If you’re like most MOBE members, you’ve set a goal for your own business. It might be, for instance, $100,000 in revenue for 2017.
Goal setting is a great habit for all business owners to get into. But what if I were to ask you whether you’re on track to reach your target?
Would you be able to tell me “yes” or “no” without a moment’s hesitation?
In this video, I explain the mistake most business owners make when goal setting, and how to avoid it.
In one of our past mastermind events, I brought one of the attendees onto the stage. The attendee, a new business owner named Jeremy, knew his target for the year and could easily announce it off the top of his head. His target was $100,000 in revenue for the year.
But when I asked Jeremy if he was on track to reach his goal, he couldn’t answer.
HOW TO ENSURE YOU ACTUALLY REACH YOUR TARGETS
Here’s the mistake most business owners make. They set their target for the year or month, then go about their business as normal. The year or month goes by, and they remain clueless about how near (or far) they are to reaching the targets. By the time they realize how far off track they are, it’s too late to get back on track, rendering the goal setting process mostly pointless.
The solution is to break down your goals into smaller chunks.
For example, if your target for the year is $100,000 in revenue, then you need to do:
$8,333 every month
$1,923 every week
$274 every day
Then, monitor your business performance against these smaller targets. Are you halfway through the month and only done $2,000 in revenue out of your $8,333 target? Then maybe you need to think about implementing a new marketing campaign to get this month’s revenue back on track.
This won’t, of course, guarantee that you smash your targets every time, but it will ensure you come as close to them as you possibly can.
HOW MATT LLOYD STAYS FOCUSED ON HIS TARGETS
Here’s an easy to implement tip to ensure you never forget about your targets. Do what I do to keep myself on track. Take a screenshot of your yearly, monthly and daily targets and set it as your screen saver on your phone. Now you can’t escape them!
Whenever you start falling behind your business targets, your brain will automatically start thinking of strategies you can implement to get back on track.
Ready to scale your business through successive revenue ceilings? More strategies like this one are shared with members in the MOBE Titanium Mastermind. To learn more about the Titanium Mastermind, click HERE.