Dotty Scott walks through why revenue goals matter for small business owners. A client with no target planned to drain savings and take a loan, but after setting a realistic $60,000 goal, grew the business to $250,000 with staff.
What are your revenue goals for your business? And he started to tell me, and then he's like, well, here's what I'm going to do. I have this much money in savings, and so I'm going to— I'll keep doing this, that, and the other thing until all the savings is gone, and then I'll probably get a loan. I'm like, no, no, no. What is your intention for how much money you're going to bring into your business? And he's like, well, I hadn't thought of that. A lot of people haven't. Right. And so, you know, if you're listening to this right now and you don't have a goal for your revenue, even if it's $5, right, that's a problem. So really start thinking about setting some really clear goals for yourself about what it is. So this person, he had no goal. He was just going to use up his savings and then he was going to go into debt. And that was his plan. And I said, well, wait a minute, when was the last time you felt really good about How much money you made? And he's like, well, I probably felt really good when I made about $60,000 a year. And I'm like, okay, well, could that be your goal? Because you've already done that before. It's totally— would it be feasible for you to do that given your business? And he said, sure. And so I heard from him a couple of years ago, he was making like $250,000 a year. He had hired a staff and his business just keeps growing.
