As we start off the new year, you may think you’ve settled on your goals for the year.
But if you’re like most entrepreneurs, you may be missing one or more of the goals I set for myself and recommend to my clients.
In this episode of the Scale to Seven® podcast, I’m giving you a behind the scenes glimpse at my goals and my process for setting them.
In This Episode You’ll Learn:
- Why success is about more than just money
- Three different types of goals to set
- How to tie your goals into your purpose
- How to ensure you don’t sacrifice your freedom to achieve your revenue goals
It’s common for entrepreneurs to settle for one goal, and sacrifice another. So, even though I’m sharing three different types of goals, think of these as three elements of one big goal. Don’t be willing to sacrifice one for another. That will challenge you to think more strategically and will lead to different decisions.
Featured on the Show:
This is the work we do inside The Scalability Factor™. I will show you how to set your business up to scale all three of these- your revenue, your impact and your freedom. Join me inside now.
Welcome to Scale to Seven®! Your behind-the-scenes look at what it really takes to scale your business to seven figures. I'm your host Kathryn Binkley, business and leadership coach for online entrepreneurs. Here's what I know, building a business that will generate millions requires the mindset, strategy, and action of a future seven-figure CEO, starting now. Ready to Scale to Seven®? Let's go!
Happy New Year, everybody, we are starting off this brand new year. And you may think that you've already settled on your goals for the year. But if you're like most entrepreneurs, you may be missing one or more of the goals, or the elements of goals that I set for myself, and that I recommend to clients. So if you haven't set your goals yet, then definitely listen and apply this as you set your goals. And if you have already set your business goals for the year, listen, and see if you need to adjust anything, see if you're missing these elements that I'm going to share. Alright, so in today's episode, I'm breaking down three different types of business goals. I'm giving you a behind the scenes glimpse at my goals. And I'm sharing their process for setting each type of goal. And then I'm going to talk about the relationship between these goals because I'm really talking about them as separate goals. But I don't want you to treat them that way. In the end, it's helpful to think of them as separate goals to start, but not after you set them. So we're talking about that too. So the first type of goal that I set is my revenue goal. And this is common, most entrepreneurs set a revenue goal. But most entrepreneurs also stop with this revenue goal. That's as far as they go. I want to show you how I do this, it may be a little different than you set a revenue goal before. And then also want to make sure you incorporate the second two types of goals. Okay, so first is the revenue goal. And don't just pick an arbitrary amount. Sometimes entrepreneurs just pick them out out of the air. And just round up, you hear people say they want to make a million dollars or 100k, or, you know, some flat number. And when I hear that, that tells me that they actually haven't taken a lot of time to figure out the math behind what will make their goal work. Right. So I want to talk to you about how I do that. And really how I set three different goals for revenue that are all really wrapped up into one, it's one big range, if you will, revenue range, and it's a good, better best goal. So my good goal is a conservative amount that feels very certain. Often, this is a repeat of my prior year's revenue. And my focus is on making either the same amount of money, but in a different way. Or maybe it is a growth year. And I want to make more. For example, this year, my good goal, I've rounded down made it super conservative and just set a flat, good goal at 300k. And I'm focused on generating the majority of that revenue in a different way. This year, I want to create 300k from a group program instead of one to one. And I use my good goal to base all of my spending and investments on that means that my good goal should easily cover all of my expenses, my labor for the team, coaching investments, consistent owners pay tax payments and still ensure profitability. So that's a good goal. That's a conservative goal. And that's what I'm basing expenses on in a nutshell. Then I set a better goal and this is the one where really do the work and do the math to figure out how I'm going to create this. My better goal comes from my three year plan. And that is a process that I use to map out each offer I'm selling at what price points and how many spots for each quarter, every single quarter over three years. It's actually a very simple process but it is then I'm looking at the long term picture and not rushing, because I value sustainability over speed. And that means my number for my better goal is incredibly intentional and specific down to the dollar. This year, my better goal is $379,835. And I don't round this one up or down, right, I round it down for my good goal.
I round up for my best goal, which we'll talk about in a moment. This one is always very specific. And this is factoring in very limited one to one clients, to mastermind launches for scale to seven, and a big focus on my new program, the scalability factor. Next year, because I've already planned out three years worth my goal removes all one to one, and scales just over 750k. And I've got the exact dollar amount. Before these, I'll just round for the sake of quick conversation. And then my three year goal continues to scale, past 1.2 million. Now, I'm not attached to any of these numbers, I revisit them every six months when I update my three year plan. And I keep it very simple. I have some rules for myself, and not allowed to introduce more than one new offer at a time, I end for six months, there can't be anything new. Typically, I really like to keep the same offers. In fact, for the next three years, I have two offers that focus on the mastermind, and the scalability factor and a one to one clients.
