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Goals for small business

How to Set Business Goals and Objectives You Will Achieve

As an entrepreneur, you probably have no shortage of ideas and dreams, but sometimes you can fall short when it comes to putting them into action. Even with the best plans in place, life can sometimes get in the way of you achieving your goals.

Here are some tips for setting up goals and objectives for  small business that you will be able to follow through on.

Set Business Goals that are Realistic

When it comes to business goal setting, you need to think about whether your objectives are actually realistic and achievable. You must ask yourself what support and resources you can utilise already, and what you will need to obtain.

This doesn’t mean that you shouldn’t aim high, but goals that are unrealistic can actually be discouraging and you are more at risk of giving up altogether. Continue to aim high, but consider whether it is more realistic to reach your goal in two years time rather than one, for example.

Keep Yourself Accountable

Often, the best way to make sure you stick to your goals is to talk about them with someone else. Once you’re accountable to someone else for your goals you can’t get away with slacking off so easily. Pick someone with whom you can talk about your targets and progress. It might be a business advisor or mentor. Choose your confidant carefully, as it should be someone encouraging and with whom there is mutual respect.

Another way to keep yourself honest is to keep your plan somewhere you can see it. A plan locked away in the drawer doesn’t get you any closer to your goals. Keep key goals where you can see them easily, whether that be on the pin up board in your office or the door of your fridge.

Develop a Clear Picture of what you want to Achieve and then Break it Down

It’s important to know not only where you want to go but also how you are going to get there. For example, if you set a new revenue goal, how are you going to achieve it? Do you need to find new customers? Do you need to increase your prices? Write down the steps you will take each month or quarter.

Setting a few smaller milestones for yourself will help to make the ultimate goal feel more achievable. Don’t wait until you are nine months into the year before you realise there is no way you will reach your target by the end of the year.  It’s a good idea to keep track of where you need to be at the end of each month so you can adjust your activities or change your plans. You can do this is by using a simple bookkeeping program for small business, Cashflow Manager. A program like Cashflow Manager lays everything out clearly on the screen for you so you know exactly how your business is going at any given time.

Celebrate Your Achievements

Last but not least, make sure you celebrate your success as you go. Choose some sort of reward for yourself as you start hitting your milestones, as this will be your motivation to keep on going.

This article first appeared on Cashflow Manager Australia.


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