I love this time of year. A chance to get caught up doing things I seemingly never have the time to do. The most important action of evaluating how I did last year, and what revenue I want to earn this year!
I admit; I’ve never been a “numbers” person, so taking the time to do the math to figure out what revenue I need to earn next year, on a weekly basis is scary. But now that I have, it does bring great clarity.
I could never remember the formula until I wrote it down and I will share it with you! Example: If your expenses are $ 25,000 per year, and you want to earn $ 50,000, your annual revenue needs to be $ 75,000–pretty simple. If your split with your Host Agency is 80 / 20, then your gross revenue needs to be $ 93,750.00 ($ 75,000 divided by .8). If the average commission is 14%, then your sales goal needs to be $ 669,642.85 ($93,750.00 divided by .14).
And if you only earn 10% commission, that sales number jumps up to $ 937,500. An incredibly huge amount of extra sales you would have to generate to earn the same amount of revenue.
So my 2015 goals are these:
- Sales: Keep track of what I sell each week; not just each month.
- Mailing List: Add at least 10 new names to my mailing list each week. (Sunday night while watching Sunday Night Football, or Downton Abbey would be a good time)
- Clubs/Organizations: Get all those dates on my calendar now, and think about how I can participate more (e.g. trade shows, sponsor centerpieces, volunteer, join the membership committee). Research possible new organizations to join.
- Marketing Calendar: Focus in on my niches, and write a marketing calendar for each. Review with my favorite suppliers for their help/co-op support. Email me if you want a sample!
- Networking: Contact several area groups for potential speaking engagements for me.
This is a great time of year to get planning, before the phones really start ringing for wave season. Take inventory of brochures and supplies for upcoming bridal shows, etc. Set up meetings with your favorite BDM’s, and most importantly, get out of your house or office to meet more people. Have fun!
Karen Dawson is the owner of Southlake Travel located in Texas, and specializes in leisure travel with a focus on Culinary group travel. Karen can be reached by email at firstname.lastname@example.org or by phone at (817) 657-9866.