Do you have a plan to reach your revenue and profit goals?

Launching a business, working hard, and retiring early – it’s a dream for many. 

Yet lately, hitting big profit goals might seem harder than ever. Whether you simply want to provide a good life for your family or reach that magical million-dollar milestone, running a business in 2022 is no small feat.    

Even in the best of times, when the economy is strong and business is booming, everyone still needs to have a plan in place for how they are going to reach their revenue and profit goals.

Essentially, we need to understand the relationship between 3 things:

• Revenue
• Profit
• Tactics

If you have been feeling directionless when it comes to profit planning, buckle up!

This blog was written specifically for entrepreneurs like you.  

Where do you fall on a scale of 1-5? Be honest.

First, let’s take a moment to assess where you fall on a scale of 1 to 5 when it comes to your revenue and profit planning. Look at the graphic below. Think about where your business is on the scale.

Are you closer to Level 5, or are you sitting at Level 1?

At the end of the day, nobody is going to make improvements for you.

Until you are honest about how in control you are of monthly budgets, sales estimates, forecasted revenue, expenses, etc. you won’t be able to make sound financial decisions about the future.

To be totally clear: there’s no shame in identifying with Levels 1, 2, or 3.

Actually, these spots are where a business coach can offer industry specific advice to move you up the scale quickly and effectively.

Next, let’s get tactical

To continue moving up that scale towards Level 5 where you have an aggressive, measurable plan in place to reach your target goals, you need to lay out tactics.

These can include:

• Advertising
• Networking / forming strategic alliances
• Developing a solid referral program
• Offering incentives for return customers
• Better utilization of social media
• Creating lead magnets
• Building a strong email marketing list

As you can no doubt see, the possibilities are vast. I suggest choosing ten. Each will contribute about 10% of what you need to do in order to hit your targets.

And remember…any strategy has a cost. So, when you think about this you need to be careful to strike a balance between the cost and the reward. Create a blend where you are spending some time, some money; executing some hunting strategies (things like pay-per-click advertising) and some farming strategies (think more along the lines of email marketing to your existing database).

Endless possibilities to reach revenue and profit goals

Keep updating and tweaking the figures as you go. In the beginning, it may feel like you’re pulling numbers out of thin air – that’s fine! No two businesses will be exactly alike.

What matters most is that you start with numbers that feel reasonable to you and your business, and then adjust as you go once you start to see and analyze your real time data.

Hopefully, your eyes are opening to the endless possibilities!

If you’d like some help seeing them…book a 15-minute consultation call here: 15-minute consultation call