Are We There Yet?
When do you know if your business has flourished?
S.M.A.R.T business goals are Smart, Measurable, Achievable, Realistic and Timely. First, make a plan, establish S.M.A.R.T. goals for your business (e.g. number of customers, branding, sales, profitability and so on) and then get to the hard work of implementing these goals so that you are on your way. You should also set deadlines to achieve your targets and measure progress towards completion. The milestones you set and see yourself achieving are part of the thrill of entrepreneurship.
If you get off track, you analyze, adapt and possibly recalibrate. With this kind of goal setting, measurement and focus, you can not only see the finish line, you can proactively reach your destination, whether it takes five years, ten years or more. Commitment to business success takes real passion, the ability to take smart, calculated risks, and perseverance. Advice from professionals and fellow entrepreneurs assists along the way. When there are significant profits left at the end of the year that you won’t need to reinvest the next year, your efforts are paying off.
Investing is not much different. Rare is the investor who has no goals. Set a specific goal (e.g. savings targets) and define why you are saving and when you will need the money. Once you’ve done that, the finish line is clearly in your sights. Let’s say you want to save $50,000 to pay for your child’s university education, and you want to have this money available in 15 years. When we know how much you will invest each year, the amount of risk you feel comfortable taking, and what the power of compounding will add to the growth, we can then look at what investments to use so that you are most likely to reach the goal. Tracking is easy and as the 15-year deadline approaches; we can add more or reduce the investment as needs be.
Do you want to save up for a comfortable retirement affording you and your spouse the opportunity to do the trips abroad that you sacrificed while you built the business? Calculate what you’ll need, start putting the funds aside and investing them for the long term and watch your wealth build up. Readjust as you get closer to those “golden years” to protect the hard-earned income. Commitment to growing your wealth takes knowledge, good advice and discipline. Your Financial Advisor is a key player in your success because they have helped other people reach their goals.
Commitment to growing your wealth takes knowledge, good advice and discipline. Your Financial Advisor is a key player in your success because they have helped other people reach their goals