Empower Your Business

Accounting is Just the Beginning

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How to Avoid the Biggest Mistakes in Business Mistake No. 7 – Not Having Business Goals

Business GoalsMany business owners drift like flotsam and jetsam on the tide, being reactive to circumstances and with no idea of where they want to get to – it’s like setting out on a journey without knowing your destination. They say the average small business owner spends more time planning their annual holidays than they do in the business.

Having an attainable goal in business can be more important to success than almost anything that you do. Millionaires say they look at their goals every day but billionaires write down their goals three times a day.

Writing your goals down is the best way to reach your goals. At Harvard University in the US a survey discovered that in one particular class 3% of the students had written goals.  10 years later it was found that the net wealth of the 3% was greater than that of the other 97% combined.

Your goals might revolve around growing and selling your business. Or maybe retiring on a comfortable income or early so you can travel the world whilst you’re still young and fit, but it doesn’t matter what they are, it’s more important that you have goals to strive for so that you’ll be more successful.

To ensure success here are 9 questions to ask yourself when you’re setting a goal or goals:

  1. Can you achieve tangible benefits by achieving the goal?

.   2.   Would you be excited if you achieved the goal?

  1. Have you a real desire to achieve the goal?
  1. Is the goal specific and clearly defined?
  1. Is the goal attainable?
  1. Is the goal relevant?
  1. Have you written the goal down?
  1. Will you be motivated to re-write or re-read the goal every day?
  1. Have you set a realistic deadline for the goal?

A good way of ensuring you attain your goal is to work backwards and plan out the exact steps and benchmarks required to achieve your goal. Otherwise, your goal may just seem just too hard to reach. I have some great, real examples of how successful business owners have worked backwards over a 5 year period working out exactly what they need to do to move from where they are now to where they need to be to reach their goals.

Often keeping it simple is the key – remember the KISS (keep it simple, stupid!) principle? For example, just selecting one key goal that everything else fits around, such as growing your business by 25% a year. If you keep control of the other things in your business like your gross profit margin and costs then your business will grow successfully.

If you want help to set goals in your business contact 0800 ASK NICK or email nick@abac.co.nz.