“You can't manage what you don't measure and you can't improve upon something that you don't properly manage.” Are you setting goals and measuring your successes? Stay tuned for this episode to hear Kristina talk about setting goals for the new year and why it is so important.
BY THE TIME YOU FINISH LISTENING, YOU’LL UNDERSTAND why goal setting for your business will not only give you focus and direction but it will help you maintain motivation throughout the year.
What are your business STRETCH goals for 2022? Share with us and tag us on Facebook or Instagram @theringtheblingandallthethings
Connect with the host:
Kristina Stubblefield - www.kristinastubblefield.com social media @kristinastubblefield
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Kristina Stubblefield 0:00
In this episode, I talk about knowing your numbers in order to set your goals. Do you know what is coming in? What is going out? What is your bottom line? Knowing this will help you determine how many events you need to book in a week, a month, a year, tune in to hear more about this, and how honing in on these numbers will help you stay focused throughout the year.
You're listening to a Business Booster episode of The Ring The Bling And All The Things podcast. My name is Kristina Stubblefield. I'm a technology consultant, marketing strategist, business coach, and in the past of wedding vendor. In these podcast episodes, I'm providing impactful, easy to implement solutions and strategies for efficient workflow and business growth. Now, let's dive in to this episode.
Okay, we're into a new year. And I've had this topic come up a few times. And I wanted to make sure I recorded a short podcast episode about it. And it has goals, it is an important topic. A lot of times I feel like people don't make goals for themselves or their businesses. And it's really a shame because I feel like goals, it really gives you something to strive for. In this topic in the past couple of weeks has reared its ugly head a few times with my own clients. And I've really feel like setting goals are important. Even when you're working with a marketing company, a business coach or consultant, I feel like goals are super important. So I wanted to share with you a few things that I talk with clients about. And also in the shownotes, I'm going to include a couple of PDFs that you can download. Or you can choose to write these out in your own notebook. So I'm going to keep this one short. I think I'm going to keep this episode short. But here's where I want to start talking about goals. The first thing that I ask clients is, what is your stretch goal? Now, if you don't know what a stretch goal is, let me explain. Okay, a deliberately challenging or ambitious aim or objective. So here's how I say this to people. If you download the PDF, you're gonna see it says on there, my name is. And then it says another line, and my business name is. So if you're writing in your notebook, put your name and then put your business name. And then you want to answer or you want to finish this statement. If nothing stood in my way, my stretch goal would be to, like now, people say to me all the time, well, I don't know, what should this be. I mean, I don't overthink this, if nothing stood in your way. If money didn't stand in your way, if pandemic didn't stand in your way, if multiple events in a week didn't stand in your way, as a wedding professional, if nothing stood in your way, time, money, energy, effort, calendar, if nothing stood in your way, what would your stretch goal be? No one can answer this for you. And if you're listening to this podcast, and you're doing this, as I'm saying it, then I encourage you to pause this. When I teach this in person, I usually do take about a five or 10 minute break because I feel like people really need to focus on this statement. And I'll say it one more time. If nothing stood in my way, my stretch goal would be to and here's what I'll say. You can make this as many items, you can make it one big item, you can make it several small items, you can make it several large items. There's nothing limiting you to this answer. So after you've decided what your stretch goal is, then I move on. And this PDF will also be in the show notes as well. And I want to ask people, their short term goals because over the years, here's what I found. People need both short term goals, long term goals and they need that stretch goal. You need to open up your imagination to if nothing stood in my way what would I want to accomplish? And then you need to bring it down. What would you like to accomplish in the next month? Then I follow that up with What would you like to accomplish in the next three to five months?
