Last Minute - The Lethbridge Journal

Strictly Business
By Debbie Thomas
Submitted to the Lethbridge Journal
Much has been written over the years about the power of
setting goals, both in your personal life and in your business
life. Unfortunately, most people ignore the volumes of
evidence that clearly provide that if you commit those goals
to paper you have a far greater chance of achieving them.
Recent studies have revealed that only four per cent of the
population write down their goals and constantly refer to
them to see if they are achieving their desired outcomes.
Studies have also revealed that when most people reach retirement,
only four per cent will have the assets to provide
them with enough income to maintain the quality of life
they had when they were working. As a business owner,
it is vital to have clearly articulated goals or plans for your
business.
Let’s discuss the importance of goal setting:
What Are Goals?
Goals are best described as dreams or desired outcomes
wrapped around a projected time frame. In other words,
goals are those things you would like to achieve or have
happen as a result of effort you are prepared to make. It’s
a fact that you cannot achieve a goal you set for yourself
without being prepared to work for it.
Why Set Goals?
Goals are important for many reasons. The most important
reason for business owners to set goals is because it can
help articulate and crystallize desired outcomes for your
business. It’s a well-known fact that success is not an accident!
It is consistent and disciplined effort that determines
a person’s level of success. Goals come in all shapes and
sizes and, for many people, exist only in their heads. It’s
committing your goals to paper that compels you to act.
What Happens When I Achieve A Goal?
The first thing that should happen is that you should congratulate
yourself. It’s important to develop reward mechanisms
and incentives for yourself and your team every time
a goal is achieved. You should also keep continually revising
and stretching your goals, as it’s only by constantly setting
new target and goals that you will see sustained and
continuous improvement.
Keep Your Goals In Reach
When setting goals for your business, it’s a very good idea
to remember some key focal points. It is very important to
make sure all your goals are sustainable. Too many people
set goals that simply cannot be maintained over the long
term. Measuring your progress is another key element. It’s
a simple fact that what gets measured gets done, so it’s important
you know your position today in relation to where
you want to be tomorrow.
Setting goals that are achievable will help you avoid disappointment.
Far too many people set goals that they are
simply incapable of achieving. Keeping your goals relevant
is also very important. Some people hang on to goals or
dreams that they should have let go of years ago. It is also
crucial to set a time-frame within which you would like to
achieve your goals. Open-ended goals are really just pipe
dreams.
One of the easiest ways to set your goals for this year is doing
it backwards. It’s easy!!
First, know your big picture, then from there start breaking
it down into sections. For example: if your big picture is a
15 per cent profit from last year, then you must determine
how you are going to achieve that profit.
There are many components in goal setting for that type
of goal, such as marketing, sales, budget, product, service,
etc. Each item in your business can then be broken down
even further.
Let’s take your budget to start with, that usually determines
what you can spend and where to spend it. If your final
goal is more profit, then you may need to expose your business
more than you currently do. From there, you know
that you may need a fair sized budget for marketing. So, if
marketing will help with your goal this year, that’s where
your budget needs to be adjusted from last year.
Hop on the internet, read the ads in your local paper and
start your search for marketing companies. You will be
amazed at the talent you can find in your own back yard.
They will work with you to achieve your ultimate goal by
providing you with options you feel comfortable with and
are within your budget. You may just need your website
adjusted to be a bit more user friendly. Do you have enough
information on it? Do you even have one? If you don’t, even
if you are a small local business, it is almost essential to
have one. The money you will spend on a professional company
working for you will hopefully expose your company
to more customers and clients that, in turn, will make your
company much more profitable this year.
So, now determine what is the next important part of your
business that will make you more money and give you
more time. Let’s say you spent four hours each month doing
your own bookkeeping just to find out that your tax accountant
had to re-do most because you don’t understand
how to allocate your expenses. Luckily, that’s one area that
is a no brainer: OUTSOURCE that to a professional bookkeeper.
Their goal is to take that burden off your shoulders
and provide you two very important things: First, it frees
up that time so you can put your efforts into other areas of
your business that you KNOW you’re good at. And second,
bookkeeping is tax deductible. It’s like the government giving
you this money to pay someone to ensure your records
are up to date, accurate and the best part of all, will keep the
cost of your tax account bill down.
I hope these few ideas will help motivate you into a goal
setting mode and get your creative juices flowing. So hit
the ground running!
Cooks (East Indian) required:
Full Time, Permanent, Punjabi speaking,
Minimum 2 years experience;
$13.00/Hr. to start ASAP
Fax Resume to 403-381-1356
41068451
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6 LETHBRIDGE JOURNAL • WEEK OF MAY 11, 2012 • www.lethbridgejournal.ca