Episode 95: My 2022 Business Goals

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 Elevate Effect™ 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. 

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 1 or more of the goals were 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 gonna share. Alright. So in today's episode, I'm breaking down 3 different types of business goals. I'm giving you a behind the scenes glimpse at my goals, and I'm sharing my process for setting each type of goal.

And then I'm gonna 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 gonna talk 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 wanna make sure you incorporate the second 2 types of goals. Okay? So first is the revenue goal, and I don't just pick an arbitrary amount.

Sometimes entrepreneurs just pick an amount out of the air and just round up. You hear people say they want to make $1,000,000 or 100 k 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 wanna talk to you about how I do that and really how I set 3 different goals for revenue that are all really wrapped up into 1. It's 1 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 300 k. And I'm focused on generating the majority of that revenue in a different way. This year, I want to create 300 k from a group program instead of 1 to 1. 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 I really do the work and do the math to figure out how I'm going to create this.

My better goal comes from my 3 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 3 years. It's actually a very simple process, but it ensures that I'm looking at the long term picture and not Russian 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 1 clients, 2 mastermind launches for scale to 7 next year, because I've already planned out 3 years' worth, my goal removes all one to 1 in scale is just over 750 k.

And I've got the exact dollar amount, but for these, I'll just round for the sake of quick conversation. And then my 3 year goal continues to scale past 1,200,000. Now I'm not attached to any of these numbers. I revisit them every 6 months when I update my 3 year plan, and I keep it very simple. I have some rules for myself. I'm not allowed to introduce more than 1 new offer at a time. I and for 6 months, there can't be anything new. Typically, I really like to keep the same offers, so I keep it very simple.

I also make sure that I'm intentional about slowly and steadily increasing the number of clients in any offer or raising prices. I'm factoring all of that in to this 3 year plan. Now, lastly, I set 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 goal, I'm practicing marketing and selling in a way that is scalable and is at a higher level them where I actually need to be right now, meaning I'm practicing for the future, and I'm creating more demand for my offers that I actually need to fill my programs. So this year, my stretch goal is 500 k, 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 3 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, you 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 2nd 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 or second aspect of goal is always on impact. In its most simple form, this is the answer to the questions, how many clients do I wanna 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 goal is super inspiring. So this year, my impact goal is to help a 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 client's results, then that's about 22 days, which is over 3 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 seven and a half full years of time saved across a 125 clients just in 1 year. Now thinking of how each of my clients will spend that extra 3 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 of 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 even greater impact. There's more laughter and deep conversations with family and friends. There's more time for personal development and self discovery. And 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 gonna do with that time when they were class. It's about the ripple effect of impact in understanding the impact that I 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. That 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 are little micro goals within an overall goal of just increasing my freedom. It's important to me that I am 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 specifically regarding my time. I'm not available for hustling to reach my goals. In every year, I take the time to take another step to improve how I spend my time. That I'm gonna 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 4 day work week, and I take every single Friday off. And we've just shifted my team to a 4 day work week as well. So that's one freedom goal for me is not just experiencing that 4 day work week for myself, about 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 spend 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 gonna be some challenges with both of us working from home together, there are also some opportunities and spending more time with him. Lunch being one of them is an option, so I definitely wanna 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 gonna 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 workday. And I don't want to choose 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 4 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 1 to 1 clients.

And I will be fully transitioned away from enrolling clients via consult 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 1 to 1 spots. I may do that for one more round of my mastermind, but after that, I am fully transitioned 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 plan to work on my business. And in addition to those 2, which technically that CEO retreat is work, but in addition to those 2, 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 the family booked for the kids' spring break. I know we'll do a big vacation with my family like we do every year in July. 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, and 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 in 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, 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 3 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 3 elements of 1 big goal. That means that you won't sacrifice one for another. They're all part of the same goal. You make all 3 required. Yes, you're gonna hit that revenue amount, but you're also going to hit your impact goal and you're also going to hit your freedom goal. You're not willing to settle for just 1. And that's gonna challenge you to think more strategically and lead to making different decisions.

This is the work that I do with my clients because I show you how to set your business up to scale all 3 of these together, your revenue, your impact, and your freedom.

Next Steps

  • Sign up for The Brief HERE and get weekly CEO-level strategies and resources to help you scale

Let’s Connect

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 (The Elevate Effect™)
  • Scroll down and click 5 stars
  • Tap “Write a Review” & enter a brief review
  • Press send

Send me a screenshot of your review (DM me on Instagram or email hello@kathrynbinkley.com) and I’ll give you free access to my CEO Scorecard. This is the same tool I use with my multiple 6 and 7 figure clients to help them uplevel their role as CEO and achieve massive results.

Related Posts