Paving the path to entrepreneurial success
Credit to Author: Shalini Dharna| Date: Mon, 15 Jan 2024 23:03:50 +0000
To quote Walt Disney – “A dream is a wish your heart makes”, but a dream without a plan is just wishful thinking.
To really and truly achieve financial success as an entrepreneur, you need SMART goals – goals that are Specific, Measurable, Achievable, Relevant and Timely. Setting and achieving financial goals is crucial for long-term success and sustainability. Whether it’s maximizing profits, managing cash flow, or planning for expansion, effective goal setting can pave the way for a prosperous business journey.
1. Let’s start with the SPECIFIC. The more clear and concise the goal, the easier the journey to achieving it will be. Don’t just say I want more sales, set an actual target. For instance, say “I need 90 more clients.” Now you can reverse engineer this.
Let’s assume you have a 25 per cent conversion rate on your leads. This would mean that need 360 leads to get 90 new clients.
2. Once you’ve set a good clear goal you can now break it down into actions that you can MEASURE. If you know you need 360 leads you can start monitoring and measuring your marketing efforts to see if you are on track. How many leads do you have? How many have converted? How close are you to your goal to sign on 90 new clients?
You can also break down the target into smaller bites, i.e. 360 leads in a year is just 30 leads a month, which is a lot less overwhelming than 360!
3. A common pitfall many entrepreneurs make in their goal setting is being too aggressive with their goals. If you need 360 leads for 90 new clients, and you’re currently getting on average only 100 leads, 360 leads will be too aggressive of a leap. Set financial goals that are realistic and ATTAINABLE based on your current resources and capabilities. While it’s crucial to aim high, setting unattainable goals can lead to frustration and demotivation.
4. When setting goals for your personal and business life, ensure that they are RELEVANT to your long-term aspirations and contribute to the growth and sustainability of your venture.
You may be wondering how you can ensure your goals are relevant. To put it simply you need to align your financial goals with the overall mission and vision of your business. What are your goals both personal and of the business? Do you have the resources to pursue this goal right now? This may require you to take a step back from the goal itself to really dig deep in understanding the bigger picture.
5. Establish clear deadlines for achieving your financial goals. Whether it’s quarterly, annually, or within a multi-year timeframe, having specific TIMELY i.e. time-bound targets creates a sense of urgency and accountability. You can always break down your yearly goals into quarterly, monthly and weekly targets based on your business type and cycles.
For entrepreneurs the goal setting is often the easiest step. Knowing your numbers is key to this exercise. In this example of 90 new clients, knowing the lead volume or conversion rate and drawing up a step-by-step plan to make it happen will pave the way for entrepreneurial success.
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