Tomorrow we will enter the final month of the year. As many businesses approach the new year, it’s extremely important that they tie up any loose ends and outline the goals that they hope to achieve.
One of the biggest challenges we face as business operators is not only forecasting growth, but also identifying how we achieve those milestones. Many look to sales trends and targets, but most forget how to really scale their efforts, especially when it comes to supporting significant growth.
So, as you head out for the holidays and prepare for 2017 and all of it’s glory, I leave you with two things you should be pondering during your planning phase.
Define Your Goal, Work Backwards
Many business operators tend to think about growth in the following way: We are at Point A and we need to grow revenue by 20% to get to Point B. In a lot of ways, this is a great initial step to take when planning out the coming year. It outlines the type of increases you hope to see your business by defining % growth.
Unfortunately, that’s where a lot of the tactical planning stops. In order to ensure that you’re actually hitting the milestones that you’ve set out for yourself, it’s more important than ever that you work backwards from Point B.
For example, In 2017 you hope to grow your revenue by 20%. In order to scale that growth you have to identify:
- Do you need to hire people? Do you need to get more space?
- What measurable impact is each tactic responsible for affecting?
- What milestones need to be in place to hit 20% revenue growth?
- And anything else relevant to your business…
By defining measurable line items and goals, you then have an understanding of what a potential roadmap could look like. So, If I need to have more sales staff in my business, I plan to add 1 new staff member each quarter. With that addition each quarter, I need to plan to support the ramp up of salaries. Of all of the new hires, what is their expected contribution to overall revenue?
Then, if you plan growth right and set forth milestones that are attainable given your plan, you have measurable, tangible plans that support your ascent.
Support Your Growth Systematically
The reality is this: there is an infinite number of ways that you can think about growth in your business. You can hire more, you can spend more, etc. Unfortunately, all of those efforts don’t help with one thing: efficiency.
Efficiency is the name of the game when it pertains to significant scalable growth as it allows you to do more with less. When approaching your 2017 business goals, what are some ways that you can become more efficient in your business?
- Optimize sales processes and contact follow up.
- Better organize your business through thorough tracking/management tools.
- Gain real time business insights to know things are working or not working, sooner.
- Take the leap and implement technology into your business.
At the end of the day, your success is predicated on the sum of your actions and your willingness to invest where it counts. I challenge you to consider a different way of growing your business in 2017 by not only empowering your employees with tools that make them more efficient at their jobs, but also by increasing visibility into how your business is doing.
The Lead Tool is a platform that enables business operators to provide exceptional customer experiences, turn their staff into sales pros and ultimately encourages business growth. As you approach the coming year, consider investing in the only tool that is guaranteed to not only provide a significantly positive ROI, but also grows with your business in years to come.