And then lastly, what would you like to accomplish in the next six to 12 months? Now, here's the deal. This is just a worksheet that I utilize with my clients. And I've taught classes on this topic as well, or workshops, I guess I should call it, you can break this down however you want. If you want to set goals for yourself for every month, if you want to set goals for every quarter, if you want to set goals for the first half of the year and the last half of the year. Guess what no one is controlling how you set your goals, you get to determine that the biggest thing is putting the goals in writing, I'm all about being digital, I get you. But I have found it best. When you write this down in a notebook. Some people choose to write this on a whiteboard and leave it up all year long. You get to determine how you do this. But I encourage you to write it out. I encourage you to make it visible, not something that gets written in a notebook and put it in a file drawer and you come across it in a year or two from now. Keep it in for in front of you. Now, if you're wanting to do this, while you're listening to this podcast again, I would pause it, I'm going to keep going because some people listen while they're driving. Some people just want to listen to me talk, I guess, and maybe not actually take the actionable steps. But I encourage you to take just a little bit of time to think about what you want to accomplish. And again, I'm talking about business. Now this could be done separately for personal I've had people actually do that before. What I'm focusing on is what do you want to accomplish in your business. I feel like most the time when a new year comes around, there's this renewed energy, renewed focus. And it lasts for a week or two. And then it kind of slowly starts to taper off. I found that setting goals over a period of time can kind of help with that. It's exciting when you accomplish something when you can check something off, don't get me started on to do list. So I could have four or five episodes on that. My spouse would say probably 10. But in all honesty, when you can look at your goals, and you can say, Wow, I actually accomplished that. Well, let's see, oh, what did I write down for the next month or now? What do I need to focus on. And that's the key word focus. So many time we run businesses haphazardly. And I have found over the years, when you get more honed in and focused on what you want to accomplish. It helps you with your To Do lists and it helps you navigate there are a lot of other things. But when you're talking about goals, a lot of wedding professionals provide their answers with the number of events that they want to book or a number of events they want to do throughout the year. Some will put down they want to reach a certain amount of money, they want to make a certain amount of money, they want to bring in a certain amount of money, they want to hit certain money goals. And that's all well and good. But the next part that I'm going to talk about is you have to know your numbers in order to know about hitting those goals. And, you know, this is something that I've struggled with over the years, I have no problems being open and honest about it. If you get busy and it is what it is you're bringing in money and money's going out, but it shouldn't be like that. And if you're going to put down that you want to make $100,000 Or you want to make $50,000 Or you want to make a million dollars, or you want to make $500,000. I have all different types of listeners. Again, these goals are your own. But if you choose to do it on $1 amount that you want to bring in so much money, or you want to make so much more money, it is really important to know the difference of gross versus net. And I'm not going to dive into deep into this topic because this is really a workshop. But I will provide you with a link to a sheet that I use. That's an Excel document to help you better understand your numbers. And again, I normally teach this in a workshop. But I really felt it was important when you talk about goals. So many people have said to me how I wanna I want to make $100,000 In my first answer is, okay, is that gross or net?
And then they go silent. And I know what's crossing their mind is, well, gosh, I want them, I want to bring that amount home. But they know in order to know that number, they got to know what expenses are going out. And I know a lot of people don't know that. They don't know those numbers, let me clarify, they don't know those numbers. So I just wanted to mention this, because if part of your goals is going to be to reach a certain milestone or a certain amount of money, I felt like it was important to have the conversation about know your numbers. And again, this is a much deeper topic than I am giving time for in this episode. And maybe I'll do another episode down the road. But I just wanted to piggyback it on about goals. Because the more we talk about a topic, the more that people tend to listen. And it is important to know your numbers. And the sheet that I'm going to provide you a link to in the show notes is going to help you as far as putting in sales, and then it gives you a list of expenses. Now, this is a generic sheet, you'll have to tailor this to your own business. But it will help you as far as knowing what's coming in what's going out and what your bottom number is. This by me saying this, you can say I want to book a million dollars in events this year. Do you need to know your numbers for that? No. But when you talk about booking in events of a certain amount of money, what's going to play a role is at the end of that year, the expenses you spent out. Most people don't know what those are on a monthly or quarterly basis. But if you hit your goal of a million dollars in events, or $100,000 in events, and you don't have any idea what's going out at the end of the year, you could be thinking, wow, that was my goal. But I spent out 90% of that. It's just important to know what your business numbers are. Goals are super important. And I have some people that set goals that have nothing to do with revenue, gross or net has nothing to do with that. And you don't either. If you want to set goals that have nothing to do with revenue, of course you can. I have some clients, they want to do a certain number of events. But here's here's the forward thinking. You're in the wedding industry, you've probably already heard that unprecedented times are upon us. More weddings in the next year or two, then we've seen since early 80s. And I've been doing this a long time. I see how business wears on people. I know, in my mind from a business and marketing standpoint. When you talk about unprecedented times, I know what that means for wedding professionals. And I want my friends, I want my listeners. I want everybody to make it in business, whether you're in the wedding industry or not. But I know this is not going to be easy. I know what it's like to say no. And I know what it's like to say yes. And after what we've been through, a lot of people are probably going to say yes and end up doing event after event after event. Day in day out week in week out. However that breaks down. And what get what happens a lot of times is the business side of things. accounting, bookkeeping, marketing falls to the wayside because you're doing event after event after event. And the outcome of that on the other side of it is when things do start to slow down, and you haven't had some of those things in place. It can bite you in the ass.
