Goals for Growth

Well hello, and welcome to Episode 52 of Aftershock Weekly. This week I want to talk about something that you probably don’t think about very often. And who I’m talking to today is if you own your own business, whether it’s small or big, whether you’re looking to get re-started into a business or just revamp what you currently have.

You want to start with the why. You want to think about what it is that you’re trying to accomplish. And to do that, you’ve got to step back and start selfishly and say, “Well, what am I trying to accomplish out of owning a business? What am I trying to get out of it?”

Now, looking at what kind of lifestyle you want it to provide you, looking at how you want it to take care of your family, if you have a family, you know, what kinds of things and experiences you want to be able to get out of it—and write those things down. And then, you want to make sure that you either put together a budget of what it looks like to have that lifestyle, to see what you need to accomplish in your business to provide it. So let’s just say for example that you want to live in a nice home, and you have a beautiful car, and you have two kids that you want to put through college. And that’s going to be, I don’t know, eight thousand dollars a month to live very comfortably.

Well now, you can start and say okay, what is it going to take to provide that kind of income for my business so that I can have that lifestyle? Well that’s pretty easy, because then you can say, “What is a customer worth for me?” Let’s say the average customer is worth a thousand dollars a month for you. That means you need eight customers. But now let’s say you have expenses, and your expenses are four thousand. Well that means that you need twelve customers, because twelve minus four thousand dollars of expenses. You can do those kinds of numbers.

But what this is going to do is give you a very clear goal of what you want to put together as far as a business. You say, okay, what kind of expertise and staffing do I need? Do I need someone to handle all my bookkeeping, or can I do that? Do I need someone to handle my marketing, or advertising, or can I do that? But if you need the advertising help, you know, talk to us of course. But you need to put these things together so you say, you know, X is my result, here’s what my business needs to look like to provide that result, and then you have very clear goals on what you need to accomplish.

So I would recommend, if you haven’t done this in a while, sit down, put that together, and I’m sure the exercise will get you creative, it’ll get you excited about your business again, and it’ll set clear goals on what you need to do every day to get you there.

So with that, I’ll leave you with a quote.