Eric,
That's a good grouping, you're gonna want to get a REAL target though, because you'll quickly tear fletchs up with that target from pass-throughs, and that target won't likely last long. Take a look at Morrell Bag targets, they are good. Your shooting well enough that you really ought to move back to 20yds. The group will spread out a little, but it'll show you where you need to adjust as well. You should have a speed somewhere in the high 240's to low 250's, which is pretty fair and more than capable of killing anything from Deer to Elk with a well placed arrow.

When you get to starting to shoot Broadheads, remember to shoot the arrow with the BH first, then the Field point, that way you keep from shaving off fletches. And you'll want to look for a decent BH target, there are a lot of them out there at various price ranges, you just have to decide what you really want. This.... http://www.cabelas.com/spod-1/0032963.shtml is the one I'm shooting right now and it seems pretty good, but it isn't so good for FP's, but for the money, it's a pretty good BH target. I have probably a couple hundred shots on it, maybe 300 and only 2 BH's have poked out the back, and nothing will pass through it for a good long while I don't expect. The Morrell Bag targets are good for THOUSANDS of shots, my Outdoor Range bag target probably has 20,000 shots, and I've only had a few poke throughs on the back side of it, and when you through it on the ground and re-distribute the stuffing, it's back to like new again. I just flip mine every couple weeks. This is a cheaper version of the "Outdoor Range Target," about the same quality, just a little smaller..... http://www.cabelas.com/reviews-cdn/8...oductname_link

Archery isn't cheap to get into, but once you establish a base of equipment, it can end up being much cheaper than shooting rifles. I've spent maybe $200 on arrows in the last 4 yrs, but have shot probably 25,000 shots. Compare that with CHEAP ammo for any rifle and I'm WAY ahead shooting a bow. I've spent about $160 on targets, but they are still going strong, and should for another several years, so again, I'm still cheaper than shooting rifles like I used to. I used to go through $100-150 worth of AK-47 ammo a month when I shot Rifles a lot, and then probably another $50-75 worth of HP rifle and .22LR rounds, add in clay pidgeons at $5/case and probably 5 cases a month, the occasional watermelon for $3-4, I'm much more economical shooting a bow.