What are your Big Hairy Audacious Goals For 2016? Episode 102

January 7, 2016

Goal setting from a different approach

We are going to talk about your 2016 goals. This includes where you want to go in your business, in your life, and what you want to be. Do you want to be a good dad, good husband, great leader, successful business person?

What do you want to do. Grow your business, maintain it? It’s all up to you!

All right everyone’s probably thinking, “Why are you doing a thing on goals for 2016, 2016 has already started.” Shouldn’t you have done this podcast about 3 months ago?

I’m doing it now for the 97 % of us who haven’t put it down on paper and planed out what do we actually want to do with 2016.

I know it’s not the easiest thing, nor is it the most fun thing to do. I have to force myself to take a couple of days and write out what I want to do, where I want to go and almost more importantly what I don’t want to continue to do.

Can you imagine going to the travel agent saying I want to go on a trip…. how many questions do you think you are going to be asked? Tons.

Why? Because you can’t get from here to there unless you have some sort of plan. It’s no different with our business.

The key is, “where do you want to go? what do you want to do? and how do you want to do it? Last year you might have had had a great year! The economy seemed to be on the upswing even though it’s a false economy it was good for most.

If you do the same thing you did last year it’s probably going to be good again for most of you, for some yes, for some no, but don’t you want more? So if you do want more, how much more?

More what…more business, or more profit, higher transactions, less customer interaction? You’ve got to know what you want so you can get there.

OR have you thought about it this way? What did you do last year that you could tweak just a little more to get exponential results? I’ve got to think it’s beyond the 10% you can easily make more this year.

You want to do 10% more business, but how you going to do it?  Can you believe that  just by tweaking one little thing you can get 20 or 25% more business. But what if you could do that without getting any new customers? You may be thinking, “but we all want new customers.” Yes, we do, but on whose terms?

Ours of course!

Here is a different thought, instead of thinking and planning about growth, you also should be thinking about some cutting back to grow! How do I do that?

If your married, you need to make your wife happy first! Number one motto in my house is, “Happy Wife, Happy Life”. And that’s the truth. So you need more profit.

So what are you not going to do is work even more, instead you should be thinking about cutting out to grow. Like cutting back or out things that are low profit margin things, so you can make room for the more profitable things to come in.

Bring in more you more profit by creating a void in your business!

I know that really doesn’t make sense, let me say it again you’re going to cut out low margin items or services to create a void, so the void will fill in that gap. This is one of those laws of nature that is true.

If you are married, you know this is a true fact. Your wife cleans out her closet, that creates a void in the closet, see how fast it fills up!

So what will you cut out? OK, let me take give you an example… I’m cutting back tons of things in my business, I want to create more revenue and higher priced tickets for more profit. I want to make more and serve better customers.

Last year I did drywall repair as part of my business. It was about 25% of my yearly revenue. I said I’m not doing it anymore and I refer it out! Guess what? The void filled up with more of the type of business I want. More profitable items, so this year I’m getting ready to cut out interior painting which is about 35% worth of business that I’m just going to stop.

I’m not going to do it anymore, guess what I know?  I’ve changed my marketing to some extra things. I know from past experience the void will fill up the gap. I can make more profit in just cleaning roofs in in two days then I can make profit, painting an interior with two guys for a whole week.

So you’ve got to think about what is the best use of your time for your business. Do you cut back on things so it can be more profitable in other areas or do things that will bring you in more profit. It’s a trade off… stop doing one thing to do another.

Goal number one, I want to make more money. I want to increase my revenues by 10,15, 20, 25% so what does that mean? Do I need to get 25% more new customers or do I need to figure out a way to sell 25% more to the customers that I have.

Smart money is try to figure out how to sell more to the customers I already have because they already like me, they know me, they trust me and it’s not going to cost me any money to get them because I already have them.

Or maybe you need to raise your prices, increase your profit margins, do bigger jobs instead of less smaller jobs because you can do it.

And if you know what you’re breaking even as plus profit, then you can add to that and then work backwards. Start with the end in mind and then break it down to a 90 day bite size pieces.

Maybe you are working 6 days a week, why can’t you work 5 or even 4? Why not… you’re the boss!

What does it look like

I want to do $25,000 month, with 20 days, that’s $1250 a day that I have to do every day. 20 days, but what if I want to take a day off every week and only work 4 days a week? You can even do it with your crews … 4, 10 hour days.

With 25,000 a month and 16 days that s only $1,562.00 each day.

Whatever you want to do as far as the amount of business you can do it, just play with the numbers and make it happen.

Remember it’s all in your hands, whether you grow or not. It’s just like taking a trip!

You can’t get there from here unless you have an itinerary. That is means it has to be written down so you can celebrate when you reach your destination. It’s the anticipation of getting there.

I’d say good luck, but luck comes to those who work the smartest, not necessarily the hardest.

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