You’ve clarified your vision and done your research but you’re still not quite 100% ready to share it with your team. See some of the methods professionals like you have used to check if their goals are achievable, and maybe share your goals and see if others think you’re going in the right direction.
To check that I’m signing up to a revenue goal that is achievable I typically use some highschool maths that validates resource and effectiveness.
Check last year’s:
New Client Value (calculate this by dividing revenueby the number of new clients your team signed)
Average Deal Value (calculate this by dividing revenue by the number of deals your team signed)
Revenue Per Sales Person
(calculate this by dividing revenue by the number of full time sales people in your team)
Revenue Per Lead
(calculate this by dividing revenue by the number of leads your sales team delivered)
Then examine each of those “Revenue Per” numbers and see where you are most likely to fill the gap between where you are now and where you need to be.
For instance, if your sales target has increased by 20% you might get this by driving efficiencies (e.g. more leads for the same spend, or working on improving average deal value).
If you’re in a scaling organisation, doubling or tripling revenue you’re going to want to balance your revenue targets with asking for more resource in sales team, more higher quality leads *and* automation to drive efficiency.
I’m pretty straightforward and while I’m sure there are much more sophisticated methods (and I’m looking forward to reading them in the replies), this works for me and most of our clients.
I like to sense-check goals by going back to our competitive analysis and seeing where our current goals align with our competitors. I also look at things within our company like current churn rates, customer journey maps, and customer reviews.
Agree @KGuda - I’ve seen businesses using WOW, MOM, QOQ and YOY reporting individually but usually as a mix. How are you checking with competitor performance, if you don’t mind my asking?
You’ve clarified your vision and done your research but you’re still not quite 100% ready to share it with your team. See some of the methods professionals like you have used to check if their goals are achievable, and maybe share your goals and see if others think you’re going in the right direction.
Hello @apempie - which spreadsheet do you mean? There’s a reply towards the top of this thread with the breakdown included but it’s not a spreadsheet… Let me know if I can be of more help
they should be SMART Goals. They could be very Audacious and help your teams reach the unthinkable but they can not be ridiculous and team’s morale destroying.
Indeed, BHAG becomes the goto approach to put some Soul back into the thought process… thanks for highlighting the book and office hours…have registered and look forward.
Watch-Feel-Act…Conduct subtle reviews at weekly intervals to understand the momentum and more than anything to check if the teams are properly motivated or not towards the goals. Then, encouraging their ideas and yours, do quick fixes to keep sharpening till alignment is perfected.