By: Myracle Stevenson
Comparatively, setting goals and dreaming about achieving your aspirations is way easier than implementing and managing them. Now and then we read numerous articles, books, and blogs on how to set one’s financial goals; albeit personal finances or profits of a business, it is vital to break them into small, manageable steps. Quite often an individual or a business needs to meet short-term goals as well. Business owners, managers, and entrepreneurs apply viable strategies to accomplish a business plan that would build their wealth. This is not as easy as it sounds. A certain roadmap has to be followed to gain what you’re aiming for- yearly, quarterly or monthly financial goals. In the business world, it’s a popular opinion that attaining yearly goals seem rather far off and monthly goals feel hectic and unmanageable; however, intending for a quarter is pretty feasible and modest. In-fact, these micro goals will eventually facilitate you to aim for bigger dreams. Let’s take a look at some basic financial goals that can prove beneficial for your business in many possible ways.
Know what you’re aiming for
It is fundamental for a business to have a vision. Get a mission statement written and clearly state a purpose that reflects your core values. Although, not financial in nature mission statements help in developing a specific structure for your business to grow forward. However, it tends to evolve and change over time. Similarly, your business goals must be set out considering your statement of principle. No matter how petty the goal is, get it all on paper. From paying debts, generating more income, saving for trips, investments, reducing household expenses; mention each intention and sort it out later if it can be achieved in a 3 month or would take longer. You can always add or modify the list.
Cost goals let you get a grip on business expenditure
Focus on positive cash flow. This is the first goal you should work on to reduce operating expenses through different policies such as increasing sales through customer service, by cutting down high shipping and production costs or even employee salaries. This reduction plan should be consistent- it should be your stated goal every quarterly so that even your company’s revenue stagnates in an off-season, your business burn rate would suffer less. Applying these strategies to the business will automatically lay the foundation for your macro goal of making large profits or workforce.
Expand your business by making the right choices
Although business is majorly about increasing sales, it should not be your business’s sole purpose. Building business is not that simple, your goals must also include non-monetary objectives. As mentioned before a brand vision is equally imperative as making big bucks. Concentrate on customer service, loyalty to regular clients, training and supporting employees for a better financial output in the long run.
A monitored budget, debt repayment and accomplishment of bigger financial ambitions are a few advantages of setting quarterly goals.