Episode 102
Setting Goals for 2024 [E102]
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
Did you know that NAPA TRACS has onsite training plus six days a week support?
It all starts when a local representative meets with you to learn about your business and how you run it. After all, it's your shop, so it's your choice.
Let us prove to you that Tracs is the single best shop management system in the business. Find NAPA TRACS on the Web at NAPATRACS.com
It’s time to hire a superstar for your business; what a grind you have in front of you. Great news, you don’t have to go it alone. Introducing Promotive, a full-service staffing solution for your shop. Promotive has over 40 years of recruiting and automotive experience. If you need qualified technicians and service advisors and want to offload the heavy lifting, visit www.gopromotive.com.
Paar Melis and Associates – Accountants Specializing in Automotive Repair
Visit us Online: www.paarmelis.com
Email Hunt: podcast@paarmelis.com
Get a copy of my Book: Download Here
