Goal setting has always been one of my favorite things to do.
As a visionary person, I love to daydream and piece together my own little puzzle of how I’m going to get to that place.
It’s one of my favorite things in business and probably why I’m an entrepreneur in the first place.
However, setting goals as a solopreneur just starting my business was very different than it is now as a 6 figure company with multiple team members.
I’ve also learned so much about goal setting itself and how you can set yourself up for success from the get-go.
This year’s goal setting has probably been the most intricate, specific, and actionable it has ever been. I am so excited to see how it actually plays out.
But the way I’m setting goals now would have helped me so much in the early stages of business. That’s why I want to hop on here today, and give you guys a behind-the-scenes peak at how we set goals as a 6 figure company.
I hope this is helpful for you and strikes inspiration to keep dreaming big and working on those goals this year.
Before I start, however–this is my usual disclaimer section–I am not an expert in goal setting. I am not a business coach, I do not have formal training, I just have many years of experience as an entrepreneur, have worked with several coaches in the past, and have a pretty incredible team to help execute my vision.
First, I want to talk about how I set my goals, what they are, and how I plan to accomplish them.
Okay, let’s dive in.
Our 2023 Goals
I only have 3 goals this year. They are very conservative goals, nothing crazy or ambitious. They are absolutely necessary and will help me create a really strong foundation for scaling to 7 figures in the future.
Here they are:
- Revenue goal: I want to make $575,000 at the end of 2023.
- Profit margin goal: I want to maintain a profit margin of 25% by the end of 2023.
- Client Success goal: I want my clients to be so overjoyed with their relationship and service from me, that they recommend us to their friends (I have a specific way of measuring this called a Net Promoter Score that I’ll touch on in a bit).
Above all I want to make sure they follow the SMART Goal outline. This stands for:
Specific, Measurable, Achievable, Relevant, Time-bound
In my own internal documents, I label each initial under my goal and fill in the specifics, that way I hit all 5 aspects.
I also like to add another line under my goals that asks: “What will success look like?” Here, I put what we will feel and experience when we’ve accomplished the goal. This is really helpful for motivating me and my team to see the end results.
Break Down Goal Into Smaller Subtasks
Next, I take each individual goal and break it down into all the little subtasks it will take for me to accomplish that goal.
For my revenue goal, it involves:
- Creating and executing an annual marketing strategy
- Creating and promoting content
- Building our email list through value-filled content and freebies
- Creating case studies
- Developing a sales strategy
With my profit margin goal, it involves things like:
- Measuring efficiency in my systems and processes
- Tracking finances
- Assessing my pricing structure for profitability
- Creating better SOPs
- Managing my org chart with strategic hires
For my client success goal, it involves tasks like:
- Improving client communication
- Creating excellent meeting agendas
- Continuing education for the team
- Reviewing our contracts
- Creating client satisfaction surveys
So even though I only have 3 main goals, I have about 100 subtasks under each of them. This makes these goals MASSIVE.
But, even though I have a bunch of tasks, they all connect back to the main goal. So no matter what is being done, we can always connect it back to the bigger picture and remember why we are doing it.
I’ve actually never done goal-setting this way before. Instead, I’ve always had a happy little laundry list of all the things I wanted to do that year. It was things like:
- Earn this much in revenue, but without a strategic plan of action of how I would actually get that income
- Create this new service
- Hire this team member
They were all isolated ideas and were simply things I wanted to do. I didn’t actually work out why those things should happen and how we were going to accomplish them.
This year is 100% different, and I’m very interested to see if it works or not.
I haven’t had a lot of success keeping myself accountable to goals, especially two-thirds through the year. By the time Q4 hits, I sometimes don’t even remember the goals that I had set. We pretty much have to start from scratch for the next year.
How We Will Accomplish Our Goals
So, this brings me to my next point on how we actually accomplish goals. As entrepreneurs, as humans, I think we all struggle with this. 365 days is a long time. It’s a real challenge staying on track with a vision you set at the beginning of the year.
So here’s the practical side of how we accomplish goals.
We put all those little subtasks we brainstormed in the first step and uploaded them all to our project management system, ClickUp. The team adds descriptions, and make additional subtasks if we need to do things like brainstorm, implement, or modify. Then, we add assignees (who will be responsible for this goal), and set dates to check-in.
I like to revisit my goals at the beginning of every month, and especially at the end of every quarter.
I use this check-in time to measure if we are on track or not.
On my revenue goal, I added “end-of-quarter benchmarks,” which are basically metrics that I can use to see if I’m on track or not. For example, my Q1 benchmarks are to double my audience on all marketing platforms, and rank on page 1 for specific keyword phrases. I also set my monthly goals of how many leads I need to sell a specific amount of services. This is the actual breakdown of my sales goal. Whereas the benchmarks are more marketing strategy success to give me the visibility that I need to attract a certain number of leads.
We have benchmarks for the other two goals as well so that we can measure success.
For example, for our profit margin goal, we have a financial forecast where we have projected out our monthly revenue, expenses, and realistic profit margin.
With our client success goal, we are measuring success by using a metric called Net Promoter Score (or NPS for short). This measurement is determined by a survey question asking clients to rate the likelihood that they would recommend your company to a friend or colleague. It’s on a scale of 1-10. We want to score an 8 or above by the end of the year, and have regular check-ins as well.
In terms of how we keep our team on track: we have quarterly team meetings about goals as well, so that we can all check in with each other’s progress. We also report weekly on goals in leadership meetings.
So that’s the gist of it, on how I set goals as a 6 figure company. I’m super excited to see how this year turns out. We have been so thoughtful with everything we’ve created, and I’m really hoping that the level of infrastructure we built around this goal-setting process will pay off.
Dream Big, Small Business Owner!
I’m very curious about how you guys set goals as well! Connect with us on social and start a conversation! We have social media posts that promote this episode, so you can find our discussion over there.
Until next time, I wish you the BEST of luck with your goals this year! I’m behind you 100% and know that you can accomplish incredible things this year with your small business. Keep succeeding small.