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Monetary Benchmarks

January 17, 2013

Business Advice for Women Entrepreneurs

milliondollarstack

A few years ago one of our presenters at a Women TIES event asked an audience of women to write down a gross sales figure they hoped to achieve one day. The answers in the room ranged from $100,000 to $250,000 to 1 million dollars. Everyone had a different answer. Everyone had a benchmark figure in mind.

Then the presenter asked everyone to add a zero to the end of the first figure, prompting us to think even bigger than we had a moment before. She explained to the audience in order to produce a higher sales goal, we needed to look at the figures on a daily basis so the goal was always visible.

She then asked, “Are you charging what you are worth to start achieving the two sales goals in front of you?” The rest of the presentation was focused on making sure we weren’t under valuing our worth or undercharging our products and services or we simply wouldn’t achieve the lofty figures.

Of course in order to increase sales significantly, it takes more than just charging more for services, it usually takes adding staff, obtaining financing to invest in physical structure or products to grow, and working with advisors to prepare us for bigger clients and contracts. But starting to envision and plan for a bigger enterprise is essential for future development.

For some women entrepreneurs its takes ten years to hit the $100,000 sales mark, for others 7 years to hit the 1 million dollar mark, for others already with a plan and structure in place they can add an extra million in sales in one year. All do it with a determined goal and plan.

Today’s post is meant to inspire you to write down a number right now that is your sales benchmark for this year. It doesn’t matter what it is but it should be the figure you want to achieve. Put it on a post-it-note and put it on the corner of your computer. Then add a zero to that number on another post-it-note and place it on the other corner of your computer. Look at the figures every morning so subconsciously and consciously you are working towards higher revenue goals.

Take time while you’re working towards making adjustments like charging what you’re worth, to also be inspired by women who have achieved higher revenue goals and are willing to share how they attained their benchmark. Trust me their advice will be priceless and highly motivational.

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