Tracking your accomplishments with measurable goalsJul 11, 2023
When you are the only one working in and on your business, you can end up covered in tasks and never-ending to-do lists. The number of things to get done can seem overwhelming at times.
But here’s the key question to ask yourself about the work you are doing: Is this activity growing my business?
You don’t want to find yourself caught in a whirlwind of activities from dawn till dusk, only to discover that what you’ve done has no direct impact on creating new clients and income.
Every activity in your business should contribute to a measurable goal.
Think of each task you perform as a cog in the machinery of your business. If a cog is not serving its role effectively, it might be time to reconsider its place in your lineup. This process of continuous evaluation and optimization is vital in creating a business model that truly works for you.
To evaluate a task's value, assign it an Effectiveness Score directly linked to a measurable goal. This score should indicate the direct impact of the task on your business outcomes, particularly your client base and income.
If a task consistently generates positive results, it deserves a place in your daily or weekly routine. Conversely, if it consistently fails to contribute to your business growth, it's time to reassess and possibly eliminate it.
Being consistent in your business is vital. However, consistency should be purposeful and strategic. Physical businesses, with their tangible expenses and overheads, tend to understand this principle intuitively.
The immediate financial impact of their activities keeps them sharply focused on tasks that build their business. As an independent business owner, you should adopt the same level of discernment when it comes to task selection.
For online coaches and consultants, who often have the luxury of launching businesses with minimal upfront costs, this principle becomes even more crucial. The absence of significant physical overheads can create an illusion of limitless time and resources, causing one to lose sight of the fundamental business objective - generating income.
This can lead to countless hours spent on unproductive activities, which, while they may seem useful or important in the moment, contribute little to no value to the business.
How to track your measurable goals
Measurable goals are crucial for assessing the progress and effectiveness of your business strategies. Here are a some key ones you should be evaluating in your business:
- Client Acquisition: Set a specific target for the number of new clients you want to acquire each month or quarter. This could be based on your capacity and your growth objectives.
- Revenue Targets: Establish clear income goals for each month, quarter, or year. Remember to consider your expenses so that you're setting targets for net profit, not just gross revenue.
- Engagement Metrics: If you're using social media or a blog to engage with potential clients, set goals related to engagement. This might be a specific number of likes, shares, comments, or followers you want to reach by a certain date.
- Email List Growth: If you're using email marketing, a measurable goal could be the number of new email subscribers you aim to gain each week or month.
For long-term growth
- Program Completion Rates: If you're a coach offering a specific program, track the number of clients who complete the program compared to those who start it.
- Client Satisfaction Scores: Use surveys or other feedback mechanisms to gauge client satisfaction. Your goal could be to achieve a certain average score or to increase your score by a specific amount.
- Client Retention: Monitor the percentage of clients that you retain over a specific period, with an aim to increase this percentage.
- Upselling/Cross-Selling: Set a goal for the number or percentage of existing clients to whom you're able to sell additional services.
Remember, the key to setting measurable goals is to ensure they're specific, realistic, and tied directly to the growth and success of your business.
In essence, the key to successfully growing your business lies in identifying and focusing on activities that directly impact your bottom line. It’s not just about being busy, it's about being productive.
Remember, every task you undertake should serve a clear purpose, contribute to your overall business goals, and generate a positive return. That’s the golden rule of effective action. Embrace it, and you'll witness your business flourish in ways you've always dreamed of.
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