Setting SMART business goals to stay on track despite market volatility

11 Jan

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, margins, expansion, etc,). Then get to the work of implementing these goals so that you are on your way. 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.

Things aren’t going quite the way you expected? When market forces or world events get the business off track, you analyze, adapt and possibly re-focus. 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.

Investing is not much different. The past few months have shaken up the markets and have roiled those investors who don’t have S.M.A.R.T. goals. Those who have fled the market because of recent losses may not have a plan they can stick to or recalibrate. Those who are staying in the market have a Cash Flow Plan and understand that with their specific goals and motivations for saving, they can ignore their monthly statements for a while and keep their sights on the finish line.

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. Watch your wealth build up. Readjust as you get closer to those “golden years” to protect the hard-earned income.

Perhaps you want to save $50,000 to pay for your child’s university education in 15 years. A Cash Flow Plan helps to determine how much you can put aside each month/year; we work out the amount of risk you feel comfortable taking, and what the power of compounding will add to the growth. With your S.M.A.R.T. goals we then look at what investments to make 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.

Commitment to growing your wealth takes planning, knowledge, discipline and good advice. Contact me for a partner in your success. Together we will find the strategies to reach your goals.

It’s just good advice.

*There are lots of good articles on S.M.A.R.T. goals on the internet. Here are two I particularly like: Famous motivational expert Brian Tracy. By Collaborative Experts, Smartsheet.

Let me know if you have a favorite goal setting method.