May 2003
Accomplishing Goals
Last year my client Phil (not his real name), a partner in a money management firm, realized that he was going to have to refocus his attention on sales even though his responsibilities had been defined initially as operations. Phil and his partner began their business just as the financial markets did a nosedive. Growing the business had been a real challenge and now it was clear it needed to be a priority for both partners.
Since the business survival was based on bringing in new clients, Phil knew he had to give himself a crash course in marketing and sales. Phil did not have a background in either but was eager to learn and decided to challenge himself by setting a rather substantial quota for each quarter.
As his business coach I supported him as he developed a sales funnel and made appointments for meetings. There were times when he was unable to do get through the tasks he needed to do during the week. Our calls were then about the obstacles that were getting in his way. Phil learned a great deal about himself as he worked to overcome the obstacles. Sometimes we spoke about strategy. Where could he get the biggest return on the investment of his time? How could he balance his operations responsibilities with his sales needs?
The good news is Phil made his quota every quarter but one and this year during the first quarter he made enough in sales to cover the whole of 2003!! So I just suggested Phil triple his quarterly quota for the remainder of 2003. Based on last year's success I believe he will do just that. As a result of his and his partner's efforts the business is beginning to flourish.
Setting goals forces you to measure growth and change. Most business owners know that and set some goals in January. Goals are sort of the New Year's Resolutions for businesses-forgotten by February. How about you what goals did you set for yourself this year? How are you doing?
It's not enough to just think about your goals. You must tell someone else about them. If no one else knows the goal but you, you can easily excuse yourself if you don't achieve it. With someone else thinking about your goal and asking you about it you can't forget it. Talking about your goals is a way of committing to them.
Who would you tell about your goals? Phil told his partner, a seasoned sales professional, who watched with curiosity and then amazement. Sales teams often meet to talk about their goals and what they are doing to achieve them. Often business owners (like Phil) hire a coach to help them focus on and achieve their goals. Public companies give forecasts (their goals) and the media reports on their progress.
Writing down your goals is also helpful. It allows you to keep them in front of you. When you are deciding on your priorities for the day looking at your goals for the year or the quarter will help you to decide what you need to do first.
Reaching a goal doesn't just happen. There is work to be done. Phil wanted to bring in $3M in assets per quarter. To do that he needed to have a list of potential clients that he would approach. How many potential clients did he need to close that much business? He didn't immediately know the answer. Over time he would learn. (By the end of the year he had a 70% close rate!) In the beginning he targeted 10 or 15 times the dollar amount of assets he wanted to close.
Where do you find that many qualified prospects? We brainstormed ideas. Based on Phil's own strengths, interests, and values he chose to focus on specific members of his former profession.
Each quarter he worked out a plan to reach his target. The plan had lots of tasks that became interim goals each week. It was work but it was fun too. Phil chose to target clients that he genuinely enjoyed being with. He really believed in what he was doing and knew that his firm was really good at what it did. There were disappointments of course but every step of the way he was optimistic about his chances for success.
What's your marketing and sales challenge? Need a new job? Want more clients? Do you have a huge sales quota?
Take Action
1. Look at your goals for the year. Based on your experience now
make an adjustment by increasing them or decreasing them. Make them
a stretch but not impossible. If you never had goals then set a
monthly, quarterly and yearly goal(s) for yourself.
2. Write down your goals. Are they SMART? Don't remember what
SMART goals are? Send for a SMART goal article by Michael Angier
by sending a blank email to asparker@asparker.com with Goal article
as the title.
3. http://www.mygoals.com has
lots of information and help on goal setting. Check it out.
4. Find a partner to work with or hire a coach to support you on
achieving your goals. (See the information about my job search and
business owners coaching groups below.)
5. Need a book or some tapes on sales? Phil used the tapes called
Advanced Selling Techniques by Brian Tracy. You could
also read Spin Selling by Neil Rackham.