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  • Writer's pictureSeth Flora

How I set Business Goals

Setting goals is an important part of any business venture. I love setting goals. Business goals or personal goals. I enjoy setting a goal, creating a plan to reach it, and then hitting it. Very little makes me feel more accomplished. With that said, I want to talk a bit about how I set goals for my businesses. This isn’t a topic that I see many people sharing their thoughts on so I want to put mine out there.


How I set Business Goals

When setting goals I need to have an understanding of my company’s vision, this helps me understand what type of goals to set. For example, the vision for LEO Digital Marketing is to change the lives of small business owners by transforming their online presence. With that knowledge in hand, I know that a goal I can set is to work with X number of owners. But how do I figure out how many I should aim to work with? And should I set a time limit on this goal? To answer the second question first, yes. I should aim to work with X number of owners in a certain period of time. That is something I’ll have to figure out while going through the other steps.


How do I figure out how many I should aim to work with? Well, that’s where the next step of my process comes into play. Examining the bandwidth of me and my team. If we are at full capacity then I should set a smaller number of owners to meet with or even set it to zero and focus on client retention. But, if we have the bandwidth to work with more owners then I need to figure out how much bandwidth we have and what the average time commitment looks like. For this example let's say that the team and I have the capacity to work with 3 new owners. Now that we know how many we can work with we can aim to make connections and partner with 3 new owners. But, how long should we give ourselves to reach this goal? We can make this a short-term goal or a long-term one. We can decide that we want to onboard 3 new owners in 2 months or over the next 10 months. It depends on what aligns with our current workload.


For this example, let's say I want us to onboard 3 new owners in 3 months. Only 1 new owner each month for a quarter. But how do we do that? Now we have to make the plan. With this type of goal, we can create a plan that calls on us to tap into our network, make cold calls, send cold emails, or make a strategic stop by to their business or shop. But before we can do that we should know what are success numbers look like. If I cold call 10 businesses how many of them will sit down to talk and then how many of those will partner with us? Ideally, I’d be such a good salesperson that all 10 sit down and all 10 partner with us, and we more than triple our goal in a week. But, let’s be honest, that isn’t going to happen. So we have to craft a game plan that factors in things like conversion rates and closing rates. Now, the numbers suggest that if I reach out to 100 potential clients I would see about 2 to 10 of them be brought into the fold. That is only 2% - 10% (According to Cognism)! So, statistically speaking I would have to cold call over 100 businesses to reach our goals. Now that we know the type of workload to expect we have to factor in the sales pipeline, meeting times, and other aspects to come up with our ideal range for our goal. If it’s just me making the calls and sitting in on meetings then we can set a goal to work with 3 new owners in a 3 month period. 


Now that I have a goal and plan in place it’s time to get to work. While I’m putting the plan to work I’ll want to track my progress, when I’m making calls/connections. How many say no, how many say maybe, and how many say yes? This data will help me the next time I set out on a similar goal.


Armed with this knowledge go out and set your goals.


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