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Setting Your Specific Business Goals and Achieving them

Posted by Tom Craig in Entrepreneurialism                          Words in this Post: 329

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After you have completed your task-list goals, you will want to set specific business goals. These will involve analysis and determining what actions you will need to take to achieve those goals. You should also set your goals for reaching certain metrics such as sales, sell through rates, and cost reduction, diversification, etc depending upon the nature of your business.

Your business goals should also include sales and profit goals by quarter and year, going out at least two years. The variables of seasonality and holidays make measuring sales and profits monthly too difficult to provide meaningful information. When you start making money you will have to send quarterly estimated income taxes into the IRS, so setting these goals up in conjunction with the tax calendar quarters will save you some work.

Measuring Success

• The purpose of having goals is twofold. First, you are setting achievable targets. Second, you can use them to measure your progress in hitting your big-picture goals.

• Goals have both a numerical value, such as "dollars earned," and an accomplishment value, such as "Completed Phase I of my market research." Both types of goals must also have a time value—the date they are to be accomplished—to be meaningful.

• Goals can help you focus your activities to achieve your business plan. Good plans shape good decisions. That’s why good planning helps to make elusive dreams come true.

• Here are some points to remember to help you set and achieve your goals:

• Set realistic goals and sub-goals (tasks), and write them down.

• Keep moving forward; never look back except to learn from your mistakes. Focus your energy; don’t be distracted by other issues and businesses.

• Hone your skills; practice and experiment for success.

• Increase your knowledge; read everything you can find that relates to your business and your goals.

• Manage your time and your energy, but don’t forget to set some time aside for yourself and your family or friends.

• Surround yourself with positive people. Don’t listen to those who say you can’t be successful.

• Most of all, have fun!

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Tags: be successful in business, measuring success