As entrepreneurs, it is important to have a mindset of abundance, a mindset of growth, and a mindset that you will be able to achieve the financial success that you aim to.
Having an abundant mindset, positive and growth-oriented perspective is necessary to build and grow your business.
It is also necessary for entrepreneurs to build realistic and achievable goals.
By setting goals that we can achieve and are time-sensitive, it will make it that much easier to hit our goals, gain more confidence and momentum, and ultimately grow.
So, why should you start setting goals and learn how to do it the Women Money Maker way?
Whether it’s buying a new home, starting your business, earning seven figures, setting goals is the only way to turn your dream into a reality.
More importantly, setting goals gives you a focus point for a period of time. With an effective way to measure and monitor your goals, you can easily stay on track and see the progress you are making.
If you are set out to achieve something – both big and small – setting goals is the way to get there.
Setting goals is a process that takes time and should be done at multiple stages of the year. When you set your goals, you will want to make sure that you understand the type of goal that you are setting and the control that you have over achieving the goal.
Think about the difference between these goals:
- Workout 30 minutes each day
- Lose 20 pounds
- Win first place in my Cross Fit Challenge for the Year
Each of these goals is related to one theme – fitness and health – however, the outcome and control over the outcome are very different. When you set goals, it’s important to distinguish the type of goal that you are setting. Some goals are more process-oriented that are completely in your control, while other goals are more outcome-oriented that you don’t have 100% control over.
The methodology that you use to set your goals, will be a huge indicator of your success in achieving your goals. Applying the SMART methodology (Specific, Measurable, Attainable, Relevant, Timely) to your goal setting is also extremely important.
SMART goals are designed to get your goal more specific, something that you can measure, and ATTAIN is relevant to what you are working on, and is timely. SMART goals are often used in weekly, monthly, quarterly, and yearly goals.
Just like fitness goals, your financial goals will follow the SMART methodology.
Financial goals can be anything that is related to your personal life as an entrepreneur or your business. Some of the areas that you can set goals in can include:
- Retirement (Personal Goal)
- Paying off Debt (Personal or Business Goal)
- Personal Distributions (Personal)
- Sales Goals (Business)
- Net Income Goals (Business)
- Growth Goals (Business)
- Re-investment Goals (Business)
Often times our goals are interrelated, so you’ll want to make sure that you are able to leverage any resources in your goal planning. Whatever goals you set, make sure that you complete the roadmap in the template.
Setting goals are the foundation to our success and an essential building block into building a profitable business.
Setting a goal and achieving that goal, is often time the easiest way to measure success.
Goal setting is the fastest way to achieve financial success both personally and in your business.