Note from Larissa for Donna… 2023 is nearly at an end, and Sooter Consulting is moving into an important stage of the business design process: goal-setting. An involved process that marries last year’s metrics with next year’s desires. Today we would like to share with our readers how a Run Like Clockwork certified partner sets their goals and designs a better business for next year.
At the beginning of 2023, I had one goal to emphasize: stability. My business had seen a significant increase in profitability and client quantity over the last three years, and my team was asking me to take a break. We focused on developing documentation, processes, and methods to increase capacity and make the business more efficient. Oftentimes, stability is achieved by increasing human capital through training and hiring. I achieved stability by training and educating my team to be the best we could possibly be. Another way to increase stability is by increasing the quality of clients at the cost of client quantity. Having achieved my 2023 goals, I now consider what I want to achieve in 2024.
For me, 2024 is going to be a year of growth. My goal is to gain clients, saturate two of my new packages with clients, and expand my business. If you are in a similar position and looking to increase profitability, there are several benchmarks to guide how much we are looking to expand. Reviewing past years with average revenue growth is a simple benchmark. Another approach is to set manageable quarter-to-quarter milestones while allowing wiggle room to avoid frustration. For me, I am targeting 5 Profit First clients and an additional 3 Run Like Clockwork clients to meet my 2024 goals.
Once goals are determined, we must break them into stages. As business owners, we must design workflows for our team to achieve these goals. Some goals require delegation. For example, my goal to gain clients requires a solid marketing campaign. I am planning a 10-week campaign and delegating much of the work to my team. I must trust them, knowing they may have skills I do not possess to make the campaign successful. This includes planning for both successes and failures and managing different parts of marketing while delegating other sections.
Finally, documentation is key. Tasks that aren’t tracked and documented often don’t get done. Even when delegating, we must maintain contact to hold team members accountable. While this might feel confrontational, uncomfortable conversations are sometimes necessary for success. Maintaining respect throughout ensures a healthy work environment during challenging times.
Ultimately, goal-setting involves designing a goal, creating milestones, delegating tasks, planning for contingencies, and maintaining consistent documentation. Simplicity is a hallmark of an effective process, though nuances exist for each business and environment. Working with a coach helps navigate these nuances. During this period, I often hear, “Donna, what can I do with my budget next year?” or “Why did my revenue not reach projected goals?” A coaching session helps clients understand accountability and correct execution flaws for the future. An outside perspective is invaluable for successful business design.
If you are looking for that type of help, consider reaching out for a Clarity Call; we are here to help!