How To Set Quarterly Goals For Your Business

It’s officially 2020, happy new year! Like most of you, here at studio break the loop HQ we’re looking ahead and setting goals, both personally and professionally. If you’re someone that wants to progress and knows you’re capable of more but at the same time tends to break a cold sweat every time you think about setting those big audacious yearly goals, grab a cuppa and get ready to take notes – this post is for you! Learn how to set quarterly goals for your business and utilise this proven strategy for success. We’re going to show you how…

The first step in setting goals is to get clear on that big-picture vision

Think about what you want to achieve this year. Think about your revenue goals, the desired impact and reach along with any self-development ideas. Consider what you want to have accomplished early on in the year and add ideas for down the road as well. No goal is too big or too small during this process, just keep that big picture in mind.

Then, break that big picture down into 4 chunks aka quarterly goals

Most businesses and successful entrepreneurs break the year down into 4 quarters; Q1 – Jan / Feb / March, Q2 – Apr / May / Jun, Q3 – Jul / Aug / Sept and Q4 Oct / Nov / Dec.

Working in this way not only makes things more manageable, but it also makes it easier to track metrics and pivot quickly if something isn’t going quite to plan.

So, that big picture of yours – let’s break it down into 4 chunks. These chunks or, quarterly goals, will serve as benchmarks to hit during each quarter of this year. For example, if your goal is to hit 6 figures, you’ll need to make £25,000 per quarter. Maybe your impact goal is to serve 1,000 women through courses or webinars, that’s 250 per quarter. Feels more doable already, right?!

Big picture goals don’t have to be scary.

The reason a lot of people fall off the wagon and don’t end up achieving their goals for the year is most often not because the goals are too big and bold but instead due to a simple lack of planning.

Don’t be that person, get intentional and start to break down your big goals. Keep in mind that you have a full year ahead of you. A LOT can happen in that time frame. Even if you are a little late to the party and reading this in February or even June, whatever – life is a marathon, not a sprint and you can still accomplish a lot with the time you have available.

Let’s zoom in closer and look at what this means for us month to month

Take those quarterly goals and break them down into monthly goals. So, going back to the examples from earlier. If your revenue goal is £100,000 and your impact goal is to serve 1,000 women, that would be a monthly revenue goal of £8,333 and an impact goal of 83.3 women served per month… Round that up to £8500 and 85 (for obvious reasons!). Looking pretty good, right?! Let’s keep going.

You can see as we’re moving through this process the goals are feeling more and more manageable. If you keep up this cycle each month/quarter, by the end of the year you will easily hit those big-picture goals.

Assess where you’re currently at to see where you need to focus your efforts

You’ve got the numbers you need to hit each month, but where is your business currently at, compared to those stats? Do you already have regular clients or a number of people booked onto your next course or programme? You could use those initial numbers to your advantage.

Here’s the fun part for you math nerds out there. What would you need to do in addition to what you’re already doing to get you to your monthly goals? Whip out that calculator to figure out what you need to incorporate into your calendar to reach that monthly number. Maybe you already have £3500 worth of work in the books, which means you need £5000 more to reach your target.

What do you need to do to make that extra £5000? Do you need to add more 1 to 1 clients? How about a new revenue stream? Can you think of a new way to serve your clients in a bigger, better (bonus: more scalable) way?

You’re allowed to get creative here, but be realistic with what is within your means.

Sure, a new course would be a great passive income option, but do you have all of that time to create it? Be smart during this step.

The goals are set & it’s time to take action

Look at what specific actions will be required of you weekly to reach your goals? If you want to gain new clients, how much free content do you need to share each week – in what format and on which platforms? How many sales calls do you ideally need to have? How often do you need to promote your products or services? You get the idea.

Incorporate those tasks into your to-do list. Actually allocating time in your schedule for each task will make you about a bajillion times more likely to actually get them done. True story.

If things still feel overwhelming, continue to break it down. We’ve gone from big-picture to quarterly, to monthly and now weekly. Each small step you take will get you closer! Remember the compound effect – no action is wasted, it all adds up over time.

Set up digital reminders

We get it. Life happens and things get in the way. Don’t let that be an excuse for putting your goals to the side. Set yourself up for success by setting digital reminders! (Let’s be honest, we all live with our phones by our side so alerts are hard to miss!)

As much as we love going old school with pen and paper, it’s easy to watch planners gather dust after the excitement of January has worn off. Keeping your goals in the forefront of your mind will mean you’re much more likely to take consistent action.

Consider connecting with a trusted friend or mentor for some accountability along the way

Having someone to check in with status updates can help keep you on track and keep things moving!

If your goal is to make 2020 the best for your business, you may need to do some leveling up first! Let’s elevate your brand and website into the new decade with a fresh digital presence that will work for you, not against you. We are here to help! Reach out via the contact form HERE and we’ll be in touch.

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