In this episode of "Business by the Numbers," Hunt talks about the essential process of setting and achieving business goals for 2024. Drawing from his teaching and podcasting background, he emphasizes the importance of a structured approach to establish clear, actionable goals. He underscores the necessity of living and operating deliberately, setting stretch goals, and adapting strategies based on last year's outcomes.
• Strategic Goal Setting: Understanding why and how to set deliberate goals, avoiding ad-hoc outcomes, and aiming for specific targets like increased sales or better time management.
• Business by Design: Emphasizing the role of entrepreneurs in shaping their business’s future, whether it’s scaling to $35 million or maintaining a modest $35,000.
• Evaluating Paths Based on Past Performance: Deciding on business strategies based on last year’s results—either fine-tuning an existing model or changing direction.
• Stretch Goals and Realistic Expectations: The importance of setting high but attainable goals, understanding that a goal is a target, not a guarantee.
• Practical Examples: Illustrating goal setting with a standard goods shop, discussing realistic financial targets, and managing production and net income effectively.
• Inflation and Pricing: How to handle inflation in pricing strategies, ensuring your business stays financially healthy without compromising on profit margins.
• Demand vs. Supply in Business: Balancing the internal capabilities of your team (supply) with the external demands of the market to meet your business goals.
• Effective Tracking and Review: Monitoring production hours and assessing the effectiveness of marketing strategies to ensure alignment with business goals.
Hunt emphasizes living deliberately, setting ambitious goals, and regularly monitoring your progress. He highlights the importance of planning and adaptation in achieving business success.
Thanks to our partners, NAPA TRACS and Promotive
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Paar Melis and Associates – Accountants Specializing in Automotive Repair
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