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How To Work Backwards To Set Your Business Goals
Today I want to share my thinking process for setting smart business goals with you.
I like to work backwards from a financial goal to daily to-do lists.
Here's how that works. It always starts with a money goal. It helps if that goal has a meaning beyond the dollar figure.
For example, let's say that I want to buy a new car. The payment is around £400. To account for things like taxes and just to be safe, I'll bump the goal up to £600. In other words, I need to add an extra £600 (or more... more is always better) to my monthly bottom line. Once that's done and I am seeing that level of income on a regular basis, I'm ready to order my new car.
Once I know how much money I have to make, I can start to think about different ways to do that. I could find more customers for one or several of my existing products.
For example, if I have a £10 eBook, I would have to make an extra 60 sales per month. From there I can work backwards. If I know that on average one out of 10 email subscribers buy the book within the first month of signing up, I need to add 600 new subscribers to my list, which in turn takes 4,000 new visitors to my site.
If that's my plan, I know that my daily to-do list needs to include plenty of action steps to ramp up my traffic by an extra 4,000 people per month.
Of course, that's not my only option. I could also create another information product or eBook each month and sell it to both my existing and new subscribers. I could create a higher-priced item so I need to make a lot fewer monthly sales to reach my £600 goal. For example, if I create a nice £100 product, it would only take 6 sales per month to pay for the car.
A Concrete Goal To Work Towards
Now I have a concrete goal to work towards which is convincing 20 people to sign up for the membership. My daily tasks will include things like creating content that includes an offer to the PLR membership, a short report about using PLR to build a targeted sub-list of people interested in using PLR in general.
Then I start driving traffic to the content and the opt-in offer and start mailing regularly about the PLR membership. I may even craft a short autoresponder sequence to create an evergreen funnel.
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