3 Ways to Hit Your Revenue Target

Are you headed into the New Year without a plan? Have you set your sales goal for this year?

“What’s that I hear you saying?”

“What plan?”

“What goal?”

As small business owners we rarely take the time we need to plan and set goals. However, it is one of the ways to make sure you are not frantically running your business and that you obtain the success you desire.

For those of you who finished your 2013 strategic plan and have your goals set and an action plan – STOP READING.

For the rest of you here’s what you need to do.

1. Review your plan from last year (if  you have one).

What revenue goal did you set? Did you and your sales team hit that goal? Did you hit your profitability goal? What other goals and objectives did you accomplish? Take a moment to celebrate your accomplishments and acknowledge those that helped you.

Is there anything left unfinished that needs to be brought into this year?

If you didn’t have a plan make a list of the big things you accomplished in the areas of operations, HR, sales, etc. Take a look at the revenue you did generate and your profitability. Acknowledge your accomplishments and those who helped you.

2. Decide on the revenue goal you want to hit this year.

Start by writing down your revenue goal. Then write down the profitability goal. Now, write down a list of the big things you will need to change in order to hit those goals. Things like, hire a salesperson, develop a process, increase production, hire production personnel, purchase equipment, etc.

Next, establish a budget. You’ll need to look at your expenses from 2012 and of course make adjustments based on what it will take to meet your new goals. If you plan to increase sales, what expenses will be affiliated? Will you need to do more marketing, purchase a list, hire a PR firm?

3. Make an action plan with dates to help insure you hit your goals.

Once you know what you need to do, you have to do it. People say, “knowledge is power.” Knowledge is powerful if you use it, so execution is the key. Make an action plan with dates and stick to it. Review your plan every quarter and celebrate the successes and adjust the things that aren’t going as planned. If you need help, get it. Help costs money, but making big mistakes costs more.

If you would like to spend a half day or full day setting your sales strategy, give me a call 775-852-5020. I’ll get you on your way to setting and hitting your revenue goals for this year.