Lorem ipsum dolor sit amet, elit.
Lorem ipsum dolor sit amet, consectetur adipisicing elit. Autem dolore, alias,numquam enim ab voluptate id quam harum ducimus cupiditate similique quisquam et deserunt,recusandae.
Order
Items
Summary
- info@BullsEYErn.com
WINNING IN 2024 WITH ESTABLISHED GOALS!
THE SCRIPT
"Happy New Year, Success Partners. So, this is going to be a a big year for Bull's EYE Consulting and I want everyone in this room to have amazing years in their businesses as well and the way that we achieve that is by setting *Targets. So my question to everybody in the room is, have you established Sales Goals for your business? Have you established Cost of Goods Sold Performance Goals for your business? Have you established Overhead Performance Goals for your business?
Your net profitability should not be a residual effect of whatever that's left over at the end of the year. Next week, you should have an idea of if this week has gotten you closer to your goal for the year, and the way that you are able to measure that is by establishing goals and measuring your performance."
THE TARGET
As we embark on a new year, it’s crucial for all of us to set our sights on achieving remarkable success in our businesses. At Bull's EYE Consulting, we believe that the key to a prosperous year lies in setting and hitting well-defined targets. Today, let’s dive deeper into actionable steps every business owner can take to improve their financial performance by setting clear, measurable goals.
Step 1: Establish Sales Goals
Why It Matters: Sales goals are the foundation of your business's revenue generation. Without clear targets, it’s challenging to gauge your business's growth and progress.
Actionable Steps:
- Analyze Past Performance: Review your previous year’s sales data to understand trends, peak periods, and areas needing improvement.
- Set SMART Goals: Ensure your goals are Specific, Measurable, Achievable, Relevant, and Time-bound. For example, instead of a vague goal like "increase sales," aim for "increase sales by 15% in the first quarter."
- Break It Down: Divide your annual sales goal into monthly and weekly targets to make them more manageable and trackable.
- Monitor and Adjust: Regularly review your sales performance. Use financial reports and tools to track progress and make necessary adjustments.
Step 2: Define Cost of Goods Sold (COGS) Performance Goals
Why It Matters: COGS is a critical metric that directly impacts your gross profit. Managing it effectively helps in maintaining healthy profit margins.
Actionable Steps:
- Identify Baseline Costs: Determine your current COGS by calculating all direct costs involved in producing your goods or services.
- Set Reduction Targets: Aim to reduce COGS by negotiating better rates with suppliers, optimizing production processes, or finding more cost-effective materials.
- Implement Inventory Management: Use inventory management systems to avoid overstocking and reduce holding costs.
- Regular Reviews: Conduct weekly reviews of your COGS to identify any anomalies or opportunities for further reduction.
Step 3: Set Overhead Performance Goals
Why It Matters: Overhead costs, if not managed properly, can eat into your net profits. Establishing goals to control and reduce overhead can significantly improve your bottom line.
Actionable Steps:
- Categorize Overheads: List all overhead expenses such as rent, utilities, salaries, and marketing expenses.
- Budget Wisely: Create a monthly budget for each overhead category and stick to it. This helps in avoiding unnecessary expenditures.
- Review and Adjust: Conduct quarterly reviews of your overheads to identify areas where costs can be cut. For example, consider renegotiating your lease or switching to a more cost-effective service provider.
- Leverage Technology: Use automation tools to streamline operations and reduce labor costs. This can include accounting software, project management tools, and customer service automation.
Step 4: Monitor Net Profitability Regularly
Why It Matters: Your net profitability should be a planned outcome, not a mere residual effect of your business activities.
Actionable Steps:
- Set Profit Targets: Determine your desired profit margin and work backward to ensure all other goals align with achieving this target.
- Weekly Check-ins: Implement weekly financial check-ins to assess whether your business is on track. This allows for timely interventions if things aren’t going as planned.
- Use Financial Dashboards: Invest in financial dashboard tools that provide real-time insights into your sales, COGS, overheads, and profitability.
- Adjust Strategies: Be prepared to tweak your sales strategies, cost management, and overhead control based on your profitability insights.
By establishing and rigorously tracking sales, COGS, and overhead performance goals, you set your business up for sustained success. Remember, the objective is to have a clear view of your financial health at all times. This approach ensures that your net profitability is a result of deliberate planning and execution rather than a happy accident.
As you continue to operate throughout the year, take the time to monitor these critical targets regularly and adjust your strategies to stay on track. Here’s to a profitable 2024 for all of us!
Feel free to reach out if you need any assistance in setting or achieving these goals. Let’s make this year our most successful one yet!
GET TO KNOW ME AS A COACH
Who Am I?
I am Jesse Bullock, a Business Coach, Tactician of Business, and Founder of Bull's EYE Consulting, where we Make Business Make Cent$ by translating Business Functions into Dollars and Percentages to optimize Financial Performance, Control Tax Liability & Build Community Through Small Business.
How Did I Get Here?
- 2004 - 2014: Civil Engineering Operations Manager (USAF)
- 2014 - 2016: Warehouse Logistics Manager (Macy's)
- 2016 - 2018: 3PL Distribution Center Manager (Clipper Corporation)
- 2018 - 2020: Management Consultant (DB&A & Powers Company)
- 2020 - 2023: Senior Business Consultant (International Services Incorporated)
- 2023 - Present: Founder (Bull's EYE Consulting)
What Do We Provide?
- Sales Optimization
- Hiring & Retention Support
- Leadership Development
- Fractional CFO Support
- QuickBooks Online Setup & Training
- Bookkeeping
- Team Building
- Strategic Planning
- Clickfunnel Marketing
- Workshops
WHO IS JESSE BULLOCK?
PERSPECTIVE THAT INFORMS MY WORK
Abundance vs. Scarcity
Losses vs. Lessons
Mission: Safeguarding Small Business
SOME OF MY BACKGROUND
Why Colorado Springs
Bull's EYE Consulting Logo Origin
© 2024 Bull's EYE Consulting - All rights reserved