John AssarafBehavioral Neuroscience Researcher and Goal Achieving Expert. High Performance Consultant/Coach

Why the Secret to Success is Setting the Right Goals

Name: Why the Secret to Success is Setting the Right Goals
Uploaded: 2022-01-21T21:05:29+00:00
Duration: 1 min 16 s
Channel: John Assaraf
Description: A short YouTube talk (by John Assaraf) about setting the right goals for business success. The speaker distinguishes financial and non-financial goals…

21 Jan 2022 · 1 min

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1:16

A short YouTube talk (by John Assaraf) about setting the right goals for business success. The speaker distinguishes financial and non-financial goals, recommends starting with top-line revenue targets, then reverse-engineering plans to meet them. An explicit numeric example: aiming for $100,000 revenue with a $1,000 product implies selling 100 units over a year.

Questions this video answers

$100,000 for the year

$1,000

100 units

Chapters

The challenges most business owners have is they invest very little time in thinking and planning. So when we're talking about setting some goals, there's really two ways to set goals. And I like to set goals for my businesses based on what I call our financial and non financial goals. So I want to know what are my financial goals? For example, for 2022, how much is the top line revenue that I want to have? All of the revenue. How much profit do I want to earn? So I start off with goals around revenue first. Why do you think it's important to start off with revenue targets first? Well, because once you have a revenue target, let's say it's $100,000 for the year, all right? And let's say you have a product that's $1,000. Now you just need to figure out how do I sell 100 of those products over the course of a year? And then I add, what are my non financial goals? So I start off with goals for the business in its entirety, and then I reverse engineer the plans to achieve each one of those goals.