So when we talk about goals, I wanted to take just a few minutes to bring up the topic about knowing your numbers. It is very important in every business. It's really important where we're at in the wedding industry for wedding professionals to go into this year, and utilize some kind of spreadsheet, some kind of anything to know their numbers. Because the conversations I've already had with wedding professionals is just this. I know, I can't do what I did last year, it Damn near killed me. I've had people say that to me, wedding professionals say that to me, because they were making up for events from the previous year, that got rolled into this year, that got rolled into the current year. And they know they cannot operate their business on a yearly basis like that. And they're just they shake their head, like, you know, you're my coach, you know, tell me what to do. I can't run every business for everybody, I can't do it. But here's the piece of advice that I can give you. If you know your numbers, if you know those numbers, it's something we don't want to talk about. We don't want to deal with, we don't want to put that shit down. Who wants to take time to work on a spreadsheet high? No, I don't. But the truth of the matter is, if you know your numbers, and you know how much money you want to make, or how much money you need to make, and you can figure out where you meet and a happy medium of wit what you need to bring in every month to make what you want to make to hit your goals, or to survive in your business. However you want to run your business. If you know those numbers, guess what, you know how many events every month, you need to do. Maybe you want to break it down to how many events you got to do in a week, how many events you got doing a month, how many events you got to do in a quarter, you know those hard numbers. So when the time comes for you to hit your goals, you can get there, but also when the time comes. And you know, I only needed to do five events this month. I've just said yes to number six, you know it is a hard No. After that. Why? Because your sanity, yourself, your family, your friends, all those things that you swore you'd never put yourself in. You are making the decision to say yes or no to that event. If you know your numbers, the decision is already made. Because you know how many events you want. And or need to do in a month, a quarter, however you break it down in your business. It might be a hard thing to hear. But it's the truth, I'm going to be talking a lot more about it because the well being everything of every person out there. If things play out the way that it's been discussed and talked about and put out there. It's gonna wear on everyone in the wedding industry. And at the end of the day, I want everybody on the other side of it. I want them happy, I want them successful, whatever that word means to them. And I want them still doing what they love to do. So, okay, this episode may have went just a little bit deeper than goals and knowing your numbers. But I am passionate about helping wedding professionals succeed day in and day out, but also to live a life that they want to live a life that you want. And sometimes that means hearing things, or doing things that might not be at the top of our favorite list, but it is vital to our business. So Oh, I bet I hear some feedback on this one. All right. Make sure to follow us on social media. For all kinds of other good information you know, you can always go back and listen to previous podcast episodes on our website. And I'd love to hear from you go to our website, you can record a message or hit the contact button and send a message to me. Until next time, keep working on your business. And please make sure to set some goals for your business for this year. Until next time, see ya.
Thank you for tuning in to this Business Booster episode of The Ring The Bling And All The Things. If you would like to get notified of new episodes, make sure to click the subscribe or follow button on your favorite podcast platform. For you can visit our website ringblingallthethings.com and join our email list we welcome any feedback you may have from topic ideas to questions just click the Contact button on our website
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