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Setting yourself goals – be they financial, sporting or otherwise – is one of the most important things that you can do. Why? Because by setting yourself a goal, you are giving yourself a path to follow, a path which ought to lead you towards success and enable you to achieve whatever you had set out to do.
This path is your vessel towards success; however, you cannot travel down this path without seriously thinking about what you want to achieve beforehand. You must clearly plan your journey, should you wish to achieve your goal and fully reap the rewards. Planning is one of those things that we often fail to consider and, hence, leads to us acting irrationally and not maximising our full potential. Which is why it is so vital for you to plan for your financial goal. If this sounds daunting, do not worry for I am here to offer you 5 steps which should enable you to plan for your financial goal and enable you to achieve the success that you want.
1) Know Your Number
The first piece of advice that I would give you, should you wish to hit your monetary goal on the head, is to know your ultimate number. By this I mean you should know the amount of money you would ideally like to earn, the number which will satisfy you the most. For some this may be considerably larger (or smaller) than others, but this is not an issue. As humans, we all have different aims and these are generated based upon our lifestyle, background and other sociological factors. Therefore, it is not a problem if your ultimate number is different to that of your friends. The only problem is if you do not know your ultimate number. If you do not know what you are aiming towards, you will fail to adequately plan. By not planning you will purely act upon impulses and so your progress will be sporadic and not as good as if you had planned. Once you know your number, stick to it and think about how you will reach it. We all have different methods, so try to use one which suits your relative strengths and weaknesses.
- Break It Down
Once you know your ultimate figure, try to break it down so that you know what it looks like over the period of time for which you have set the goal. This is highly beneficial because it will break the target down into manageable chunks. Moreover, it will enable you to track your progress because you will know how much you will have to catch up, for example, if you didn’t earn quite as much as you wanted in the previous month. The most important thing about breaking down your figure is ensuring that you do so in a manageable fashion. A non-manageable breakdown will mean you have too much to do over too short a time period and will lead to stress and inefficiency. For example, if you wished to make £2 million over 5 years you may break this down into £400k per annum or £33.3k per month.
The above works if your monetary figure is based on a salary or overall business revenue. If however you are thinking about the sales of a product, you will need to consider the profit margin per product and the number of units required to be sold to achieve the goal.
- Know Yourself
It is really important to know yourself and your business if you want to reach your financial goal. It is all well and good setting the goal, but if you don’t know what you’re going to have to do to achieve it then you are more likely to struggle. Ask yourself: what can I sell to move closer towards my target? How expensive are said items and how many will I need to sell? Can I do this alone or do I need a team? Must I always be working in order to earn money? The latter question will enable you to realise whether you can make money whilst you’re sleeping. Of all the questions, I think it is really important to establish whether or not you need a team because a team may enable you to increase productivity and efficiency. A team will also enable you to spread the workload which is good for your overall well being.
4.Create A Plan Of Action
This is arguably the most important step towards achieving your goal because it requires a lot of important decision making. That is why it can only be done after all the basic infrastructure is in place. Planning should be thorough and methodical. You can plan through many methods such as writing detailed lists or more creative methods such as mind mapping. Whatever you decide, make sure that it suits you and that it is stuck to. The worst thing that you could do is create a plan and ignore it.
Once you’ve created your plan, you’re pretty much ready to go. At this point it is easy to go off piste, so don’t rush into things. One good thing to do is to seek advice from people whom you trust. These people can guide you towards whatever it is you want to achieve.
I hope that these five steps will enable you to achieve your financial goals. These steps are not useful on their own. They must be met with a determined, confident and hardworking mindset and willingness to put in the hard yards, in order to achieve his or her dream. In essence, don’t be afraid – being simultaneously fearless and thoughtful will enable you to achieve greatness and financial liberation!
June 5, 2019 at 09:05AM
Forbes – Entrepreneurs