Whenever a new year rolls around, entrepreneurs have a tendency to think — and dream — big.
Before you set your sights on lofty accomplishments, such as dramatically expanding your business, remember that the energy and excitement you feel in January may be fleeting. “Motivation tends to slump several weeks after the new year has set in,” notes Miranda Reiter, a financial adviser at She & Money Financial Planning.
To stay on track all year, set reasonable goals for your small business’s growth. Here’s how.
1. Document your goals. “Write down your most pressing financial goals,” Reiter suggests. Perhaps you want to pay down debt, start saving, or increase your marketing efforts. Make your goals as specific as possible. For instance, rather than jotting down “pay off debt,” plan to “pay $6,000 of debt by December 2014.” Then put your list of goals in a visible place. “Keeping them top of mind is half the battle,” she says.
2. Set up a game plan. Prioritize your goals by the most urgent, the easiest to achieve, or the most important for your business’s long-term growth. Next, Reiter says, “write the specific plan you have to achieve your goals.” Let’s say you want to bring in more clients in 2014. Note what steps you’ll take each month or each quarter to make this happen. As the year moves along, you’ll have a guide to follow as you work toward the goal.
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