How to Set Financial Goals for a Small Business
You have to plan to be successful in business and that means setting goals. This is especially important for small business since you won't have a boss pushing you to get things done. As a small business owner financial goals are a way to keep you fighting for that next paycheck.
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Instructions
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1
Schedule time to set your financial goals for the year. Financial planning is critical to your business so dedicate adequate time to complete it. Use that time to consider seriously where you want your business to go and how you plan to get there.
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2
Set specific financial goals your company can realistically achieve. Define exactly what you want-stay away from generic statements-and don't aim for the impossible. Dreaming big isn't bad, but you want something attainable so you'll continue to strive for it.
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3
Explain how you plan to accomplish the goals you developed in Step 2. Write step-by-step instructions for your business on how these goals will be met. Don't forget to add a timeline-define exactly when you will accomplish each goal.
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4
Make your financial goals measurable. Don't leave any room to question whether or not the goal has been reached. Explain exactly what has to happen before your business has reached that goal.
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5
Write down every goal and how it will be achieved. Here is where you'll add the specifics mentioned in Step 4.
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6
Put your financial goals in a safe place and review them often. Keep reminding yourself of where your business is heading and what you should be doing to get there. Another good motivator is to cross off the goals when you've reached them.
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