Do you dream of success? Do you long for a lifestyle that allows you to spend time with your family doing the things that you want to do rather than working nose to the grindstone, day-in, day-out? Most of us desire these sorts of things, but few achieve them … why?

The answer lies not with an inferior product or service, nor with poor business skills – it lies with a lack of focus and specific objectives. Unless you have clear and defined goals, how will you know whether you’re headed in the right direction?

Here are some tips to keep in mind which should enable you to devise appropriate goals for you and your business.

Before you start – take stock

Until you understand exactly where you are right now, you can’t forge a path towards your desired future. Take a look at the previous twelve months – what has gone well, and not so well? If you did set them, have you achieved your goals from last year? What factors do you think contributed to this outcome?

Details, details, details

To give yourself the greatest chance of achieving your goals, make them specific. Instead of a vague, “I would like my business to be successful”, try something like: “I would like my business’ gross revenues to increase by 20%.” Quantifiable, measurable targets are much easier to accomplish.

Checkpoints

In addition to setting specific goals, set a deadline for each step towards your ultimate objectives. Milestones not only motivate you by providing a tangible date by which you must do something, they help you track your progress and celebrate how far you have come. Instead of saying, “I would like to attract ten new clients”, something such as “I would like to attract ten new clients by December 1st” can be much more effective.

Who, What, Where, When, Why, Be Wary

Now that you’ve derived some ‘specific’ goals, you need to break them down even further to decide on a definitive course of action. From the example of attracting ten new clients, above:

– Who? (potential target clients identified by location, size, industry, etc.)

– What? (convert ten prospective clients into revenue-generating clients)

– Where? (five from the New York office, five from the Boston office)

– When? (one new client per fortnight)

– Why? (attracting new clients will lead to increased profits and a broader client base from which to earn revenues)

– Be Wary (e.g., of competitor ABC Co Ltd who has instigated a referral incentive program, and key personnel scheduled to take extended leave in November which may interrupt client attraction efforts)

Achievable

We’d all like to be millionaires whiling away our days on a yacht in the Caribbean but for most of us this is not even a remote possibility. Make sure that your goals are ambitious – yet realistic at the same time. Unrealistic expectations will only serve to set you up for disappointment and discouragement when you do not meet your targets. Consider your goals in terms of factors that you can – and can’t – control. You can’t magically sign up 100 new clients overnight, but you can make improvements to your store, your offices, your products, and your standard of customer service – all of which are designed to attract those new clients.

Finally, take the time to set down your goals, the steps you’ll need to take to get there, and the milestones you have created in writing. This constantly evolving – but tangible – record of your dreams and aspirations will become an invaluable companion in your journey to success!

Peter Holtz, CPA specializes in providing accounting and tax services to small business owners and professional practices in Stockton, CA. For more information, go here: http://www.financialperformancecenter.com

Peter Holtz, CPA specializes in providing accounting and tax services to small business owners and professional practices in Stockton, CA. For more information, go here: http://www.financialperformancecenter.com

Author Bio: Peter Holtz, CPA specializes in providing accounting and tax services to small business owners and professional practices in Stockton, CA. For more information, go here: http://www.financialperformancecenter.com

Category: Advice
Keywords: CPA advice, business advice, CPA services