How To Achieve Your Revenue Targets Every Month
HOW TO ACHIEVE YOUR REVENUE TARGETS EVERY MONTH
Do you know the numbers you need to hit in your business EVERY month to achieve your business goals?
It's not something we are taught when we become an entrepreneur... but knowing how to SET and create a plan to ACHIEVE your monthly revenue targets is the difference between inconsistent and unpredictable revenue and consistent and realiable revenue that GROWS!
Watch this video and become the 1% of online business owners who knows how to RUN their business like a boss!
RESOURCES & LINKS MENTIONED IN THIS VIDEO:
Designed to Scale - 5 Steps to a 6, then 7-Figure Time Leveraged Business - http://designedtoscale.co
How To Set Revenue Targets To Reach Your Business Goals - https://youtu.be/GYTM2F0u5IU
How To Create Content That Sells (Without Selling In Your Content) - https://youtu.be/hJke2_EZXdQ
Reach Your Goals by Mastering Your Business Finances - https://www.youtube.com/watch?v=PssuDyRr4NA&list=PLtPJ_QDOtWMwu9Md9WwTMZaLfkqlZp8I7
Growth Rate and Revenue Target Calculator (shown on video) > https://shanphelps.com/lm-revenue-target-calculator/
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If you watching this video, I already know that you are a rockstar and you want to take your business to the next level. Well, following the steps that I’m going to show you in this video will mean you’ll go from a goal rehasher, to a goal crusher.
I’m Shannon Phelps and I help high achieving entrepreneurs scale their revenue and create a time leveraged business. We turn vision into a scalable action plan. In the last video I showed you how to create revenue targets that will help you reach your business goals. So in this video it makes sense that we create a plan to achieve those revenue targets. So step one is to create a roadmap and if you watched the previous video and have gone through the process of creating your revenue targets, then you’ve already done a part of the step. So the first step is to create revenue targets. And then once you have your revenue targets, you are then able to set out your sales targets. So it depends on how many pro products you have or how many offerings you have. But if you had one product and your goal is to have $1,000 in revenue a month, then if you had one product that was $100 then you would need to make 10 sales to achieve your goal.
So that’s easy, right? But what happens when we have two products, this is when we get gets a little bit more complicated, but it’s still really easy to work out. So look back at your revenue and your sales for the past three months and see which product takes up, what percentage of your revenue. So you will find that one product will be on average one percentage, and then a second product would be on average a second percentage. So let’s take an example. That product one makes it 40% of your revenue and product two makes up the 60% of your revenue using our $1,000 monthly revenue target. If product one is 40% of sales, then we know that product one needs to make $400 for that month. Product two is 60% so it needs to make $600 for that month. Now we can work out how many sales of each product we need to make to ensure that we’re reaching our $1,000 monthly revenue target.
So we’ve product one is $20 then 400 divided by 20 means that we need to make 20 sales of product one product two is $100 so $600 divided by 100 equals six sales. So we know that we need to make 20 sales of product one and six sales of product two to hit our $1,000 a month revenue target. Once you have your sales target, then next thing we need in our roadmap is our leads or our list size. So if you convert 2% of your list every single month into sales, we can reverse engineer how big your list needs to be to ensure that we’re making 20 sales of product one and six sales of product two in your business. This can get a little tricky depending on how you’re actually making the sales. Are All your sales coming from product one and then product two is a backend product or are you sending traffic to both?
Product one and product two and you have different funnels. This is where you’ll have to use a little bit of customization for your business, but let’s go with that. Product one is our main front end product and that is where we are going to calculate our list size from. So if we know we need to make 20 sales and we convert at 2% then the way to work that out is to go 20 so 20 sales divided by 0.02 for 2% and then that will tell us that we need 1000 subscribers or 1000 people on our list to get that 2% conversion to get those 20 sales. The next step is to figure out where we are and where we want to get to. So what is our currently size? If our currently size is 900 subscribers, then we know that in that month we need an additional 100 subscribers to get 1000 subscribers to get our 2% sales conversion so that we can reach our monthly revenue target.
Now we know how many new people we need to get onto our list this month. Now we can go and work out traffic. The first thing you need to know is what your opt in page or your lead page converts set. So let’s say that it converts at 5% we know we need a hundred new subscribers that month, so it’s 100 divided by 0.05 so 0.05 for 5% and that means we need 2000 people to land on our optin page to convert a hundred hundred of them into new subscribers. So we have these numbers with us all the time and you can constantly refer to them and then you can track the results. The best thing to do is just create a very simple spreadsheet. The best thing to do is just pick your platform of choice, so excel or Google sheets and create a spreadsheet. The first thing to do is have your monthly revenue targets that you would have calculated in the last video.
And once you have those, let’s go through the process that we just went through. The columns that you want are your sales of each product that you have, your list sized, your list size, the amount you need, your lists to increase each month. And then traffic. So up the top we’re just going to put the key pieces of information which help us make the calculation. So we worked out that 40% of our revenue was made up from product one. There was 60 of product to our list size that starts at 900 our list increase that we don’t need a calculation there, um, for our title that our traffic converts at 5% and then just go in and fill in the numbers that we just worked out. We needed 20 sales of product. One, we needed six sales of product to our list size needed to be a thousand.
So we need a 100 subscriber increase and our traffic that we needed to get that 100 additional subscribers was 2000. Now you would go and do these calculation all through this spreadsheet. So you have 12 months of metric targets that become how you create the next step in your plan. Um, you can do these either manually like we just did it or if you are a bit savvy with sheets or excel, you can go and create formulas and that will instantly create everything for you there. Next step is to work out your plan. How are you going to heat hit each point on your roadmap? What are you going to do to get 2000 unique people onto your opt in page so that you can get those 100 additional leads? How are you going to nurture those leads to ensure that you are pushing them into a sales process so that they will convert into the sales that you need of product one and product two to you?
Work this all out and so I am not going over the same things again that I’ve already covered in other videos and trainings. Make sure you watch this video. This video will help you figure out where what we’re doing right now fits in with the bigger picture and the bigger system. And then there is this training. This is my signature free training. It’s the five steps to create a six and then seven figure time leveraged business. Now the key thing in this training is that I lay out exactly how to create an inevitable sales system. So once you have your roadmap, you will be able to create, create the inevitable sale system and you will have the targets that you need to hit. And then the final video is this one. It’s how to create content that sells, but there’s one really key piece of information that you need to know in this.
Number one, it’s not only creating content that sells, but it’s how to create content that leads to the outcome that you want. So make sure you watch those three videos. All the links for all three will be below. If you have any questions, make sure you ask them below. And if you would like that spreadsheet that I started to create with formulas in it, go over to Instagram at I am Shen Phelps, DM me, and then I will send you the link to a Google sheets so that you can automatically start working out what your metric targets are. The next video in this series is all about cashflow, how to know when to spend money and grow your business and when to pull back expenses and exactly which expenses, you know, should go straight away. If you like this video, make sure you give it a thumbs up and subscribe to the channel and hit the bell so you’ll be notified when I release that next video. Don’t forget, below this video are all the links to all those other videos and trainings so that you can get these financial system happening and be able to set and achieve the goals that you want in your personal life and your business.
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