There seems to be many schools of thought on the concept of goal-setting. In The Compound Effect, we’re taught to focus on making small changes for a big impact. I’ve also read a few articles suggesting setting goals beyond your reach is the way to go, because you’ll always be working towards something.
This post is not about the right or wrong way to set goals. It’s simply advocating sitting down, deciding on some goals and putting a plan in place to achieve them. I know that setting small, achievable goals works for me because now it’s propelled me to make some larger more complex goals, however, you need to evaluate what works best for you. Remember, hope is not a plan. You have to plan to get results and effect change in your business.
In my last post, I discussed how I set quarterly goals—three to be precise—and also establish a reward for myself if I complete all three. So here are my goals for the first quarter of 2017:
Improve my retail marketing and develop an inventory strategy
In addition to having Pure Barre classes at my studios we also sell workout clothing and accessories. I’ve always focused my marketing efforts on attracting clients to the studio for the sole purpose of taking class. Well, not anymore. I’m going to start marketing Pure Barre Winston-Salem and Pure Barre Clemmons as retail clothing stores. So even if you don’t take class, you’ll want to come shop and check out our amazing apparel.
It’s imperative to test and measure to make sure your plans are effective. I’m going to track my inventory turns and margins more thoroughly. At this time, I don’t keep any core items (like that one amazing pair of black leggings) in stock. I’ve always focused on having new things arriving all the time. I’ll have to evaluate if it makes sense to have core items or if my existing buying strategy is working.
I started this blog because I’m really passionate about my businesses. But I also want to write a book. Blog – > book. This one will probably take me more than 90 days, but I’m sure I can figure out how to get some more followers at the very minimum. Wanna share this post with all your friends and help me get started?! #shamelessplug
Create a passive income strategy
A passive what?! Passive income—you know, income that just shows up at your door repeatedly with little effort on your part to keep it going. Is that even possible? It sure is. And if you haven’t looked into it, maybe that should be one of your goals too.
As of right now, all of my income comes from Pure Barre. It’s important to diversify by adding additional income streams, like real estate (rent), investing in high dividend stocks or direct marketing.
Ok, so I’ve got my goals. Time to just get crazy and get them all done! Not so fast…I’m not going to start working on these goals until January and it will take me the full 3 months to get them accomplished. In order to set myself up for success, I’ll have to sit down (this weekend) and come up with 5-10 strategies to get each goal complete as well as how I’m going to test and measure my progress and success. That’s right, I’ll want to quantify each goal. With like numbers. Yep, actual numbers.
And now for the best part. After I complete all of these goals, I’ll give myself a reward for the achievement. It’s important to make the goal something that will motivate you and also make it specific—so you might want to think bigger than just going out to dinner. By March, I’ll have accumulated a whole bunch of American Express points and I’m going to use them to purchase a bracelet.
Have you set your goals for 2017 yet? Start small and focus on 1-3 things that you can get done in the first 90 days of the year. Write your goals down along with your 5-10 strategies for completing them and then test and measure to see how you’re doing. If you make goal-setting a habit, where do you think you’ll end up by this time next year?! Something tells me you better crank up the ‘ole laptop or grab a pen and paper and get started.
In my posts next week, I want to discuss the important topics of taking risks as well as giving back and letting others benefit from your success—tis the season of giving after all!
I also want to tell you about how I stay organized with my planner, the Day Designer, as well as an update on milk frothing (seems that y’all were very interested in learning how to make great coffee at home). My team gave me a fabulous present—a fancy milk frother—and I’ve been perfecting my use of it for the past few weeks, so I’ll share the wealth on that one. You’re welcome!
Until then, stay on your toes!