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Setting Goals That Are Realistic

posted 24 Feb 2013, 08:10 by Mpelembe Admin   [ updated 24 Feb 2013, 08:12 ]
Establishing goals is important in every aspect of your
life, including setting goals for your business, but one of
the worst things a new business owner can do is set the
goals so high that they are not attainable. Setting goals
will take more than pulling a figure out of the air,
especially when it comes to income from your business. To
be accurate any target number you are aiming for must be
within reach of the arrow or else it could fall harmlessly
to the ground considerably short of the target.

Every business owner has heard the advice to aim high to
achieve high results. However, aiming too high could have
the arrow fall straight back down hitting  you in the head.
In order to establish realistic goals, you will also need
to set intermediate goals as well as way to achieve them.
Once you have gone through the goal-setting process you
will know if you have any chance at all of hitting the
income target. Setting income goals for your home business
has no relationship to daydreaming about what you would do
if you hit the lottery. This process has to be grounded in
reality.

You can begin the process by pulling a number out of a hat,
but then you have to go back  and calculate what it will
take to meet that number. Kind of like eating an elephant,
it takes one bite at a time to establish a realistic goal
for generating cash. For example, if your plan is to make
$10,000 a month, break it into weeks, showing you need
$2,500 a week to hit the goal, or $333 a day. Look at your
sales or production goal to determine if the current level
of production can earn an income of $333 a day and if so,
maybe the number was not as arbitrary as initially thought.

On  the other hand, if production indicates you can only
produce enough to make $250 a day, then the weekly and
monthly and subsequently annual income project will have to
be lowered to meet expectations. You can then look at your
production schedule to determine if any streamlining can be
done to improve output as well as looking at many issues
that could slow you down and lower your income projections.
Whenever you pencil in a number you have to also write down
how you are going to meet that daily and weekly goal,
taking into account anything that might hinder you
achieving that goal.

The most devastating affect of setting lofty goals that
cannot be met is the disappointment that follows. On an
individual basis, if goals are set too high, and targets
are consistently missed, you might simply stop trying. What
this means to the business owner is they can end up closing
up shop and trying something else. For any employees, it
can mean the loss of their job. Setting the goals at a
realistic level and hitting them is cause for celebration,
but only for a few minutes as you now start looking at the
next level in the goal to meet your long-range projections.


About the Author:

William Drapcho is owner of http://williamdrapcho.com and
writes on a variety of subjects.  Visit his site and sign
up for his free home computer business ideas newsletter.




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