Targeting Success

Targeting Success

Reading time: 1 - 2 minutes

I really hope you're not leaving meeting your budgets and targets to the whims of chance.

The only way to make sure you're actually achieving what you set out to  achieve in $ terms, new customers, visiting clients - is to chunk it down and monitor it.

But what does that actually mean?

Think of it like this; A business wants to make $3 million sales this year.  Great objective.  But which months will be higher than others because of seasonality?  And how are you tracking during a month?

The usual approach would be to get part way through the year, find out you're behind budget then try and go hell for leather to catch up.  But by then its usually a done deal.

Take your annual target or budget and break it down to quarterly, monthly, weekly and even daily amounts.  Small chunks are far more manageable.  Ever tries swallowing a whole big mac??  Getting there bit by bit knowing what has to be achieved is a better approach.

So heres 6 tips for achieving your targets;

  1. Ensure adequate reporting of what affects your targets.
  2. Get perspectives of advisors who understand your business.
  3. Review not just the Profit & Loss, but the Balance Sheet and Cash Flow also, and understand how the inter-relate.
  4. Use professionals to help with setting and meeting budgets.
  5. If you're not meeting budgets, understand why - usually in the setting and/or management of them.
  6. Be open to change.

 

Focus and action will get your desired results.

 

Photo by Annie Spratt on Unsplash