If you're not growing as a business, you're not going anywhere.
To reach bigger and better milestones, you'll need more revenue. Defining business goals for sales will help get you there. But how do you increase sales as a small business with a nimble team? How can you define reasonable goals that are both challenging and attainable?
To start, think about the resources you already have and leverage them as you work to define your goals. For example, do you have a talented sales team, a healthy advertising budget or lots of positive ratings on review sites? Additional resources to consider include marketing experts and, of course, happy customers. What are they saying about your business outside the review sites?
Taking stock of where you're already seeing success can help you figure out your strengths. These strengths can help you decide on your sales goals and ultimately bring in more revenue.
Deciding on Sales Goals
Look at the past year, or the past quarter, for sales trends and results. Use that information as the basis for thinking about specific sales goals for the future. Take a number of factors into consideration:
- Do you want to sell more to current customers?
- Are you intent on selling to new customers?
- Do you want to increase revenue in any way possible?
- Do you want to grow your revenue for a certain reason? For instance, do you want to raise funds to spend on advertising?
You want more revenue, but you need to focus on how you can get it in addition to aiming for a certain dollar amount. This is where you tap into your resources. If you have an army of happy customers, for example, it might be worth focusing on creating a new initiative to upsell to these customers, or you might create a referral program to reward them for bringing their friends to your business.
In general, decide on a goal you think you can make, like upselling to existing customers to increase their purchases by 10 percent.
Reaching Those Goals
Once you've decided on sales goals, it's time put a plan in place that will enable you to reach them. Plucking a goal out of the sky and hoping for the best is not a strategy. Instead, put together a strategy for reaching a specific, achievable goal within a certain amount of time and then execute on it.
For example, you might want to obtain more sales via pay-per-click advertising. To do that, you'll need to increase your advertising budget and focus on optimizing campaigns so they are as successful as possible.
Defining business goals is the first big step to achieving them. Keep these tips in mind each time you plan for your next sales milestone.
SIGN UP FOR THE THRIVE NEWSLETTER