By Colin Wilson
Key Business Advisors Director
How is your business tracking less than 10 weeks before the 30th of June? Whether you’re still short of your target or on your way to setting a new record, you need to make sure you maximise your opportunities and focus on sales and profit results from now until the end of the 2012-2013 financial year for strong business growth.
There are different things you can do to maximise your sales and profit results in the last quarter of the financial year, but the following are a must:
1. Stay focused on your current goals.
Review your goals for the current financial year and for this quarter. If you are on your way to achieving them or have already met your targets, take note of what you did well to accomplish your goals. If, however, you are at a stage where achieving your goals for 2012-2013 may be a stretch, then look at any opportunities you may have missed and figure out how you can convert them into sales. Consider your goals, achievement and challenges this year when setting your targets for 2013-2014.
The last quarter of the financial year is also a good time to conduct staff reviews. Each of your staff members must have clear and concrete goals for each quarter, six months and 12 months. Review your top performers’ capabilities and how they can help your business grow in the next financial year, and set concrete action plans for any underperforming staff. This is also a great opportunity to create some change in your business in terms of sales territories, new targets, commission structure, etc.
2. Break down your quarterly targets into daily goals per salesperson in your business.
So you have a GP target for the year, which you have broken down into quarterly targets. If you haven’t already, chunk down your quarterly target into weekly and daily targets per salesperson. For example:
GP Target for the Quarter: $180,000 divided by 9 (number of weeks until EOFY) = $20,000 per week
$20,000 per week divided by 5 working days = $4,000 per day
$4,000 per day divided by 5 sales staff = $800 daily target per salesperson
Smaller targets are easier to manage and achieve than a big lump figure. Motivate your staff to achieve their daily individual targets to ensure you meet your quarterly GP target.
3. Maintain a positive attitude.
Having a positive attitude is key to a successful business and a happy life. Staying positive can be a challenge when things are not going the way you want them to, but that might be the time when you most need to have a great attitude. Practise what you preach and walk your talk – if you want your staff to stay motivated, then you yourself must set the example and lead the way. Read books that inspire you, surround yourself with positive, successful people whose values are similar to yours, and get a business advisor or mentor who can help you and your business stay on track.
It all sounds so simple, yet it might be easier said than done. But if you’re committed to reach your sales and profit targets, finish the 2012-2013 financial year on a high, and gear up for even bigger successes in 2013-2014, then you will do what it takes to make magic happen!