I coach and mentor CEOs to help them grow their revenues, profits, customer satisfaction & employee engagement.
In my coaching role I look at the goals the CEOs set every two weeks. And often I’m astounded at what I see. For starters, it’s no wonder that so many companies set hazy goals. The CEOs are pretty much setting hazy goals too. And to be fair they also set some awesome ones too.
What’s a SMART Goal though?
In my world of business which started with College Pro Painters back in 1986, we had our own version of SMART Goals.
Shared – Sharing them with a team member, spouse, coach, boss etc. all make goals stick.
Measurable – There has to be a number. We need to know if you Hit or Missed. Numbers tell us that.
Attainable – Make them a stretch. But make sure you can hit them.
Relevant – Why are you even doing it? Will it drive your Monthly or Quarterly Goals?
Time Based – When in your calendar will you do it? Not when will it be done by. When will you do it?
Recently, I’ve uncovered one test that really takes Measurable to the perfect level. The goal MUST have either a # sign, $ sign, or % sign.
So, what are the TOP 5 Goals you’re committing to this week. Share them with us in the comments. Let’s see if they are SMART.
It’s not as much about setting the goals as it is about getting the damn stuff done.
Too many people write lists. Lists are great. I use them too. However getting stuff done isn’t just about lists and setting goals. That’s only the starting point.
REALLY getting stuff done is about deciding exactly when you’re going to do it and putting that task right into your calendar at a specific time based point.
a) What are you going to do
b) When are you going to do it
Try that for a week… Prove me wrong. I’d love to hear your thoughts.
I was asked recently how I set such concrete revenue goals with confidence. A few people asked me to show them how I ‘forecast’ to which I replied I don’t really forecast at all. What I do is more like ‘reverse engineer’ a target that I feel like I can and want to hit. Then I spend the rest of the year maniacally focused on hitting it.
So – here is how I set my Revenue Goal this year – and how I intend to hit it. And why I know a 150% increase from 2009 will happen:
1) I first list out all the types of revenue I can generate from my business in its current state. For me these include:
Speaking Events
Coaching/Mentoring Clients
Strategic Planning
DVD Sales
2) Then I list out all the types of new revenues I can generate from Projects I 100% know I’ll launch this year if I focus. They include:
CD Sales
Online Webinar deployed learning
Strategic Alliances/Others Selling my DVDs
3) Then I look at what I can charge for each in 2010…
Speaking Events – I’ve decided to keep my fees the same for 2010 – $10,000 for Out of Town, $7,500 for Vancouver events, $6,000 for EO or YPO Chapters
Coaching/Mentoring – I’ve raised my rates for all new clients to $4,200/Mth from $3,500/Mth (20% increase). I’ve done this because I’m currently close to my self imposed cap on how many clients I’ll work with at the same time.
Strategic Planning – This will stay the same as in 2009 – $10,000/Day
DVD Sales – I’m going to raise my rates on these in 2010 – from the current $197 each – to either $297 ea. or $597 ea. (seems crazy & arbitrary – but I’m told there is SO much value in them for Entrepreneurial companies and their employees that I should charge more. I’ll be doing some online testing with pricing – and doubt it will make a difference.
CD Sales – This is a product that’s being asked for and will sell for the same price as the DVDs (it’s the same content – just another way to learn it)
Online Webinar – I know I’ll launch it this year – but there is so much to do here still that I’m not forecasting any revenue from it at all (it will be a lift for 2011 though)
Strategic Alliances – This is where I plan to get the biggest lift this year – and have the plans already in place – I need 10 solid companies or people with strong lists promoting my DVDs to their lists – and I’ll share a strong % with them from all revenues. This will scale…
4) Leading Indicators
I worked hard in 2009 to set up a solid base for 2010 so I’d have strong revenue predictability:
I’m speaking at the EO GLC in Hong Kong & New Orleans (both will drive speaking events for 2010 & 2011).
I have 2 strong Canadian Speakers Bureaus – and in December landed 2 very strong USA Speakers Bureaus.
I’m speaking at the American Society Of Association Executives two conferences
And have a couple of other strong platforms that will drive speaking for 2010 & 2011
Speaking is predictable revenues
At Events I also sell DVDs & CDs
At Events I meet potential coaching/mentoring clients
I have 10 solid companies that I am mentoring – 12 is my cap – so I will easily stay at my cap all year (and I’ve budgeted on 10 average – and in 2009 I only averaged 5 as it was a new model)
Strategic Planning went really well last year with the companies I helped. I’m not the cheapest but I deliver huge impact while doing these sessions. Some clients have already said they’ll bring me back. Some already have me booked. And my speaking events will put me in front of hundreds of other companies who could use me as well.
I have a few commitments from major online gurus like Yanik Silver who will be marketing my DVDs to tens of thousands of companies.
5) I know what my bandwidth issues are – and opportunities (i.e. 100% Net Margin DVDs) etc. So I’m using those to leverage revenues. And I also know there are brilliant people out there I can pay as a percentage of revenues (thanks Jack Daly for that lesson) and I’ll leverage that too. Intro’s have already happened.
etc…..
From this rough plan that you’re reading – I already have tight action plans in place for how I’ll hit each one. I know the exact dollar amount I’m targeting from each category. I know what I need to do when. I’ve spent two years building my FaceBook & Twitter followers who are already helping me. So as you can see. I’m not just picking an arbitrary goal. I’m putting tight plans in place to hit it. And I will. As do the companies I coach & mentor.
Hopefully you have tight plans in place to hit your goals for 2010 too. If you don’t, then your goals are merely dreams…
I’d love to hear your thoughts.
