Before you get started on planning your financial goals, it is a great idea to check out one of the previous posts on debt if that is a specific area you wish to tackle:
Dead Set on Resetting Your Debt – it has great times for managing your debt correctly.
It is just as important to set financial goals for your business as it is to set them for the rest of the areas of your life.
Each person will have some financial goals that are personal to them. They might be because you want to save up for a particular thing, or it could be how you can begging to live a more comfortable life.
No matter what your financial goals are, it is important that you set them with the intention of making them a priority. From Forex trading to automatic saving. Every action you take has an impact on your goals. So make them count.
Photo by Lena Kudryavtseva on Unsplash
What are ‘financial goals for your business’?
Even if you are at the start of your business journey, you will need to have a plan to grow forward. You can use your mission statement and vision as a guide for the steps you will need to take.
Here are some examples of small business goals that you might consider:
Decreasing overheads and general costs
You might be using multiple online tools and platforms – but do you need them all? Make a note of all of your overheads and look to see where you can cut back. Decreasing your general costs will aid in the next steps.
Increase revenue
A decrease in your overheads will automatically see more money put back in the kitty. However, to truly increase your revenue you might want to consider how you can see a bigger profit.
It is key that you set solid numbered goals here.
Vague = to increase my revenue this year.
Solid = to increase my revenue by in the first two quarters and then even more for the last two quarters.
Ideal = to increase my revenue by $250 dollars a week for the next 6 months, and then by $500 for the following 6 months.
It is important to remember that your financial goals can be much more or much less than this. Be specific.
Cashflow planning
If you are still guessing your income and outgoing, and then checking your bank at the end of the month you are doing yourself a disservice. You should be the king, queen, and master of your cash flow.
Make it a priority to sit down and look at your income and outgoings correctly.
If a cashflow just makes you shudder at the thought, then check out the following:
How to make a cashflow forecast
And you can even get some great templates on Microsoft Office (for free) too: Check out these cashflow templates.
Running a business isn’t just about doing what you love, although that should be the biggest part. It is also having firm goals that can help your business grow, and you to prosper too.
