Before we head into the weekend, and tax filing beginning next week, I think it’s worthwhile to take a bigger picture look at where we are (and this matters for setting business goals this year – more on that in a minute).
Things in the broader economy are looking dicey.
Our industry — while insulated in some very important ways — WILL feel the effects.
So, given this … I propose to you a thought experiment before things start REALLY getting busy: If you were to come in FRESH, without history in your practice, what would be your first move (your first business goal, so to speak)?
i.e. Who would you hire?
What would you first do?
(BTW, this is exactly the sort of thing we like to talk about during our leadflow acceleration sessions.)
I asked this of a friend in our industry recently, and most of his answers were good, with one exception — he was basing his decisions on status quo.
Meaning, he gave me answers that were based on getting the same number of new clients per month as he currently does. And spending the same amount of money on client acquisition.
Now, this isn’t actually ‘bad’ thinking. It’s good thinking. It forces you to plug holes in your current business.
But my real question (and this is where we all need to start with business goals in 2023) should’ve been: If you had to double the business in 1 year … what would you do immediately?
Who would you hire?
What new markets would you target?
What would you completely eliminate?
What would be your new revenue goal?
How many new client engagements, per category (and/or profit center) would you need to reach your revenue goal?
What is your retention and/or attrition…and how can that be improved? What tests can you do to improve it (nurture marketing, etc)?
How many leads do you need to create that many new clients?
How can you improve conversion ratio in order to leverage the # of leads who convert? (This allows you to spend more per lead because you are converting that lead)
How much revenue do you need to generate per week / per month in order to hit those goals?
And that’s the way to look at actually meeting these business goals.
Now, here’s why I share this with you: In this recessionary economy … you need to get crystal clear on your revenue goals, new client goals, lead goals, and — this is the thought experiment I want to propose:
Take whatever these goals are and multiply them by 4.
I’m offering this to you, based on having participated in multiple multi-7-figure practices (including my current agency, which is on the Inc. 5000 list).
I’m talking about a paradigm shift that you’ve never experienced before … and helping you to focus and create future potential — rather than failure.
Listen, business owners are going to be struggling in the next few years … the SBA money sloshing around has dried up.
And the ones who think ‘status quo’ with their business goals are going to be the first ones to die. This year, you either grow or die. Just like a muscle, when you stop stretching towards growth and working it, it starts to die.
The future is never created from present thinking or present circumstances.
Serve the world unselfishly, and profit…