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Business Goal Setting and Then Following Through
Your business can't go according to plan if you have no plan. What do you want to achieve this year? More new customers per week? Higher average order amounts? Better customer service ratings? No matter what it is you are shooting for, goal setting is one of the most important things that you will do in the New Year. I've got a few tips to help you get there. 1. Keep it Challenging but Realistic. Any goal that you set for your company should be challenging but don't over do it. For example, if you had an average order amount of $700 last year, you wouldn't want to set your goal for this year at $3000 per order. Unless you make drastic changes in how your company runs or what you are selling, that goal is just not realistic. You know best what you may be able to achieve in your particular industry, so be honest with yourself and set your goals accordingly. 2. Write All Your Goals Down. You may say to yourself on January 1, "I want to get 20 more new customers per week this year." A few months later you will be saying "Did I say I wanted 20 or 30?" Or more realistically, you have forgotten that you even made that goal. If you have all of your goals written down you will be able to not only go back and check them, you will also be able to go down the list every few months and check to see how many of them you have completed. 3. Assess Your Current Situation. To set goals you have to know where you are at right now. In 2003 I wanted to assess our customer service rating so we sent out a survey to all of our customers on which they could rate us in each department of our operation. That helped us establish our base. Now we send the survey to every customer after every order. This way we can keep track of how we are doing and if there is ever a hiccup we can fix it quickly. Don't assume anything. Always assess the current situation before setting a new goal. It's Only Going to Hurt A Little... Now, in financial goal setting for your business, one invariably comes to the question: "How do I decide on a budget when starting a marketing plan?" This is obviously the first question that you have to answer in order to get started on your new campaign. And in order to reach the income goals you have set for yourself. So how do you figure out what your budget should be? Here is an easy method to help you find a number that is going to work for you and your business. Some might say that it is a good rule of thumb, but I personally judge things on whether or not they work and get results. That's all. Moving on... Start with the amount of income that your company generated last month and multiply it by .14 (or 14%). That means that if you had $50,000 in Gross Income last month you should budget to spend $7000 on marketing in the next month. Wait... I know, it sounds painful but it is just like a shot at the doctor. It might hurt for a minute (or in this case a month) but down the road you are going to be glad that you went through it. Putting that much toward the right marketing will bump up your income the next month and start you on a cycle of steady growth. I know that some businesses run tighter than others and it is possible that you won't be comfortable with that amount in the beginning. Don't misunderstand me, any marketing is better than no marketing. Don't get discouraged if your budget is lower than 14%. But use 14% as the ideal to strive for because, for me as well as many other growing businesses, it has proven to give the best rate of growth possible. How do I know, you ask? My company has expanded 400% in the past 2 years. Now picture your business at 4 times its current size... There's that smile I was looking for! The growth of your business is based on three factors; quality products, great customer service and the proper amount of marketing. If you know you have the first two taken care and you still aren't experiencing healthy growth then you need to take a serious look at your marketing budget. So sharpen your pencils, start calculating and decide how rapidly you want your business to grow. Please take a moment this week to sit down and decide on your goals for the New Year. Even if it is past the New Year and even well into the year, set your goals for the rest of the year. Everything is easier when are working towards a goal. My goal is your success and I assume that is your goal as well. Joy Gendusa founded PostcardMania in 1998; her only assets a computer and a phone. In 2004 the company did close to $9 million in sales and employs over 60 persons. She attributes her explosive growth to her ability to choose incredible staff and her innate marketing savvy. Now she's sharing her marketing secrets with others. For more free marketing advice, visit her website at http://www.postcardmania.com
