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    Goal setting

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    How Can I Calculate My Store Goals?

    Q: How would you calculate your goals?

     

    A: If you have been open for a couple of years, you simply take a spreadsheet with January, February, March, etc., and then add your total sales that you did that year. And then you'll divide that. Then do that every year. 

    You'll add that up at the bottom. So you've got a total, how much you did, and by month, then you'll have your total that you hit.

    You'll then divide that into that total, and you'll discover that, on an average January,  you do 2.8% of your business. So at that point, you set your goal, whatever it's going to be. Maybe you've had a lights-out year last year, so you don't want to set it that big.

    You'll go to your average, and then you'll say, "Well, what's reasonable?" 5%, 10%, whatever it's going to be, and then you go back into that number and times the percentage each month.

    It's really not that complicated, but yes, it's a little work; some computer systems will do that automatically for you. 

    See also, Figuring the Lifetime Value of Your Retail Customers

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