Before you opened the doors to your new business, you had dreams of what it would look like and where it would go. Did your vision include how large your business would grow, where it would be located, how many employees it would have? Perhaps you envisioned your products, marketing, and expansion opportunities. Small business owners may even envision who their customer is, their needs, and wants. Not to mention your own needs and wants for your future through the business. The next few tips will help you create your business goals and dreams for the future.
Business Goals & Dreams
Building a business is extremely rewarding. It is hard work and time-consuming too. In all that is the satisfaction of producing a product or providing a service that meets the needs of others. Honestly, most of us do not start a small business simply to satisfy the needs of others. A business is also a self-supporting mechanism. It is meant to meet our personal needs (emotional, psychological, financial) as much as it is meant to serve the client.
Creating and reviewing your business goals is very important for self and the client.
What Are They?
In the end, everyone wins when you set up firm business goals.
Make it worthwhile. Plan for success (“I want to make $10 million the first year” may not be the best goal to start with). What do you want? What are you willing to do to make it?
Plan out your specific goals and dreams. Avoid vague goals (“I want to make a profit” is vague – be specific “I want to make a 10% revenue increase the first year” is specific). Start with the end goal and work backwards. Create milestones (small goals) along the way.
Stay focused on your goals. Commit yourself to achieving them by putting your plan in motion. Avoid second-guessing or wavering. Focus on the result.
Consider finding a mentor or support system. Someone you can share your ideas and goals with. Someone who may keep you accountable. Making your goals public increases the chances you will continue with your plan.
Establish time frames for your goals. The can be long or short depending upon the goal and complexity. Don’t underestimate the time you need, however, don’t overestimate and give yourself opportunities to procrastinate.
Ah, the best part! Your small business success is a reward, yes. But, for me, I like to reward myself along the way. Some people like to set up small reward along the journey, rewards at each milestone, and large rewards at the end.
- Do you dream of a vacation home? That’s a dream / reward!
- A stunning, exotic vacation? Dream / reward!
- New car? Dream / reward!
- Beautiful piece of clothing or jewelry? Dream / reward!
- Subscription to a favorite game, service, entertainment, tickets, concert, and so on. Dream / reward!
- What are your dreams?
- Large business?
- Keep it small?
- Is it your retirement plan?
- What are your personal goals?
- Buy a home?
- Vacation home?
- Perhaps you are hoping to start a family naturally or through adoption.
- New car?
- Add new products and services?
- Buy new business equipment?
- Expand the truck fleet?
- Invest in business properties?
- Remodel your home?
- Hire more employees?
- Or simple goals like investing in a new website, creating a regular newsletter, customer care activities, promotional products.
- Maybe your goal is to increase your charitable donations and community involvement.
There are so many large and small goals you can set up for your business. It all depends upon what is important to you, where you want to take your business, and your dreams.