115: Setting The Right Goals Whether You Are Starting A Business Or Side Hustle, A Solopreneur
- Financial Adventure, LLC
- Dec 14, 2022
- 13 min read
115: Setting The Right Goals Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
The great danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark. I love this quote from Michelangelo. It really puts into perspective how important it is to not only set goals but to make sure that you are setting goals that make you reach a little further than you’d normally reach so that you can achieve those goals and have an amazing experience all along the journey to get there. When you set goals, you are creating a roadmap for a purpose-driven life, so when you set goals for your business, you are creating each and every milestone you need to take to make the vision for your business a reality. In today’s podcast episode, I’m taking you step by step through the process of how to create goals for your business, all the way through the best ways to track and review your goals. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, being passionate about what you do and having goals gives you something to shoot for in your business so that you not only have an ordinarily successful business, you are able to create an extraordinary business in which you know you are reaching beyond the normal levels that you can be proud of. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
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Show Notes:
The great danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark. I love this quote from Michelangelo. It really puts into perspective how important it is to not only set goals but to make sure that you are setting goals that make you reach a little further than you’d normally reach so that you can achieve those goals and have an amazing experience all along the journey to get there. When you set goals, you are creating a roadmap for a purpose-driven life, so when you set goals for your business, you are creating each and every milestone you need to take to make the vision for your business a reality. In today’s podcast episode, I’m taking you step by step through the process of how to create goals for your business, all the way through the best ways to track and review your goals. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, being passionate about what you do and having goals gives you something to shoot for in your business so that you not only have an ordinarily successful business, you are able to create an extraordinary business in which you know you are reaching beyond the normal levels that you can be proud of. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Welcome Back…Setting goals in your business gives you something to strive for, as well as the motivation to achieve your goals within your specific time frame. You need to set and track your goals so that you can monitor the progress and stay accountable for the actions you take in your business. Goals give you the roadmap or milestones so that you know exactly what you need to do next to reach the goals you set in your business. It doesn’t matter if your goals are big or small, short term or long term; each goal you set, as long as it aligns with your overall vision of your business, will help you achieve your success. Business owners who set goals are more likely to succeed. They are more aware of what needs to get done and how they are going to reach the success they want, so let’s make sure you are one of these business owners who are succeeding.
Once you understand how important it is to set goals, it’s time for you to set them. This tends to be a roadblock for most business owners. You know how important it is to do, but when you actually sit down to start creating your goals, you don’t know where to start. Ask yourself, what do you want your goals to be? Think about what you’d like to accomplish this year. You can start with what your overall vision is for your business. Where do you want your business to go? What do you want to accomplish with your business in the next three years, five years, and even looking out to the next ten years? When you are creating goals, they need to be in alignment with what you want to accomplish. Each goal needs to move the needle in the direction you want to go so that you are reacting to the exact accomplishments you want. You can set goals to be either short-term, which would include goals that you want to achieve within three to six months, or longer-term goals, which typically take six months or longer to complete. Your short-term goals are typically stepping stones to help you reach your long-term goals. Each of these goals will help drive your business in the right direction toward your overall vision. It is essential to make sure you are setting both short-term and long-term goals for your business. Think about what you want to achieve at each point in your business. Each month, each quarter, each year. Another way to look at creating new goals is to do a SWOT analysis. When you do this, you take a look at your strengths and what is working, your weaknesses, or which areas in your business need to be fixed. You take a look at the opportunities your business has, such as the market, your processes, products, services, growth, and the overall potential of your business. And you look at any threats or challenges that could occur to your business from competitors or demand. This SWOT analysis can give you an additional perspective when creating your goals. A few examples of goals that business owners set are, reducing business expenses, increasing leads, increasing business growth, increasing leadership skills for the business owner or team members, decreasing the amount of debt the business has, and developing a new product or service for the business.
