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Ep 47 - Effective Strategies for Setting Revenue Goals: Tips for Small Business Owners
Manage episode 421922008 series 3491740
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Welcome back, CEOs! In this episode, we dive into the crucial topic of setting effective revenue goals for your small business. I'll be sharing insights on how to balance personal time and health alongside business responsibilities. Before you begin to calculate your revenue goals, you need to consider your personal cost of living and desired take-home income. Remember that your revenue is probably not anywhere near your take-home pay, but you do get to set your own salary as a business owner, so choose a revenue goal that will give you the salary you need and want. I'll be explaining the Profit First Method inspired by Mike Michalowicz, which allocates revenue towards profit, taxes, expenses, and owners' pay. This is essential for setting a realistic revenue goal. Plus, I'll be sharing a sneak peek at our next episode, where we'll dive into reverse engineering sales goals!
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