October begins tomorrow – and the beginning of Q4, for those of you who work in a corporate environment. It’s also the beginning of the end of 2005 – one last quarter and a last chance to leave 2005 with a bang.
If you don’t work in a corporate environment, take a tip from the corporate world and track your performance by quarter. Set goals for the next three months – revenue, gross profit, and some activity goals.
How many people do you need to meet with in order to close business? What is your average deal size, and how many deals do you need to make your numbers? How many calls do you need to make to get enough appointments to close deals? These activity goals are as important as financial goals. Often overlooked, these are the measures that get you to your numbers, and to exceed your numbers.
A client of mine who is a small business adopted a process approach to reviewing their sales, profits, and activities. They feel that the growth they have experienced in the last six months — over 40% – should be attributed almost exclusively to the close eye on goal setting and process review.
So take a tip from corporate – track these, measure them, and produce reports as if you were giving them to your board of directors for review of additional funding or to show what you’ve done so far toward your goals.