If You Fail to Plan, You are Planning to Fail!
Have you ever heard the quote: ‘’If you fail to plan, you plan to fail?’’ Benjamin Franklin said that, and I think that it is really applicable, as we head into new horizons with each passing day, and we look at our businesses. You know, one of the things that I started doing a long time ago, that had really significant impact on my business, is planning, and really setting goals.
So, today I want to talk to you all about setting goals. I want to share with you goals that i set for myself and I really encourage you to implement some goals setting, if you are not doing so already, starting this very moment for you Private Label, Wholesale, or Retail Arbitrage business on Amazon.
There are couple of different types of goals that I want to talk about, and the first and probably the most important is just setting a sales goal each and every month, as well as a yearly sales goal for your business on Amazon. One of the things that I started doing early on is printing off a monthly sales goal that I wanted to hit for my Amazon business, and posting that on the wall right next to my desk, so that I could see that each and every day, as I am working away. And also to have another written sales goal – a goal for yearly income, or yearly revenue for each of my brands or divisions on Amazon.
One of the things I started doing was making that goal really lofty early on, it’s very tempting to say: ‘’Ok, I did $25 000 last month, I’ll make my goal $30 000 this month.’’ But I really encourage you, each and every month, to make goal attainable, but also make it very aggressive. Aggressive goals are good goals, because they push us each and every day to dig deeper and really push our limits, push the limits of those around us in a way that we get really good results. So, that’s the first kind of goal that I set – sales goals.
The next type of goals that I love to set are long term goals. To do this you have to put on your dreaming cap, you get to be a little bit of a visionary and look at your business from a 10 000 foot view, if you will. So many times we are stuck in a daily grind of our business, and all of the things that we need to do, and we get bogged down with all the little stuff. It is important every now and then to really take a high level view of our business and ask ourselves: ‘’Where do I want to be in a year or five years?’’ What are those long term goals? And it could be something like: in five years I want to be a $10 000 000 a year business, or in five years I want to be acquired by a large multinational corporation, or in five years I want to be on the shelves of Target or Home Depot. So what are you long term goals? And again, you want to write these down. A goal that is not written down is really not a goal, that’s a dream!
Then, what we want to do from those long term goals – is back out of them, and set some shorter term goals. So if in 5 years we want to be on the shelves of Target, what are the things that within the next year are going to help move that needle. Is it x amount of revenue, or maybe it is x amount of reviews? Maybe it’s attending trade shows, where you can interact with buyers, or network with industry insiders to get things going and get you the connections that within next five years will get you on the shelves of those big box retailers.
From those mid-term goals, we are going to back out again and set even shorter-term goals, and those can be things like one month or six month goals. The other thing I want to really encourage you to do, in addition to writing these goals down, is to just take some time to work on goals. It can be just a day or it can be a weekend, as much time as you can devote. Escape to somewhere where you are comfortable in, get away from your normal, typical working environment, and get those creative juices flowing. It just really help to change your environment and enjoy your goal-setting endeavour and write these things down.
And then, as you go through the year, you want to be constantly checking in with these goals, seeing how you are doing, making adjustments as you go, and, obviously, the closer you get to those benchmarks, you want to revise those to make sure you are meeting your long term goal!