Know Your Goals

Viviana Campbell and Merideth Sorrentino — Mon, 15 Sep 2008 11:04:00 GMT

When you started your small business you had a plan. You went through the requisite list of questions, determined your goals, and then set out to achieve them. Working through the months and years your business went well. You grow a little, gain more clients, grow a little more and things start getting crazy. Somewhere in the process the business gets off track.

As small business owners we can sometimes get caught up in the everyday and forget the big picture. When this happens, it pays to step back, refocus, and remember why you started your company.
Here are some important questions to think about:

1. Why do you own your own business?

Some people start a business to have extra income in addition to their “day job”. Others want to build up a business to pass on to their children. Remembering your reason will help to develop and refine long term and short term goals.

2. What are your goals?

This seems like a simple question, but many of us neglect to set concrete goals. Even more of us never go back to see if we achieved these goals. Set achievable goals (i.e. sales numbers or new accounts) that work within the purpose of the company and can be measured at a specific date. Always go back and determine why you did or did not hit that goal. This is not always an enjoyable process, but it is valuable for the success of your business.

3. What is your exit strategy?

You may just be starting your company, but you should always think about how you will end the company. The exit goal will affect the way you set up and run your business. There are many great articles that will help you determine your direction. Determining Your Exit Strategy, by Michael E Gerber

4. Be true to yourself.

No, it is not a question, but it is still important. Small business owners get a lot of advice on how to run their business. Your friends, family, and others will give you tips on sales, marketing, product production and more. I benefit daily from the advice, experience and knowledge that I have gained from talking with other, but in the end it is YOUR business. No one knows your goals or purpose better than you.

If you ever feel frustrated, get re-inspired by reading about these other entrepreneurs … What Inspires Others to Start Up? By Tamara Monosoff

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Know Your Goals