Without clear goals, a business will likely fail.
We aim for a promotion, plan for a 10-day vacation and save $100 a month. We promise to be there in ten minutes. We count calories to reach our weight-loss goal. If we fall in love, we pledge to win that other heart.
Targets are motivating. Achieving targets enriches our lives. But you can’t hit a target unless you define it, so set up lots of targets for your new business.
For example, you might want to set a revenue target: “Let’s make $50,000 in our first year.”
Or, a knowledge target: “I want to learn enough about online marketing to build and promote our own website.”
You might set human resources goals: Hire a salesperson during our second year.
It could be a finance target: Raise $150,000 to fund product development.
A lifestyle goal: “To be with my young children I’ll work from 10 a.m. to 2 p.m. while they’re at school and from 8 to 11 p.m. while they’re asleep.”
A growth goal: Franchise to three locations within three years.
An exit goal: “We will sell this business to a buyer within five years.”
A philanthropic goal: “Half of our profits will be donated to agencies helping children in Africa.”
Legendary salesperson Zig Ziglar said, “You can’t hit a target you cannot see, and you cannot see a target you do not have.” Make your goals specific, measurable and time-based. Don’t change your goals mid-stride. And never give up.