How Do I Track My Progress?

01/07/23 • 12 min

Forecast On Purpose - Business Growth Advisory for Entrepreneurs

So how will we actually reach the results we want? Now it’s time to connect the dots between where we are today and where we want the business to go.
When we extrapolate historical financial patterns into the future, we are able to develop an initial baseline forecast that paints a picture of our current trajectory. This initial picture can be tailored to include known changes and upcoming investments.
However, we don’t need to just blindly accept what we see in this first initial picture–-we are able to now influence the story by making some key performance shifts under the hood of the business.

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Previous Episode

How Do I Define My Purpose?

There are a handful of ways you can think about defining success:

What is your "flag in the distance" toward which everything should align?
What is the “why” or purpose behind what you do and care about?
When you get to the end of your life and look back, what do you hope to see?

(Company) will (goal) by (date), which will allow me to (result).

This is important because it means I will be able to (driving "why").

I know I will be on track along the way because I will (checkpoint) by (date).

Next Episode

How Do I Predict Revenue?

Objective today:
- Predict the revenue - Narrow the region of darkness instead of crossing fingers hoping to repeat
Concept:
- what are the building blocks behind we make money?
  - Number of Units x Revenue per Unit
    - How many will I sell?
    - What is the right price?
  - Common mechanisms
    - Product
    - Service
    - Subscription
- How does it change over time?
  - Seasonality
    - Q4 for consumer good always boosted by Black Friday & Cyber Monday sales
- Organic growth
  - Natural increase over previous year or month
- Driven growth
  - Ad spend
  - Sales efforts

Forecast On Purpose - Business Growth Advisory for Entrepreneurs - How Do I Track My Progress?

Transcript

How do I track progress? And how will I know if I'm even on target? What do I do if I find myself missing the mark and is there a way to even accelerate our progress toward our goal?
Most entrepreneurs don't have a clear and compelling roadmap for the future. Welcome to Forecast On Purpose, where we talk about how to define your purpose, build a growth plan and track progress along the way to make sure you stay on target.
The result is clarity, confidence, and peace of mind that you ar