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Budgeting and forecasting

We are able to assist you with the preparation of a budget or forecast which could be used in your business plan or as tool to measure your businesses’ performance. The process for initialising the services is started by filling out a service reque...

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The simple mechanics of doing more and working less

"Out of clutter, find simplicity. From discord, find harmony." Albert Einstein

What makes a company great? You know the instant you walk in the door. It is organized, efficient and clean. Its employees are engaged, knowledgeable and eager to please. It is innovative, relevant and very successful...

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Posted: 2006-05-24 / Author: Jennifer Givler

Goal Setting For Small Business Owners

Goal Setting For Small Business Owners

Goal Setting For Small Business Owners: Are you setting goals? I used to subscribe to the belief that goals were not important. I mean, you never knew what life would throw at you, so why plan? Well, I started setting goals a couple of years ago, and I can't tell you how incredibly my life changed. If you want to get anywhere, you've got to know where you're going. And goals are just the tools to help you do that. More than likely, you will tweak your plans and revise your goals along the way, but the goals are there for guidance. Did you know that writing down your goals increases your chances of achieving them by 70 percent? Those are pretty good odds! The simple formula I'm about to show you will ensure that the goals you set can easily be achieved.

When setting goals, your goals should be SMART. SMART goals were created by Paul J. Meyer in his book, "Attitude is Everything." SMART stands for Specific, Measurable, Attainable, Realistic, Tangible. This is starting to look difficult, isn't it? I promise you, it's easy. And, once you learn this formula, you will increase your chances of achieving your goal exponentially.

First, your goal must be specific. It's not enough to say, "My goal is to increase my income." This is not specific enough. Increase your income to what? And how are you going to increase your income? It's better to say something like "By the end of 2006, I want to increase my income by 50% by marketing my services to another demographic." You see the difference? Be as specific as possible when creating your goals.

Next, your goal should be measurable. In the example above, you would definitely know by how much you have increased your income. You must have a way of measuring your progress.

Your goal must also be attainable. In other words, you must actually be able to break it down into smaller steps and achieve each step leading to the larger goal. When you say you want to increase your income by 50% by the end of the year by marketing to another demographic, you need to make a plan. Your plan would include things like, create marketing materials for the new demographic. You'll break your goal down into smaller manageable pieces. That way, you can achieve the small steps that lead up to the larger goal.

Next, your goal must be realistic. For example, if you were to say, "I want to lose 120 pounds in 1 month" that is well out of the realm of reality. Setting goals that are unrealistic, or unattainable, will not only set you up for failure, but they will be discouraging and frustrating.

Finally, your goal must be tangible. A tangible goal can be experienced with one of the senses. You can see an increase in income. You can feel a newly created product, you can see and feel weight-loss.

Now, think about what you want your business to look like by the end of 2006. If you've set goals, are they SMART? If you need to, tweak them so that they help you map out a solid plan. Once you've got your plan, you must put it in action. The only way you're going to get anywhere is to move in the direction you want to go. Think of it this way: SMART goals + plan + action = achievement. Seem too easy? It honestly is. Yes, there are going to be times when you will need to tweak the plan. But, with the plan in place, you'll always know where you are headed. So even if you do need to make adjustments, you can always get back on track.

About the Author:
Jenn Givler is an Empowerment Coach who helps entrepreneurs and those on the verge of entrepreneurship gain clarity about their business and exceed their business goals. Get her free e-book Be Empowered!

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