I'm not even focused on, I'm making a very limited number. But I'm not even focused on that at all. And I will be transitioning out of that one to one work over the course of this three year plan. So I keep it very simple. I also make sure that I'm intentional about slowly and steadily increasing the number of clients and any offer or raising prices and factoring all of that in to this three year plan. Now, lastly, as that my best goal for revenue. And again, this is where I round up. This is where I stretch myself to go big. I like to base all of my marketing strategy off of this goal. Because when I plan my marketing to hit a big goal, then even if I don't hit the big coal, I'm practicing marketing and selling in a way that is scalable, and is at a higher level than where I actually need to be right now, meaning I'm practicing for the future. And I'm creating more demand for my offers than I actually need fill my programs. So this year, my stretch goal is 500k. And I will reverse engineer all of my sales goals, lead gen goals and visibility goals from this number. The math behind these goals is such a fun exercise. For me, it's something I really enjoy. But I know not everyone loves numbers. So even though I just took you through my process of setting good better and best goals, I want you to know that you don't have to make this as complex, it's totally okay. If you just want to set and focus on a single revenue goal. And for some clients, that's what I recommend. It's really specific to you. And your thoughts about it when you have multiple goals. For some clients. If they set multiple goals, then they aren't as committed to any single goal. And so it's best to just laser focus on one number. For me, I like having that range. And I'm able to really compartmentalize and understand why I have those three goals. And so it works for me. If you want to set a single goal, then you can just decide what you want that number to be. But I would recommend using the strategy that I use to set my better goal where you actually do some of the math and base it off of how many spots you want to sell in each offer at what price point throughout the year to actually make it tangible. And actually look at how many sales you need to make and at what price point to reach that goal. So it's not an arbitrary number. Okay, the second type of goal that I set is an impact goal. For me, success isn't all about the money. And I really like to focus on the impact I want to create in this world as well. So our second aspect of goals is always on impact. In its most simple form, this is the answer to the questions. How many clients? Do I want to help this year? And or what big collective result? Do I want to help my clients achieve? I like to reverse engineer this from my best goal. This one, I really just like to go big. I like to think about if I hit my best goal, how many people can I help? What does that impact look like? Because that best hole is super inspiring. So this year, my impact goal is to help 125 business owners earn more money while working less. And if on average, my clients all work 10 hours less per week than they are now, which is a very conservative number, based on my clients results, then that's about 22 days, which is over three weeks, and nearly a month of time. For each client over the course of the year. That's how much time they will get back per year, about 22 days saved, that they're not working, and they're living their life. And then if I look at the collective impact, that's actually 65,000 total hours, across all 125 clients. And that's nearly seven and a half full years worth of time that my clients will collectively spend living their life instead of working this year. That's crazy. That's 70 and a half full years of time, saved across 125 clients just in one year. Now, thinking of how each of my clients will spend that extra three plus weeks worth of time enjoying their life, instead of working brings tears to my eyes, this is where I get really emotional, because that's more cuddles with their kids.
That's extra date nights, that can transform the dynamic of a marriage. That's time to prioritize their health. And that could add even more years to their life. That's time to check things off their bucket lists. It's more time to volunteer and create this ripple effect of impact. There's more thinking time, which means more life changing ideas generated. My clients are all visionaries, they create big ideas to change the world. And if they have more time to do that more time to think, then again, that's the even greater impact. There's more laughter, and deep conversations with family and friends. There's more time for personal development, and self discovery. In this, this is why I do what I do. It's not just about helping clients make more money. It's not just about helping them work less, it's about what they're going to do with that time when they work class. It's about the ripple effect of impact in understanding the impact that AI can create. Again, it's so inspiring. It really taps into the benefits for my clients. It really grounds me in why I do what I do. It helps me communicate all of this to my clients, like really what's in it for them, and to tap into what's so important to them. And I believe it will do the same for you. So I want you to think why do you do what you do? What's your impact goal, I encourage you to set a goal and share it with your audience. And if you do post it online on social media, tag me because I would love to see your impact goals. Now speaking of time, the last goal that I create is a freedom goal for myself. And sometimes this is actually lots of little elements or little micro goals within an overall goal of just increasing my freedom. It's important to me that I'm clear on not just the revenue and the impact that I want to create, but how I want to structure and plan and spend my time as I work towards those goals. Without freedom goals. It's very easy to sacrifice little by little in order to achieve the other goals. But freedom goals are all about creating and following through on my own boundaries. Specific Typically regarding my time, I am not available for hustling to reach my goals. And every year, I take the time to take another step to improve how I spend my time. So I'm going to go through some of the things that I've done some of the things that I'm focused on this coming year, I have already shifted to a four day workweek. And I take every single Friday off. And we've just shifted my team to a four day workweek, as well. So that's one freedom goal for me is not just experiencing that four day work week for myself, but expanding that and offering that to my team.