As you are setting each goal, you need to make sure it is SMART. When you set SMART goals, this will help you create a goal that gets you where you want to go. A SMART goal takes into consideration different aspects of your goal. SMART stands for specific, measurable, achievable, relevant, and timely. Let’s dive into each of these separately. When your goal is specific, you need to ask yourself what do you want to accomplish and why it is important to you or your business. You need to think about who is involved in reaching this goal and which resources you need. When your goal is measurable, you will know exactly how you will measure your goal as well as how you will know you have accomplished it. What are the key performance indicators or KPIs that you can design to help you track the progress of your goals? Do you have a way to keep track of what you are measuring? For example, if you are tracking your sales, you could monitor your profit and loss report or your income statement to see what your sales are from month to month. You also want to make sure your goal is achievable. Is the goal you are setting realistic? You should be setting big goals, but they should be achievable. You’ve probably heard about people setting big, hairy, audacious goals. You need to do this as well. Push yourself a little so that you feel your goal might be a stretch but is still achievable. Think about how you can accomplish it. Making sure that it is relevant will ensure you that it is the right time and it is applicable and worthwhile to your business. Lastly, you want to make sure your goal is timely. What is the deadline that you want to make sure you’ve achieved this goal?
Next, you need to make a commitment to your goals so that you can reach them. If you have a lot of goals to accomplish, you may need to prioritize them so that you don’t start feeling overwhelmed. You could start by focusing on the top three goals first. Decide what needs to be done daily, weekly, or monthly. Once you have these commitments recognized, get them on your calendar, and don’t budge on getting them done. When you are looking at all the tasks you need to do in your business, you should be able to track each task to a specific goal you have for your business. If you are finding tasks that are not aligned with the vision of your business or your goals, you may want to reconsider why you are doing them in the first place. Remember, you are setting a deadline so that your goals are achieved in a timely manner, so you want to be focused on the right tasks in your business. If you have a team, make sure each team member has goals that align with the overall business goals, and take time to go over your business goals with your team, so everyone has the same vision for the business. You may also find that your team members might have additional insight to help you achieve your goals in a more efficient manner.
Once you’ve created your goals and you are committed, you need to make sure you are reviewing them. Set specific times to review your goals and get these times on your calendar as well. You need to track where you are on each goal and what additional work needs to be done to get you to where you need to be. You may need to pivot along the way, and that’s okay too. Many business owners will use a project management system or spreadsheet to track their goal progress. When you are reviewing your goals, make sure you are meeting the original deadlines you set. If you need to adjust them, this would be the perfect time. If you find that you are not going to reach a goal, rather than thinking you’ve failed, maybe you just didn’t get the timing right, and you may just need to extend the date. When you are reviewing your goals, it is also an excellent time to make sure everything in your business plan and the vision of your business are all in alignment. If changes need to be made, you can always revise your goals or your business plan. When reviewing your goals, ask yourself what is working so far, what isn’t working as well and could be improved, and what you could do better in the future.
