Do you set weekly, monthly targets?
Are you always aware of how your business is trading vs last month, last year?
You should be.
Setting targets makes you more likely to hit the financial goals you want to achieve.
"Oh I'm not too sure" is often the response when I ask a small business owner how they are trading vs their last year figures. We all know it has been a tough year, but we have to be in control. Pretending not to know, or avoiding your sales figures and targets aren't going to get you to a place of hitting those financial goals.
I'm not suggesting you obsess over them if they are negative - but by being aware you are creating the space to do something think about it.
The targets you set your self each month can be across many avenues. Of course, you may want to increase your overall sale by a certain % . Remeber to look back on what you did this time last year, it makes no sense to increase your targets during a month when historically sales are quiet. But you could always try to end the month flat.
Other monthly targets could be to increase your UPT -(units per transaction). How could you suggest small add-ons at the checkout to entice your customers to spend a little more?
You may be launching new product within a couple of months so want to increase your email data base to support the launch. How can you do this? What would those targets look like?
Thinking of product launches, how often do you set targets for the opening weekend? The first week of sales?
What impact do target have?
By setting a realistic target you are more likely to take action to hit those targets.
For example, you wanted to increase October sales by 3%, but are 3 weeks through the month and running -10%. Knowing this, you are more likely to make time to actively increase those sales and your chances of hitting the target.
You will prioritise posting on social every day.
You'll make time to send the customer newsletter - talking about new collections.
You may offer free delivery for a weekend - or a 1 day 10% discount.
By being aware of the position your business is in - you will react to the situation.
This can also have amazing effects when you are beating your set targets. "I say an increase of 3%, but I've hit it and still a week to go...lets go for 5%"
Set yourself just one target for October.
Financial or otherwise.
But make sure you track it all month. be conscious of it, and you'll be surprised the impact it will have on how you manage your day-to-day.