How to set realistic goals as a business owner

Business owners are frequently urged to dream big. They're told stories of overnight success from rags to riches. But the reality is, success won't be just waiting for you when you wake up one morning. While it may appear that way from the outside, it takes hard work, determination, and knowing what you want.

Enter goal setting. It's not always quite as simple as coming up with the end point you'd like your business to reach, but with the right mindset, it can be an invaluable tool.

For goal setting to be effective, there are a few key elements to keep in mind:

Set clear, specific goals for yourself

1. Set clear, specific goals. For example, "I want to succeed," wouldn't work if you're abiding by this rule. Neither would "I want to gain a lot of followers," or "I want to grow my business." How many followers? What kind of growth? And how much? Get as clear and specific as you possibly can, per Forbes. If things change along the way, it's OK. You can allow flexibility as you move forward and you'll still be that much closer to the big picture.
2. Be incremental. There may be a number of small steps between where you're at now and where you want to be. So while the goal may be to make X number of dollars in profit by a certain date, there are smaller goals you can hit to keep on track and make that end goal more realistic. For example, how many dollars does your business need to make per month in order to hit that goal? Or alternatively, if the end goal is something like opening a restaurant, you'll want to go step-by-step. You might achieve a goal by making your first hire, by being granted the proper licensing, or by getting your first news coverage about it. All of these smaller, more specific goals will lead you to the big one. As you check off the steps, you'll find your end goals more realistic to achieve and you'll be less likely to be overwhelmed or give up on them.
3. Set deadlines. This may sound intimidating, but what's the worst that can happen? You don't reach them, but surely you're closer than you would be if you weren't on a timeline. Deadlines can be motivating and empowering; plus, they help you to prioritize, according to Indeed. So if you give each goal a set date, you're more likely to stick to them and ultimately achieve them.

There is a gap between ideas and actions, and oftentimes, that gap can be bridged by clear and incremental goals. Contact the Law Offices of Donald W. Hudspeth, P.C., today to learn more about how proper legal representation can help your business reach its fullest potential.

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