Want to know how to create sales targets to grow sales in your retail business? This podcast will help with this. Listen in or read the show notes below.
Why set sales targets?
This isn’t about exactly how much money you will make, but having a plan for targets to aim for and what areas are going to drive these sales in your business.
This means you can plan ahead, set targets to work towards your goal and manage your stock and cash flow.
Your sales targets should be a stretch, but not impossible to achieve.
Ask yourself – what sales are you working towards right now?
- You need to have a target so you know what you are trying to reach.
You’re more likely to hit a certain number/target if you know what you want to achieve and can see where you are going.
Grow steadily
Unless you have ads or a massive marketing push, it’s important to grow your sales incrementally and set sales targets that are a push, but still achievable.
There is no point in saying you will make £5k a month if you are currently making £500 a month.
Start with a goal that is reasonable, but slightly higher than the current sales you make. The number should be motivating, a bit scary, but not so off-putting that it puts you off.
How to create your sales targets
- Look at how much you make last month
- What is your average weekly sales?
- Are your sales growing each year, and if so by how much (in a %)
- What looks sensible?
Keep it simple to start with. If on average you are making £1,000 a month and currently growing 30% YoY, then your monthly sales target could be £1,300.
It is also worth thinking about good, better, best sales targets, so you have the minimum you want to make and a stretch target.
Using the example above this could be:
Good – £1,000
Better – £1,300
Best – £1,600
Note on 2020 sales
2020 saw a huge increase in sales for online businesses from 2019.
To help with forecasting for 2021, it may be best to keep in line with sales from 2020 or look at the growth from 2019 to 2021 and use this as your % increase.
Good luck setting your sales targets and let me know how you get on Instagram @creativeflowcollective
Review, Grow & Scale Your Business Course
It’s back! After the first launch in March, the Review, Grow & Scale Your Business course has been reformatted to include even more coaching and accountability!
Want to increase your sales based on retail expertise & what is working for your home & gift business? You can by analysing your sales, understanding why your customer buys, what your USP’s are and how to scale your business.
During this 8 week course, you’ll be coached along the process with personalised feedback so you can plan ahead, build your brand awareness and grow your sales.
You’ll feel focused, confident and excited to take the guesswork out of running a business so you can implement the advice straight away.
This 8-week course is designed for product-based retail businesses that sell everything from homeware, stationery, jewellery, kits to lifestyle gifts.
Send me an email or DM to find out more and ask any questions – no hard sell as I want this to feel good for you.
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