Realistic Goal Setting: Setting revenue goals that are actually doable

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ICYMI: There are 5 things I dislike about how online entrepreneurs approach annual planning:

  1. Delusional optimism (or toxic positivity as it relates to goal setting)
  2. Rigidity & over attachment to goals
  3. Ignoring the facts of the past & the present
  4. Planning too far out
  5. Goal shopping (AKA picking goals based on what other people are doing)

👉🏼 I talk about these 5 mistakes in-depth in THIS EPISODE of the Yay for Business podcast!

SO NOW THIS IS THE BIG QUESTION:

Instead of picking your revenue goal out of your butt OR picking a revenue goal based on what everyone else is doing, what if you picked a revenue goal that (a) excites you and is (b) totally achievable…based on REALITY?

I know that question might come across as full of sass…and it is!

But I also want you to know that I ask that question with ZERO judgment because I spent the past 10 years picking revenue goals out of thin air or based on what everyone else was doing.

And it SUCKED.

That’s what I’m talking about in this blog post and in today’s episode of the Yay for Business podcast. (Click “play” above to listen!)

Courtney’s 3 Planning Mindset Principles:

Before we dive into the planning steps, I want to make sure you’re in the right frame of mind.

#1 – Planning is about discomfort

By planning to hit a goal, we are facing the gap between where we are right now and where we want to be. Because we haven’t achieved the goal yet, we must acknowledge that we do NOT know exactly how to get there. This is, by definition, uncomfortable. 

#2 – Defensive pessimism is a superpower

I learned about the concept of defensive pessimism in Adam Grant’s book Originals and it’s my new favorite thing. 

From Wikipedia:

“Individuals use defensive pessimism as a strategy to prepare for anxiety-provoking events or performances. When implementing defensive pessimism, individuals set low expectations for their performance, regardless of how well they have done in the past. Defensive pessimists then think through specific negative events and setbacks that could adversely influence their goal pursuits. By envisioning possible negative outcomes, defensive pessimists can take action to avoid or prepare for them.Using this strategy, defensive pessimists can advantageously harness anxiety that might otherwise harm their performance.”

#3 – Your year will NOT go according to plan

We do not plan to have CERTAINTY about how things will go (that’s one of the mistakes). Rather, we plan so that we know what to focus on, where to put our energy, and what to say “no” to.

Courtney’s 3-Step Goal Setting Process:

I’m going to be going into the HOW of this process (including giving you access to my magic spreadsheet calculators) at the 2021 Planning Workshop on January 27. Apply for Yay for 100K™ HERE to enroll before the workshop!

STEP 1 – PICK YOUR REVENUE GOAL RANGE

The keyword here is “range.”

At the 2021 Planning Workshop, we’ll talk about the difference between a realistic goal and a unicorn goal and why you need both.

To do this you need to know:

  1. What was last year’s revenue?
  2. What is a realistic amount for you to grow your business this year?
  3. What is your DREAM amount of revenue for the year?
  4. How much of your revenue will come from your signature service VS your signature program?

At the 2021 Planning Workshop, I’ll be sharing a calculator that will help determine these numbers for you – it’s very validating! The calculator will break down your weekly, monthly, and quarterly targets so your annual goal is attainable.

STEP 2 – CALCULATE THE TARGET NUMBERS

Great! Now that we know the range of revenue you’re aiming for, let’s start digging into the milestones that will help you get there.

Note: You cannot calculate these numbers if you do not have a clear sales process for your service or course. THIS is what we help you build inside of Yay for 100K™.

FOR SERVICES:

  1. How many clients do you need?
  2. How many booking calls do you need to book?
  3. How many applicants do you need?

FOR COURSES:

  1. How many launches will you do?
  2. How many sales do you need for each launch?
  3. How many people do you need in your sales funnel (webinar)?
  4. How many people do you need on your email list?

Knowing the answers to these questions is MUCH easier than you think! If you’re overwhelmed by this right now, it’s simply because you don’t have an easy sales process in place. That makes it impossible for you to get clarity on how you’ll hit your revenue goals.

I’ll be sharing my calculators for how to find these numbers with our clients at the 2021 Planning Workshop.

STEP 3 – DETERMINE HOW YOU WILL HIT THOSE NUMBERS

This is where things get creative…and fun!

Now that we know what your revenue goals are and what targets you need to hit in order to make your revenue goal, it’s time to start developing your marketing strategy!

Our entire program, Yay for 100K™, is built on teaching you these strategies, so I definitely recommend you apply to join us if you want to make your goals happen this year!

Here are some big picture questions you will want to consider:

  1. How have your favorite past clients found you? How could you get more of that?
  2. What have you done to book clients in the past month? (This is often a wake up call for service providers!)
  3. What are your favorite ways to market/talk about your service? Do you love creating content, posting on social media, speaking, or something else?
  4. What is the social media platform you will dominate for the next 3 months?
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