Thursday, May 13, 2010

How to Set Goals for Your Business and How to Reach Them


Your goal sheets are your guide to a successful business. It’s important that in addition to your visual board that you write down your goals. I suggest 3 to 4 different lists. I know this seems excessive but when you break it down it’ll be easier to manage and obtain. It also helps you to focus on what is important now and what isn’t in addition to what needs to be started early on in your planning process. Your first goal sheet should be your immediate goals. This includes the very beginning of your business up to a functioning business, however long that takes. This sheet will include your to-do list to get your business up and running and the where you want to be when you are no longer writing your business plan, building your site, setting up payment methods, buying office needs, etc. This list will end with your marketing plans and how many customers or clients you want or your monetary goal for the first year to 3 years of your business. You may rework this list as all of your initial steps that are not significant to your future anymore are eliminated. I think I start a new goal sheet at least once a month in addition to my to-do lists. It helps me to focus my efforts as the business evolves, new connections are made and new ideas and products have been created. The second goal sheet will be where you want to be in 3 to 5 years. This will include things like hiring more employees and expanding as well as personal things such as buying a house or upgrading your car. Be as specific as you can. You can add educational goals if you want to go back to school, take a certification course or even learn a new language. It could also include specific amounts you want to have saved for your children’s college. This is a goal that will have to be started in your previous sheet so you will have to go back and figure out how much you will set aside and by when so you can add it to your first list. Your third goal sheet will be your 5 to 10 year plan. This may be very similar to your 3 to 5 year plan or could be very ambitious with monetary goals or anything you envision. The fourth goal sheet is you Ultimate Future plan. This is where you want to be when you retire. Will you sell the business or turn it over to an employee or heir? It’s up to you. As with everything, you can change or alter these goals at any time if you change your mind or reach your goals sooner or later than expected. There are no strict guidelines for meeting any goals. It’s entirely up to you but with the plans written down you have set the gears in motion for success. Review all of your goals often to keep you on track and motivated. There is another list that may be helpful to you. I call it the Accomplishment Sheet. It’s a list of all of your accomplishments and if you reached them faster than expected you may want to add the date or time it took to really impress yourself. Seeing how far you have come is very encouraging and will lift your spirits if you ever feel like you’re in a rut or not progressing as fast as you had been. Reaching your goals is such a rewarding feeling that will keep you inspired for years.

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