By Phil Elworth
Establishing clear and written goals cannot be over emphasized. It is well documented; those who establish clear and written goals are many times more likely to achieve their goals than those who do not.
Goals come in many forms and sizes. Your goals as a business owner will need to be both personal in nature as well as business oriented. Do you have the free time you would like? Do you spend enough time with your family? How about your friends? Are you developing yourself personally and professionally? What is the goal for your business?
One of the goals I established for myself early on was the desire to be there for my wife and children. To me this meant both today in the moment but also over the long term. This motivated me to get home from work at dinner time and to eat right and exercise so that I was healthy enough to be there physically for a long time. Besides having a clear goal, that was achievable, the power of the goal unleashed within me the drive to make it happen. The motivation to exercise, to say no to a deal that would require too much of my time, was all based in having a clear goal. Steven Covey, in his book, the 7 Habits of Highly Successful People, says it is easy to say no when you know what the better yes is. We all need to start, with the end in mind, because if you do not know what the better yes is then it is hard to say no to what is in front of you.
As a business owner, how do you apply this? I suggest you start with the end in mind. What is your long term goal for the business? Do you wish to gift it to your children? Do you wish to sell it to your employees or managers? Do you wish to sell it for the highest price possible? This desired outcome will guide how you establish the goals for your business. A business is an investment. As an investment it needs to be managed and developed with value creation in mind -and you control this process.
Value Creation is different for many business and industries but overall certain similarities abound. You need to reduce the risk inherent in the business itself. Are you dependent upon a few customers? Are you dependent upon one supplier? Is your industry or business model growing or declining? Is the business dependent upon your involvement? Depending how you answer these questions sets the stage for the appropriate goals you will need.
If you would like help to determine these goals and execute accordingly, as a partner with B2B CFO® I am well position to help you achieve your goals. Contact me at email@example.com. But either way start setting clear and written goals. At B2B CFO® we have established the mantra, First Direction, Then Velocity? and this means proper planning.