Setting Revenue Targets

Revenue targets are essential for measuring your tourism business's financial health and growth. This guide helps you set realistic, achievable financial goals and track your progress towards them.

Why Revenue Targets Matter

Clear revenue targets help you:

Plan your business finances effectively
Make informed investment decisions
Measure the success of marketing efforts
Identify seasonal patterns and plan accordingly
Secure financing if needed by demonstrating growth plans

Creating a Revenue Target

Step 1: Access Revenue Goals

Navigate to /goals from your dashboard
Click Create New Goal
Select Revenue Target from the goal types

Step 2: Choose Your Target Type

Select the revenue target that suits your needs:

Total Revenue: Overall income target
Revenue Growth: Percentage increase over a period
Revenue per Customer: Average transaction value
Recurring Revenue: Income from repeat customers or subscriptions

Step 3: Set Your Target Value

Enter your financial target:

Review your current revenue figures
Consider historical growth patterns
Set a challenging but achievable target
Choose your currency (AUD is the default)

Step 4: Define the Timeframe

Select when you want to achieve this target:

Monthly targets: Good for short-term planning
Quarterly targets: Ideal for seasonal businesses
Annual targets: Best for long-term growth planning

Setting Realistic Targets

Analysing Your Baseline

Before setting targets, understand where you are:

Review your revenue from the past 12 months
Calculate your average monthly revenue
Identify your best and worst performing periods
Note any unusual circumstances that affected results

Considering Growth Factors

Factor in elements that could affect your growth:

Marketing campaigns planned
New products or experiences launching
Seasonal fluctuations
Economic conditions
Team capacity changes

The Stretch Goal Approach

We recommend setting two levels of revenue targets:

Base target: What you're confident you can achieve (80% probability)
Stretch target: An ambitious goal that pushes you further (50% probability)

This approach keeps you motivated while maintaining realistic expectations.

Tracking Revenue Progress

Automatic Tracking

If your booking system is connected, revenue progress updates automatically:

Daily revenue is recorded
Running totals are calculated
Progress percentage is displayed
Projections are updated based on trends

Revenue Dashboard

Your revenue goal displays:

Current total revenue for the period
Target amount
Percentage complete
Days remaining
Projected end result based on current pace

Understanding Projections

The projection feature estimates where you'll end up based on:

Your current trajectory
Historical patterns for similar periods
Recent booking trends

Strategies for Achieving Revenue Targets

Increase Average Transaction Value

Create premium package options
Offer meaningful add-ons and extras
Bundle complementary experiences
Implement tiered pricing

Boost Booking Volume

Expand your marketing reach
Improve your online presence
Encourage referrals and reviews
Partner with complementary businesses

Reduce Cancellations

Review your cancellation policies
Send booking reminders
Offer flexible rescheduling options
Improve pre-arrival communication

Optimise Pricing

Implement dynamic pricing for peak periods
Offer early bird discounts for low seasons
Create last-minute deals to fill gaps
Test different price points

When Revenue Targets Need Adjusting

It's okay to adjust your targets when:

Market conditions change significantly
You've exceeded or fallen well short of projections
Your business circumstances change (new products, team changes)
External factors affect tourism (weather events, travel advisories)

To adjust a revenue target:

Go to /goals
Select the revenue goal
Click Edit Goal
Update the target value or timeframe
Add a note explaining the change
Save your updated goal

Remember: Adjusting goals shows business awareness, not failure.