Setting Financial Goals for Small Businesses

Small Business
on March 21, 2013

When setting goals for your business it can be easy to get bogged down in the very basics while forgoing those that will reap even greater rewards. For example, many business owners want to have a certain amount of cash in savings, which is very wise, and they want to get out of debt, which is the best way to build incredible wealth, but they rarely think of other kinds of financial goals.

For example, a business will easily attract some incredible talent if they set up a retirement savings plan that matches up to 3% of what employees’ salaries. Not only will this encourage wealth building among the team, but it will also give employees something to hang on to when they begin weighing their options, and they will.

There are other goals, and they should not be ignored, such as diversifying income or setting money aside for a new project.

Diversifying Should Start Small

Are you an expert in your field? If so, you should be publishing in your trade journal. This will not only bring in potential business, such as an offer to write a book, but it will also set you above your competitors.

If you were to diversify by writing, you need to realize that most writing does not bring in any cash up front. The money comes down the road, and it may not come at all. So, a good financial goal if you were to write as a subject matter expert would be to publish an article before the end of the year.

After the article is published, you should contact someone conducting a conference and use the article as a reference as to why you should be a speaker for a small honorarium of perhaps $500, or even a donation of that size to your favorite charity.

Looking Ahead With Savings

Rather than put your next project on credit, save up the cash over time. After all, you do not want to pay twice as much (potentially) for something you end up not following through on because you find you do not like it.

This could include putting an advertisement in the paper or even getting new shirts for your team members.

By setting small financial goals, you can set yourself up to achieve bigger ones. As your success in goal setting grows, you will find the success you are looking for.

Found in: Small Business
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