Double Your Business’ Profit - Implement These
3 Strategies In Less Than 60 Days
Purpose - Drive you towards hitting your profit goals
Plan - Direct marketing efforts to your ideal customer
Profit - Determine if you are making the profit you want
“Have I ever began a year hoping to accomplish a long list of goals, but by the end of December, when I look back, I achieved very few?”
If you answered, “Yes” to that question you are not alone. The work we will do will help you begin a process to not only set your goals but to achieve them. This will give you the steps to begin a process of detailing out a main goal setting worksheet that will help you to detail out and achieve your goals.
What will be accomplished:
Step #1: Set a main goal. A main goal is not anything small. It is a goal that when you accomplish it you will be screaming it from the tree tops. It is a huge goal, nothing run of the mill.
Step #2: Determine a “lagging” indicator to tell you that you accomplished the goal. A lagging indicator is a report or something that is obtained after the fact that will let you know if you hit the goal.
Step #3: Create up to seven mini goals. A mini goal is much like the main goal except they are more bite size. Once all the mini goals are hit the main goal is achieved automatically.
Step #4: Determine the “leading” indicators to tell you that you accomplished the mini goals. Leading indicators are not like lagging indicators. Leading indicators are reports or data showing progress toward the mini goal and they are either in real-time or almost real time.
Step #5: Create the action steps to be taken to accomplish those mini goals. These are the steps that need to be taken daily or weekly to achieve the mini goal.
Last step: Create a scoreboard. In brief, the scoreboard is just like a scoreboard at a ball game, it shows the results of the mini goals.
We will create the easiest marketing plan ever with four simple questions. When we are done you will completed the 4-Point Marketing Worksheet and have a customized marketing plan that "will" work for you.
Here is a snippet of the four questions that we will detail out. Warning: this process could be one of the toughest tasks you have ever worked on in your business, but when you get done the rewards will be great.
The four simple questions are:
1. Who is your ideal client? Age, wealth, needs, family size, where they live, what kind of job they have, etc.
2. Where are these people found? Where do they hang out? At the country club, Wal-Mart, doctor's office, live in certain neighborhoods, etc.
3. What are their needs and pain points? This question is really important. We will really focus on that ideal client and think about their needs and pain points.
4. How to reach and market to them? To get this answer all you do is combine the answers to the three questions above. What you will see very clearly is what needs to be done to begin selling your product or service to them.
There are many important aspects to running a successful business today. But one practice, if done consistently, will almost guarantee that you will move ahead of your competition and increase your bottom-line profits. To do this you need a customized tool that will help you monitor your daily and weekly Key Performance Indicators (KPIs). A tool that will show you in pictures just how your business is doing - how it is meeting your expectations.
As you do this you will see increases in your bank account and on the income statement’s bottom line.
So what should you monitor on a daily basis? That question could have many different answers depending on your business focus and product mix. But here are a few to start with.
Daily gross profit on sales
Number of employee overtime hours daily/weekly
Number of new customers obtained
Customer service issues identified and corrected
Marketing strategies and programs that worked this week, and how they numerically impacted the business