Latest News:Site: Yahoo! News Search Results for news Myanmar's Suu Kyi to get family letters, news mags (Reuters via Yahoo! News) Detained Myanmar opposition leader Aung San Suu Kyi has managed to wring small concessions from the ruling generals in the form of letters from her family and some international news magazines, her lawyer said on Friday. JCDecaux in talks for News Outdoor Group in Russia (AP via Yahoo! News) French outdoor advertising firm JCDecaux SA said Thursday it is negotiating to buy Russian rival News Outdoor Group from global media company News Corp. News Corp tightens grip on Premiere with new CEO (Reuters via Yahoo! News) Rupert Murdoch tightened his grip on German pay-TV broadcaster Premiere by appointing News Corp executive Mark Williams as CEO in a move to get the company back on track. SEC Looks Into UAL Stock Scare; Implications For Online News? (CBS News) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel 's current news flow, was picked up by a Google (NSDQ: GOOG) News bot and, via a reporter for a newsletter, made it onto Bloomberg News. After a lot of buck ... JCDecaux and News Corp. in talks to combine outdoor ad groups (International Herald Tribune) The News Corp. chief executive, Rupert Murdoch, has recently expressed nervousness about investments in Russia, where News Outdoor generated the bulk of its revenue last year. SEC Looks Into UAL Stock Scare; Implications For Online News? (paidContent.org via Yahoo! Finance) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel's current news flow, was picked up by a Google News bot and, via a reporter for a newsletter, made it onto Bloomberg News. JCDecaux in talks to buy News Corp. billboard unit (AP via Yahoo! Finance) In a deal that would create the world's largest outdoor advertising company, French conglomerate JCDecaux SA said Thursday that it is in talks to buy Russian rival News Outdoor Group from global media company News Corp. Phila. mayor to announce grim budget news (The Philadelphia Inquirer) The Nutter administration is expected to announce grim budget news today, which is all but certain to lead to significant spending cuts - perhaps as high as 10 percent - in some city departments, according to three sources familiar with the budget. News Corp says Mark Williams interim Premiere CEO (Reuters via Yahoo! News) News Corp. executive Mark Williams has taken over as chief executive of German pay-TV broadcaster Premiere in an interim capacity, News Corp. said after the move led to renewed takeover speculation. News Corp. says Mark Williams interim Premiere CEO (Reuters via Yahoo! News) Mark Williams, a News Corp. executive named late on Wednesday as chief executive of German pay-TV broadcaster Premiere, has taken over in an interim capacity, a News Corp. spokeswoman said on Thursday. Site: news - Google News Ballmer touts Windows 7 beta, new deals - CNET News
MORE RESOURCES: Site: Yahoo! News Search Results for goal setting GIRLS? SOCCER: Giants? goal? School record 15 (Marion Chronicle-Tribune) ANDERSON ? Marion won its first girls? soccer match Wednes-day in record-setting style. The Giants set a single-game scoring record and completely dominated host Anderson Highland, 15-0. Tamara Barrett, Jackie Roorbach and Alex Lester each had three-goal hat tricks for the Giants. Soft-spoken Syd'Quan not shy in setting big goals for Cal and himself at cornerback (Contra Costa Times) Thompson is tied for the NCAA lead in interceptions with three after two games, and three picks is his goal for each game, including Saturday at Maryland. A's setting sights on second place (Oakland A's) A's setting sights on second place Archdiocese sets fundraising record (St. Louis Post-Dispatch) The St. Louis Archdiocese said local Catholics contributed more than $13 million to its annual fundraising effort, surpassing its goal by more than $1 million and setting a record for the 59-year-old campaign. United Way sets goal at $935,000 (Great Falls Tribune) United Way of Cascade County kicked off its annual fundraising drive Tuesday, setting a goal of $935,000. United Way launches campaign for $2.2 million (The Hendersonville Times-News) The United Way of Henderson County volunteers, staff and community officials kicked off the 2008 fund raising campaign at 7:30 a.m. today at the Historic Courthouse, setting a goal of $2.2 million to meet needs of the community in health care, social services and other areas. RI residents oppose mass housing (Quad-City Times) Rock Island?s Housing Authority, or RIHA, wrapped up hours of goal setting for its next fiscal year Thursday night. But controversy is building about one of the agency?s proposals. Sallie Mae to turn on $10B private tap (Baltimore Business Journal) Sallie Mae is rushing into a market many are deserting by setting a goal of making $10 billion worth of student loans that are not backed by the federal government. (SLM) On the agenda (The Fort Collins Coloradoan) September Symposium 8 a.m. to 12:30 p.m., Friday, Lincoln Center, 417 W. Magnolia St. Attend these free sessions on a wide variety of topics ranging from avoiding burnout, performance appraisals, conflict resolution, small business leadership, goal setting, marketing and more. Reservations are required. For more information, visit www.larimerworkforce.org Going for the goal (Bangkok Post - Thailand's English news) Goals are one of the most important elements of success at any level and in any field. Having clear goals helps us know exactly what we want to accomplish in what time frame. Goals can also inspire us and get us excited and motivated. Site: goal setting - Google News A strategic plan for goal setting - Santa Rosa Press Democrat
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