Today on Start Scale Succeed I am chatting with business strategist & consultant Dominique Mullally and we are going to be chatting about setting goals, how you can make sure you achieve them and what to do when it goes a bit wrong.
KEY TAKEAWAYS
You want to make sure your business is a stable, sustainable profitable business. This is from an energy level and a financial level. Stable foundations will avoid feast and famine cycles.
Understand the motivation behind your goals. You shouldn't just pick an arbitrary number and aim towards that. You need to set a realistic goal based on your values with an emotional attachment between the goal and you. This attachment helps you push through when times are tough.
Start with setting an income goal for yourself. Then work out the break even costs of the business. Next add your tax obligations and make sure you understand them. Then finally look at what a good annual bonus at the end of the year would look like. That’s how you get the number you should be aiming for. Break this down into 90 day sprints to achieve the yearly goal.
Habits that help people achieve their goals are accountability, understanding your weekly KPIs. People think too big so you need to break it down into smaller goals, then those milestones can be broken down into action steps and items.
As business owners you need to outsource those things that aren’t revenue generating as soon as you can. These are things like admin and packaging, leaving your time free to work on those things that will make you money.
Try time tracking your last working week. What are you spending your time doing and how much time did you spend doing each item. You’ll be surprised about the amount of time you spend on things that don’t help the bottom line.
BEST MOMENTS
‘Create stability and predictability’
‘Always be focused on the revenue generating tasks’
‘Don’t invest where you are, invest where you want to be’
VALUABLE RESOURCES
www.thebuyerandretailcoach.comwww.instagram.com/thebuyerandretailcoachwww.dominiquemullally.comInstagram: @dominiquemullallyFacebook: @dominiquemullally1LinkedIn: https://www.linkedin.com/in/dominique-mullally-24058a91/?originalSubdomain=ukTogglAsana
ABOUT THE HOST
Buying & retail expert Nicole Higgins spent the last 18 years working for companies such as Primark, M&S, Debenhams and Asda, sourcing & developing products from all over the world, building strategies for blue chip businesses, and increasing bottom line sales and profit, adding over £40 million in incremental business to the bottom line.
Nicole now uses that experience and works as a consultant and coach for entrepreneurs and small to medium sized business owners, helping them start and scale their product businesses as The Buyer And Retail Coach (TM)
Join the Start Scale Succeed waitlist. How to start & scale a product business. A 12 Week programme: thebuyerandretailcoach.com/startscalesucceedwaitlist
CONTACT METHOD
Website http://www.thebuyerandretailcoach.comIG https://www.instagram.com/thebuyerandretailcoach/LinkedIn linkedin.com/in/nicolehigginsuk Email nicole@thebuyerandretailcoach.com Newsletter https://thebuyerandretailcoach.com/newsletter-sign-up/Book a call with me https://thebuyerandretailcoachltd.as.me/discoverycall
