards which is convincing 20 people to sign up for the membership. My daily tasks will include things like:
- creating content that includes an offer to the PLR membership
- a short report about using PLR to build a targeted sub lists of people interested in using PLR in general.
Then I start driving traffic to the content and the opt-in offer and start mailing regularly about the PLR membership. I may even craft a short autoresponder sequence to create an evergreen funnel.
Of course that’s just the tip of the iceberg. I could approach the publisher to see if they would be interested in writing some guest blog posts, answering some questions for an interview style post, or even do a webinar, all of which would of course promote the membership. By thinking outside the box and putting in some time and effort initially, it won’t take me long to get those 20 signups that pay for my new car payment. Because I really want that new car, I’m going to be motivated to get it done and grow my business by those extra $600 per month. In fact, chances are great that I’ll overshoot the goal by several hundred dollars and it’s something I can continue to grow month after month.
To Be Continued……….
Brian
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