During a recent Q+A Session, I was asked the following question…
“I’ve never set any sales goals for my business… it is turning from a little money on the side to a real business, and I don’t want to set goals that will burn me out, but I would LOVE to make more money.
I made just over $35,000 in sales last year, If I set a $100,000 goal for the next 12 months, part of that gets me excited - the other part thinks I’ll burnout if I attempt it... So I keep shifting the goal and not actually landing on any number. I just keep doing what I’ve been doing…
and I’m NEARLY breaking myself.
What is the strategy for setting meaningful and realistic sales goals?”
Have you struggled to set meaningful sales goals for your business?
Struggled to really work toward a sales goal that seems “plucked” from thin air?
Or maybe you’ve exhausted yourself to achieve your sales goals in the past, but they never produce the financial outcomes you desire.
This was my advice to this business owner, and to you, if you need it…
Far too often business owners work tirelessly to reach a sales goal and in the end have nothing to show for it. No increase in pay for themselves, no new team members to help them grow, no profits to reinvest. I don’t want that for you!
When we talk about setting goals, even revenue goals, the focus needs to be on the OUTCOME - personal + financial.
The strategy I am sharing today is intended to release you from the “Do More” and “Sell More” mentality that we all often find ourselves in and will help you NOT BREAK yourself or burnout while achieving your profit goals.
Here are my 3 steps for setting the right sales goals for your biz:
Start by looking at your COSTS.
Get an understanding of what your break-even sales number is.
This is your absolute minimum sales goal - a starting point!Get clear on what YOU want out of your business.
Is it to pay yourself $100,000 a year?
Hire a new team member so you can take some time off?
Maybe you want to reinvest a certain amount so you can expand into new markets because you’ve got a goal to sell the biz in a few years!
Whatever you want out of your business in the next 12 months (and it doesn’t have to be just one thing!) attach a financial value to it.
When you’re clear on WHAT you want, and the dollar amount attached to it, you can determine exactly what you need to get there.Set Your Sales Goal
Your sales goal is the number of sales you need in order to achieve what YOU want out of your business.
It is meaningful, valuable, and you can create a strategic approach to reaching it.
CLARITY is key.
When you know exactly where you are headed and why, you can create a plan, track your progress, and achieve your goals!
Want to dive deeper into this goal-setting strategy? Watch the video above.
Need a little extra help sorting out the numbers? The Sales Goal + Profit Projection Calculator inside the Financial Success Toolkit can help!
Once you’ve set your sales goals for your food business I hope you’ll share them with me and the Profitable Food Biz community.
We are here to support you + cheer you on!
About the Author: Sarah Delevan is a Food Business Financial Coach and Consultant with over 7 years of working in the food industry. She received her MBA from Rollins College and In 2017 she founded Sarah Delevan Consulting based in Los Angeles, CA and serving clients across the United States. She is the creator of the Financial Success Formula and the founder of the Profitable Food Business program and the host of the Good Food CFO Podcast. To learn more about Sarah and opportunities to grow a more profitable food business Click Here.