We are now half way through the first month of the new financial year. I would be very interested to learn how many business owners out there have actually worked with their accountant to set a budgeting strategies for the 2019-20 financial year. Many business owners out there are busy #getting #shit #done and done rarely have time for anything else. This is one area you want to make time for.
My team and I have worked with many business owners over the years. The ones who have been successful have been focused on their results and have engaged us to financially coach them through their accountability.
Accomplishing anything in life takes hard work and dedication to succeed. Although some believe that others may be lucky, have been given advantages, or are at the right place at the right time, the truth is that most people have to work for what they want.
In order to achieve any goal you’ve set out to accomplish, there are a series of steps you can take to make it happen. Learn about this process and follow the steps to success!
Step 1. Know Your Outcome
Perhaps the most important part of the puzzle is knowing what you want to achieve in the first place. This may be targets to achieve in your business and in your personal life.
You don’t set out on a journey to accomplishing a goal without first knowing what it is. Specificity also matters, as there are many ways that goals can be achieved without being specific about what you want.
To figure out your outcome, determine your end result, or what it is you want to accomplish. What does the end of the rainbow look like to you?
Depending on your individual goals, ask yourself questions like:
- How much profit do I want to make this year?
- What will it take to grow my business 3X or 5X or even 10X
- What is the specific client that I’m after?
A non-specific, vague answer to one of these questions would be, “My goal is to make more money”, or “I need to grow my business”. However, to be more specific, decide how much profit you want to make, whether you need to focus on getting different clients, and include other factors that are important to you that go along with reaching your profit goal and objectives.
Step 2. Find Your Inspiration – Know Your “Why”
Knowing the reason for your goal is also vitally important.
Consider your motivations. Do you want to earn more money to upgrade your family home? Or that new car? Are you doing this in order to have a better lifestyle? Are you doing this for your kids or to have a better life with your family?
For your greatest success, your reason for going after your goal needs to be something inspiring, something that will motivate you when times get tough.
Step 3. Pick an Effective Business Strategy
A good strategy is also necessary to help you achieve your goals. There are many different strategies for any goal, depending on what you want to accomplish.
For instance, there are many ways to tackle your business level strategy to increase your profit. This can be to increase your sales, improve your margins, or cut your costs (however, may not be the smartest move).
In essence, a strategy is essentially like a recipe. If you follow the recipe that someone has for success, then you also have more of a chance of success if you follow that same recipe.
To find a business level strategy, a good place to start would be to talk to professionals or research others who have chartered the same path or achieved similar goals as yours. Asking questions or interviewing a business mentor or coach or another individual with experience will give you the insight you need to choose a strategic business plan that works.
Never give up!
Once you’ve chosen an effective business strategy, have it clearly figured out your “why,” and have specified what your outcome is, you’ll have an enormous amount of success with achieving your goals. When you hit an obstacle or setback, simply adjust your approach as necessary and continue moving forward.
Remember, if you don’t give up, success is virtually assured!