It’s February first. How are your New Year’s Resolutions coming?

Studies show that over 30% of resolutions have fallen by the way side by today’s date. But when it comes to your business success- can you afford to let this year be the same as last year?

A healthy business is one that has increased revenues year after year. If you resolved to generate more sales, increase your profits or take more time off, you’ll need more than just a wish list to make these things happen.

This article will provide you with the 3 tools and tactics to target your highest margin offerings and boost your business into a different income bracket.

(Bonus- Free Worksheet at the end of this post)

Review: How did you do last year?

Review last year’s numbers if you haven’t already.

1. What business segments did better than expected?

2. Which ones were lagging?

3. Which ones were the most profitable?

Identify the business segments that are the most profitable for you and resolve to increase this part of your business this year.

Aim High: Create your revenue goal.

Looking only at the most profitable segment of your business, take last year’s sales figures and triple them. Now cut that number in half and you’ll have a realistic goal to aim for.

The second step is to make it real by writing it down as if it had already happened.

“My company name did (target revenues) in (business segment) sales in 2012.”

Write this figure on a piece of paper and put it somewhere you and your team will see every day.

Identify your Target.

Again, focusing only on the business segment you want to expand, review how you achieved last year’s sales. By expanding on what’s already working, you’ll be able to get results faster and with less effort.

Look for patterns in your financial data to identify who your ideal customer for this segment is:

1. What buyer segment tends to purchase what you offer?

2. What do these buyers have in common (age, marital status, hobbies, company size etc.)

3. When did most of these sales occur?

By analyzing this data you will be well on your way to determining your target offering, target revenue and target audience.

Next week..How to leverage this information to generate more sales!

FREEBIE: Download the Worksheet

Comments  

 

0 #1 Jack Zenert 2012-02-02 02:02

Awesome post Laurel!
Great straight forward advice and step by step advice to complete the task - I like it.
Jack

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