Overall, when you are setting goals, you need to stay motivated. I want to ensure that you are enjoying your journey to reaching your goals all along the way and not just when you’ve reached your goal. Make sure you are celebrating each milestone and goal when you achieve them, no matter how big or small they are. It doesn’t have to be a big celebration, but make sure you do something to celebrate that is meaningful to you. Your goals will help you easily walk into the success and achieve the vision of your business. We work on this in the Mastering Your Small Business Finances PROFIT LAB. There is no reason you need to be running your business feeling alone, especially if you are running a side hustle or are a solopreneur. You’ll have a place where you can work on your business and yourself as a business owner. When you join us in the PROFIT LAB, you see how other business owners are working on growing their businesses. You get to see how they increase their profits. You get to be in a community where other business owners are working towards a goal just like you are, and I’m here to help you along the way. Think about how much more difficult it is to run your business on your own and how you could feel more at ease, certain, confident, and productive when you join us in the PROFIT LAB. We have weekly business meetings and coaching so that you can ask questions about your business, get coaching or help with your business strategy exactly where you are right now in your business. It doesn’t matter if you are just getting started or you already have an existing business; I’ve been helping business owners just like you for over twenty years. They love knowing they are able to ask questions and get answers when they need them. All your questions can be confidential, so you don’t need to worry about asking questions that you feel ashamed or nervous about asking. You need to ask your questions to move your business forward. If you are tired of feeling stuck, it’s time to make a change. It is time to start your journey to a profitable business. It’s time to do something different. It’s time to start now. It starts with making a plan, so you don’t keep repeating the same mistakes you’ve made in the past. It’s about making a plan to join us in the Mastering Your Small Business Finances PROFIT LAB. In the PROFIT LAB, we’ll work together to find out what isn’t working in your business and get you on the journey to solve for what will work. You will make the changes you want to make with knowledge and understanding behind each decision. You’ll find the fastest way to unlock each foundation of your business and move your business toward success. That means your business will change. I created this program based on the needs of you, the business owner so that you’re able to benefit from all the value that is currently in the PROFIT LAB, as well as the ongoing materials I continue to add based on your needs. If you’ve worked with me before, you know that I teach in ways that are always simple, clear, and doable for any business owner. My clients are getting the help they came for, they are making decisions, and by keeping it simple, they are avoiding the overwhelm. Yes, it can be this easy. If you want to join us in the PROFIT LAB, you can go to www.FinancialAdventure.com/profit to learn more and sign up today. The doors for enrollment in this session of the PROFIT LAB will be closing on December 31st, 2022, so If you know you need help closing out this year with your business and getting started in the new year, make sure you sign up soon. Decide right now to be proactive, and join us so that you have the help you need in these upcoming months. I created the PROFIT LAB to ensure you have the tools to create a profitable side hustle or business. When I work with my clients, they have their bookkeeping up to date, understand their financial statements, and can see exactly how profitable their business or side hustle is. We work together to see their options for generating additional sales, as well as where they could cut back on expenses or utilize the best solutions for their business. They can see the possibilities available to them so they can create a successful and profitable business. Whether you are looking to start a side hustle or business, or you are already making money with your existing business, I’d love for you to have these results and experience the same benefits when you work with me. You can either sign up for a free session to go over any questions you have by going to www.FinancialAdventure.com and clicking on the work with me button to schedule a consultation call or if you are ready to jump in and get started, join us in the Mastering Your Small Business Finances PROFIT LAB today. If you have a side hustle or are a solopreneur and you are struggling with getting your business started, growing your business, and generating revenues, you need to join us in the PROFIT LAB. In the PROFIT LAB, you’ll find ways to create a more profitable side hustle or business so that you can keep that additional money in your pocket. I walk you through not only understanding the profitability of your business but also how you can create offers and increase your sales. By taking control of your business finances, you can create the profitable business you are striving for and meet the goals you’ve set to achieve. We prioritize and work on the essential tasks in your business, help you make decisions, and generate revenue while creating a work-life balance you can enjoy! Where you are right now in your side hustle journey or business is the perfect place for you to join us, and if you are ready to start, don’t let thoughts about the perfect offer, confusion about your pricing, or the fact that you are still working for an employer stop you. So, are you ready to join us? Of course you are. By taking action in your business, you’ll be sure to achieve your goals. Join us today by going to www.FinancialAdventure.com/profit. The doors to the PROFIT LAB will be open periodically throughout the year. Generating revenue and increasing profits requires you to have the right mindset and accountability so that you get results, and we work on this inside the Mastering Your Small Business Finances PROFIT LAB, and it’s perfect for you if you are a solopreneur or have a side hustle, and you’re ready to be more profitable in your business. As a CPA, Business Strategist, and Coach, I help business owners just like you who know it’s time to do something different because what you’ve been doing in the past isn’t getting you the results you want. We’ll make sure you understand your business finances, your next steps and follow through with the vision you have for your business so that you can truly enjoy your business.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
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