In addition to validating your strengths and weaknesses as an entrepreneur it is equally important to define your goals. When you know what you want to achieve, you can adapt a very focussed approach to your business.
How To Make Goals For A Business
- Do you want the freedom to do what you want, do you want to make more money, personal gratification, creative license etc.
- Make a specific goal rather than a vague one. ” I want to be happy” is ambiguous goal. I want start a business because I want to manufacture shoes is a more specific one. “I want funding” is a vague goal. “I want to raise $10,000 in the next 2 months” is more specific.
- Make optimistic goals that are an inspiration to you. Your goal should provide motivation and drive.
- Be realistic in making your goals. Doing your market research and planning will help you understand what you can and cannot expect from your business when you start up.
- Make short-term and long-term goals. Differentiate between long-term goals that can be achieved over a sustained period of time and short-term goals which you want to achieve quicker. For example, having the business show a profit of $25,000can be a long-term goal whereas raising the capital of $10,000 in the next 2 months can be a short term goal.
- Define the goal for income. A major reason why entrepreneurs go in to business is to make money and to have a greater financial security. Have goal of how much you want the business to generate in short term and long term and then work towards it.
- What kind of lifestyle are you looking forward to with setting up your business? Do you want more free time? Do you want to move to a bigger house? Have foreign vacations? Expand your business nationally and internationally? All these goals will determine how you run your business.
- Set a goal for the kind work you are going to be doing. This will determine your role in your business. You can spend more time networking if you are an outgoing person. If not, you can take a bigger part in the managerial part of the business, while delegating the leg work to another employee or business partner.
8 Questions To Decide Your Business Goals
Answer the following questions to decide business goals and objectives. Make a personal goals and business objective worksheet which you can review from time to time. Let this worksheet be a source of motivation to you and reset the goals according to changing business and personal needs of the future.
- What is the most important reason for starting your own business.
- What do you like the most about being in business for yourself.
- Where do you want your business to be in the next 5 years.
- What is your financial condition today.
- What is the next thing that you should do.
- What is the most important part of your business.
- What area of your business are your best at.