Many first time entrepreneurs become overwhelmed with the thought of going into business when they have minimal experience.
However, with the right preparation, it can be an easier accomplishment.
Developing S.
M.
A.
R.
T.
goals is the way to go.
When doing so, you want to look at the full picture of the business.
One of the first things you want to research is your average profit margin for your company's product or service.
The operation and growth of the business will be solely based on how well you manage your profit margin.
If your profit margin is 30%, this means all overhead expenses must be able to fit inside of this 30% and preferably 15% of it is deal.
However, the profit margin can expand as the sales volume increases.
An ultimate goal to set for sales is for them to be able to throw the kitchen sink at every customer, basically sell the company's entire inventory to each customer.
Though this would be a nice goal to achieve 100% of the time, it is an unrealistic goal.
S.
M.
A.
R.
T.
stands for Specific, Measurable Achievable, Realistic and Time-Specific.
You want to set Specific goals for the company.
For example, what amount and type of customers would like your sales team to achieve? Second, you want this goal must be Measurable.
How do you plan on tracking the sales and determining if you are on track? Thirdly, the goal should be Achievable.
Throwing the kitchen sink at every customer everyday is unlikely.
You want the goal to be a level that can be achieved.
Fourthly, the goal should be Realistic.
It should be a goal that your sales team feels they can reach and in the timeframe you have allotted.
Fifthly, you want the goal to be Time-Specific.
No goal should be left open-ended.
Place a timeframe on it so that you can identify by time if you are moving at the pace that real prove to be successful.
Creating S.
M.
A.
R.
T.
goals is something that can save a lot of time and money on a new entrepreneur.
The time and money can be saved by realizing that you should not devote your resources to even getting started.
However, with the right preparation, it can be an easier accomplishment.
Developing S.
M.
A.
R.
T.
goals is the way to go.
When doing so, you want to look at the full picture of the business.
One of the first things you want to research is your average profit margin for your company's product or service.
The operation and growth of the business will be solely based on how well you manage your profit margin.
If your profit margin is 30%, this means all overhead expenses must be able to fit inside of this 30% and preferably 15% of it is deal.
However, the profit margin can expand as the sales volume increases.
An ultimate goal to set for sales is for them to be able to throw the kitchen sink at every customer, basically sell the company's entire inventory to each customer.
Though this would be a nice goal to achieve 100% of the time, it is an unrealistic goal.
S.
M.
A.
R.
T.
stands for Specific, Measurable Achievable, Realistic and Time-Specific.
You want to set Specific goals for the company.
For example, what amount and type of customers would like your sales team to achieve? Second, you want this goal must be Measurable.
How do you plan on tracking the sales and determining if you are on track? Thirdly, the goal should be Achievable.
Throwing the kitchen sink at every customer everyday is unlikely.
You want the goal to be a level that can be achieved.
Fourthly, the goal should be Realistic.
It should be a goal that your sales team feels they can reach and in the timeframe you have allotted.
Fifthly, you want the goal to be Time-Specific.
No goal should be left open-ended.
Place a timeframe on it so that you can identify by time if you are moving at the pace that real prove to be successful.
Creating S.
M.
A.
R.
T.
goals is something that can save a lot of time and money on a new entrepreneur.
The time and money can be saved by realizing that you should not devote your resources to even getting started.
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