By August 23, 2021
Owning your own business is like a dream come true. You’re your own boss. You’re in charge of your success or failure. Whatever the future brings, it’s yours and not someone else’s. But when it comes to setting goals and planning your future, that’s also on you know. And that can be a little intimidating. How do you set financial business goals? How do you reach your future potential?
Are you doing what you really want to do?
Before you can determine what your goals are you need to answer a basic question. Are you doing what you really want to do? Or to put it a little differently, how much of your job do you enjoy? If you’re not doing what you really want to do for years to come, thinking about where you really want to go and what you really want to do with your life will give you better direction.
Sometimes, your dream can be achieved by changing your business slightly. Other times you may have to use your current business to help you launch into what you really want to do. I love helping people set financial goals for their businesses when they are using their business to connect them with their dreams.
What kind of ideal lifestyle would you like to live?
One of the biggest points I help my clients realize is that their dreams aren’t about dollar signs. Their dreams are about how they want to live their lives. Do you want to go on a vacation twice a year? Do you want to have a different car for every special occasion? Do you want to be able to retire before you’re 50? There are options to get you there. Those are the true goals that help shape your more measurable financial goals.
You may have some money goals, like “make my first million dollars” or “have enough money saved to not worry about emergencies.” Those goals are good too. But even if you don’t have a goal like that, I’m pretty sure you have a dream about sitting on a beach somewhere or buying that house or car. Knowing your dreams will inform us about the amount of money you will need to make from your business.
How much money do you want to make from your business?
While this may seem redundant after the last question, this one is a little bit different. This is not asking “How much do you want your business to make?” This is “How much money do you want your business to pay you?” Your business needs to make a certain amount to clear expenses and put money into the company account and still pay you what you want. The best way to increase your own pay is to increase your business income.
Speak to an expert
You’ve probably noticed by now that none of the questions I’ve asked so far are about dollar amounts. That’s intentional. The numbers aren’t the primary issue with your goals. If your goals are only about the money, you’re missing something important. Money is a tool that you can use to get where you want to go. Making money is a means to achieve your dreams. But the way you get that money is going to vary based on the unique circumstances within your business.
That means the most important thing you need to do to set achievable financial business goals is to speak to an expert. You need to have someone look at your business and your business accounts and tell you where you have room for growth.
It might be tempting to try to do it yourself, but if you want to avoid missing something important, you need someone who is able to see things from a different and unbiased perspective. Getting the help from an expert in financial data will help you see where you are currently earning and where you have potential for growth. And you won’t have the headache you’d get from staring at spreadsheets all day.
If you would like to have some help setting financial goals for your business, please give me a call. I would love to help you achieve your dreams.