Tag Archives: bike shop Indianapolis

5 Fantastic Summer Goals for 2015

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Great way to spend summer, but kind of waste

As noted elsewhere in this blog, goal setting is a huge part of getting good things done. If you set a goal, say the pundits, you are already half way to achieving it. Consider these possible goals to make and achieve in the short term. Possibly you could plan to have the goals well thought through by June 21, and then executed by September 21.

  1. Get a refinance on your home – Here is an article that offers you some recommendations about reasons you may want to refinance as soon as possible. If you should choose to take that idea to the next step, you might want to talk to mortgage broker Bill Rayman in Los Angeles.
  2. Take Spanish Classes – In about eight weeks, one night per week, you can achieve a decent capability in Spanish. Use your new skills for travel, speaking to coworkers, or just to improve you chances in the workforce. Beverly Hills Lingual Institute is the largest school offering Spanish classes in Los Angeles. http://BHLingual.com
  3. Make some major changes in your home, or even start plans to build a custom home – Meet with a general contractor and discuss your dreams regarding your home. If you live in Dallas, you may want to reach out to http://Uniquehomebuild.com. A smaller project that might really change your life, even your health, would be to install a steam bath in your home. Be sure to include a Mystifier Automatic Eucalyptus Oil Injection System in your steam bath. This is the unit used in 5 star hotels, resorts and fitness centers.
  4. Take some acting classes in NYC. Whether you might want to get better at doing YouTube shorts, go for that TV acting career you’ve always dreamed of, or try your hand at commercials, there is a great school in NYC who specializes in acting in front of the cameras. Check out http://actingclassforfilm.com
  5. Get into some serious cycling – Get started in mountain biking on the trails around Mt. Baldy. Buy your Trek Mountain Bike at a great bike shop in Ontario, CA, Bumstead’s Bicycles. Website is http://bumsteadbikes.com. Or maybe you’d like to do some triathlons. Check out one of the top triathlon shops in the US. T3 Cycling and Triathlon, a bike shop near Indianapolis in Carmel, IN. Check out their website at http://T3multisport.com. Or you might visit Buffalo bike shop, Tom’s Pro where you can ride a $20,000 Road Bike from Specialized or Cervelo. http://Tomsprobike.com

Day 3 – Tactics Are the Third Leg Along with Goals and Strategies

Goals – StrategiesTactics

If you have arrived at this post without having read the previous two on goal setting and setting a marketing strategy, you might want to go back and read those first.In those posts I made the case that spending time creating goals and strategies for achieving those goals will pay off for your business.  The amazing thing is that the total time needed to do this job well might be a day or two.
,To be sure, some owners or managers never take these steps even though they would tell you that they should.  I suspect the number one reason is that it seems very hard to do.  And it is.  You have to be honest with yourself and make hard choices.  And it is really risky.  You might make a mistake.  It often seems easier to wing it.

Once you have the goals and strategies in place, the tactics or action steps can be put in place.  Entrepreneurs love this step.  When executing tactics, the gut tells them which way to go.  Certainly some are blessed with a great gut.  I’ll put forward the argument that even the merchant with a golden gut will improve his results if he sets clear goal and strategies to go with the tactics.

Many marketers are unclear as to the difference between strategies and tactics.  How about a couple of examples.  The goal is a 20% increase in gross sales dollars.  The strategy is to increase the sales force by 10%, prices by 10% and dollars per year per customer by 15%.  The advertising budget is part of the strategy, and the budget is 3% of the current year’s sales.

Now it is time to add the tactics.  To increase the sales force by 10% we will hire three people and expect one to leave. We believe based on history that two new successful sales people will give us the 10% increase.  We will look for candidates through an online effort with a budget of $10,000 per salesman.  The ideal candidate will have experience in our industry and might even be employed by a competitor.

Almost every owner or manager gets the tactics confused with the goals. They will see the goal as adding a salesman or new products. They will create an ad campaign (which could be either a tactic or a strategy) without considering the goal of the campaign or how the tactic of an ad campaign will further a strategic plan.

You may want even more details in the tactical plan, but hopefully this gives you the basic idea.  Have you used this approach of Goal, Strategy, Tactics in your planning?  How did it work for you?

For further clarification, let’s take another fictional case study based on a real client. I have a bike shop near Indianapolis who is profitable at current levels, but not enough to pay off old loans and pay himself fairly. He needs to increase profits by at least 20% in order to pay himself an amount equal to what he could make working for someone else, and have an amount left over to pay off loans.  His goal is just that: increase sales by 20%.
Strategically, he has several options:
  • Increase sales while maintaining margins
  • Increase margins
  • Decrease overhead

He decides to keep sales even, but increase margins by 1% and decrease overhead by 3.3%, which will improve profits by the needed 20%.  (e.g. Current sales of $1m is creating a gross profit of $400k. His overhead is $300k, leaving $100k to pay himself. If he increases margins by 1%, that will create an additional $10,000 in profit. If he decreases overhead by 3.3%, that will create another profit increase of $10k, giving him his 20% increase and allowing him to pay down debt by $20,000.)

Now what are possible tactics:

  • Cut personnel hours to reduce payroll
  • Close one day per week to reduce all costs except rent
  • Review each line item on the overhead and try cutting a little here and there
  • Work very hard on the buy side to reduce cost of goods sold
  • Give incentives to sale force for increasing high margin sales and reducing discounting on bikes

How are you doing so far on the dare? Have you set goals? Have you established strategies designed to achieve the goals? If not, consider taking today off from the normal schedule. Go to a quiet place and seriously lay out a plan based on these first three days of the marketing makeover. Figure it might take 4 – 8 hours. You might even want to come back with your basic concepts and run them past your spouse and top management. Get their input and make them feel like part of the decision.

Take a minute to comment below. Was this process helpful?  Why aren’t you going to accept the dare?