Another freedom goal for me is around lunch, I already scheduled time for lunch every single day. And that may seem small, but I used to work through lunch pretty often. So that was progress. But now this year, my goal with lunch is to never eat at my desk. Because I really want to be intentional about separating the time that I spent at my desk and only being at my desk when I'm working, versus the time that I'm away from my desk. And lunch is one of those areas where I need to separate myself. And so I want to eat lunch away from my desk. And I also want to eat lunch with my husband as often as possible. He just started a brand new position, it's fully remote. And that means of course, there are going to be some challenges with both of us working from home together. But there are also some opportunities and spending more time with him. Lunch being one of them is an option. So definitely want to make that a priority. Another area related to freedom is around my personal time. And specifically with my kids activities, my executive assistant puts all of my children's games and concerts and all of that on my calendar. And we are sure to never book something over those times, even when they overlap with working hours. So I'm going to continue to do that. It's something I've done for a while but I want to keep doing. My children often have sports practices right after school, they often have games where we have to leave before the end of the work day. And I don't want to choose the work over attending their activities. That's important to me, also, when they don't have practice after school, which is rare, but it does happen from time to time, I want to stop working when they get home. And that's often around four pm. And so being able to schedule my work in a way that allows for that flexibility is something that I've already started, but want to continue. This year, I also want to continue to work with only a handful of one to one clients. And I will be fully transitioned away from enrolling clients by a consults by the second half of the year. And that means fewer weekly calls, I want to keep my schedule as clear as possible. And I really only like to enroll clients via consults for those one to one spots. I may do that for one more round of my mastermind. But after that I fully transition to selling in a scalable way for every single offer. And then lastly, I already take off of work when I want to but I've not been great at using up my vacation time. We do track that for me as well. And unlike most team members who you have to track to make sure they stay within their vacation time. I typically don't use enough. And so while I do plan at least a couple of vacations per year with family. And then other random days off or holidays of course, this year in addition to the holidays that we have, by the way, if you don't have a set holiday calendar for your business a certain number of days off that you get to take off and you should go set that decide on those ahead of time. And then I also take a quarterly retreat, which I already planned to work on my business. And in addition to those two, which technically let's see oh retreat is work. But in addition to those two, I will be taking a full week of vacation off once per quarter this year. I already have the first two planned I've got a week off between Christmas and New Year's which is actually just you know, wrapping up this year. And then I've got a trip to the Bahamas with a family book for the kids spring break. I know we'll do a big vacation with my family like we do every year. In the lie, and then not sure what we'll do in the fall yet, but definitely have some ideas. And looking forward to that. So all of that said, these are some of my freedom goals, some of the boundaries that I've created in want to really continue to commit to following through on.
And I mentioned all of these, because it's important to me that I don't just create the amount of revenue that I want to create by working hard and hustling and sacrificing and all of these things, but that I follow through on these, and create that revenue, and create that impact. And that's because success is about more than money to me. And it may be to you as well, if so, remember this as you're setting goals and deciding on your strategy for next year. Yes, go set the big revenue goals. Just don't forget to set your impact and freedom goals, too. Again, it's so common for entrepreneurs to settle for one goal and sacrifice another. So even though I talked about these as three different types of goals, and I think it's helpful to think of it in that way, I also think it's incredibly helpful to think of these as three elements of one big goal. That means that you won't sacrifice one for another, they're all part of the same goal, you make all three required, yes, you're going to hit that revenue amount, but you're also going to hit your impactful and you're also going to hit your freedom goal, you're not willing to settle for just one. And that's going to challenge you to think more strategically and lead to making different decisions. This is the work that we do inside of the scalability factor. This is the work that I do with my clients because I show you how to set your business up to scale, all three of these together, your revenue, your impact, and your freedom. So if you want support with this, as you set these three goals, if you want to make sure that you can come up with a strategy to accomplish all three, then meet me inside of The Scalability Factor. This is so important, you just need one simple process to follow to accomplish all three. These aren't three different strategies. You can accomplish all three of these with one process. And that's the process that I teach you inside scalability factor. So if you want all three of these, you want to increase your revenue, you're impacting your freedom. Go check out The Scalability Factor right now. All right, I will see you next week.
Hey, if you like what you're learning on the podcast, you have to check out The Scalability Factor™. It's my coaching program where I teach you how to create and sell a scalable offer so you can earn more while working less. Just head over to kathrynbinkley.com/scalability and I'll see you inside.
Listen + Subscribe on Apple Podcasts or Stitcher!
We’d greatly appreciate a podcast rating and review so we can reach more entrepreneurs like you!
- Search for the podcast in your podcast app (Scale to Seven®)
- Scroll down and click 5 stars
- Tap “Write a Review” & enter a brief review
- Press send