Types of Goals: Important: We need systems that enable us to reach these goals. Ex. My 1 week sales cadence to engage new prospects and blocking time to do the tasks associated with them.
- # of calls
- # of discovery calls
- # of presentations
- # of leads
- Revenue – Used to be email subscribers. Now revenue.
Takeaway: I need to get more quantifiable with some goals and create more effective systems to reach them.
You can break each of these goals down into short term, mid term, and long term goals.
I’m much more goal oriented on the business side than the personal side.
- When it comes to starting a business – I always recommend having a “success metric” or what I call a “bottom line metric”. Usually I would recommend this to be revenue if you are bootstrapping (or self funding as Hiten Shah would say). It could be # of free trial signups, users activated, etc. Whatever it is, define what YOU think makes this successful. Put a timeframe on it, and then go heads down and all out to try and get there. When I started LeadFuze just before Christmas last year I decided I wanted to get 4 paying customers and $1k/mo in revenue. Those were my bottom line metrics. If I reached that, THEN I would move forward and spend more time on it. So many times I hear from entrepreneurs who are just chasing their tail and don’t even know if they are on the right path or not.
- Now that I’ve established the business, here are the goals I am tracking from a business perspective:
- Revenue (you can use ProfitWell, Baremetrics, or FirstOfficer if you are using Stripe). I have a dashboard on display on a spare monitor at all times.
- Customers (monitor also displays this information)
- Leads generated
- Sales calls scheduled/had
- Deals closed
- Website Traffic
- As your business starts to mature, you can factor in conversion rates to figure out what exactly you need every month. For example, if you want $5k/mo in new sales then you will need to know how many deals and your average revenue per customer. Then what is your closing percentage? How many leads will you need? What does your website conversion rate? That will tell you how many visitors you are going to need in order to attain that number of leads.
- Weight goals – Have a specific number in mind. “lose weight” isn’t a quantifiable goal.
- Fitness goals – it could be to lift a certain weight or something like exercise daily. Not something like “get in shape”.
- Family time – Could be to play daily for an hour with your kids. Again, can’t be “more time with family”.
Goals need to be quantifiable. Get my daily streak going again for working out. Simplify goals by taking a step back to something which allows you to hit a goal. For example, instead of spending an hour with your kid every day you could just get off the computer by 6pm to put yourself in a position to make that goal happen.
- Hiten Shah
- Noah Kagan
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