Business Goals and Following Through
Below is a MRR and PLR article in category Self Improvement -> subcategory Goal Setting.
Business Goals and How to Achieve Them
Expanding Your Business This Year
To grow your business effectively, having a clear plan is essential. Here are some key strategies to help you set and achieve your business goals.
1. Set Challenging but Realistic Goals
Your goals should stretch your capabilities without becoming unattainable. For example, if your average order value was $700 last year, aiming for $3,000 without major changes might be unrealistic. Be honest about what’s feasible in your industry and set your objectives accordingly.
2. Document Your Goals
Writing down your goals helps to solidify them. Instead of vaguely remembering a target like acquiring 20 new customers per week, writing it down ensures accountability. Regularly review these goals to track your progress and make adjustments as needed.
3. Evaluate Your Current Situation
Understand your starting point before setting new targets. In 2003, we sent surveys to assess our customer service ratings, creating a baseline to measure improvement. Now, we ask for feedback after every order, allowing us to promptly address issues. Never assume; always evaluate your current status.
Budgeting for Marketing Success
Determining your marketing budget is crucial. Here’s a straightforward approach: Take last month’s income and allocate 14% for marketing. For example, if your income was $50,000, plan to spend $7,000 on marketing. Although it might seem daunting, investing in marketing fosters long-term growth.
Not everyone can start with the 14% ideal. However, aim to reach this target over time, as it has helped many businesses, including ours, expand significantly. Picture your business growing four times larger?"exciting, right?
Key Pillars of Business Growth
Your business’s success relies on quality products, excellent customer service, and effective marketing. If you’ve mastered the first two but aren’t seeing growth, revisit your marketing budget.
So, sharpen your pencils, crunch the numbers, and decide on the growth trajectory for your business.
By following these tips, you’ll be well on your way to achieving your business goals this year.
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