Setting Goals That Stick In Life & Business
As a business owner, your success is only as strong as the foundation it’s built on: you. If you’re not operating at your best, you can’t give your best to your business. That’s why it’s important to start your business planning with a big-picture view of your life and personal finances. By aligning your business and personal goals, you can achieve more across the board.
Setting goals is one thing; however, achieving goals is another. At Vance Wealth, we’ve learned the trick is to create regular checkpoints that help you stay on track throughout the year.
“Whether you want to save money or lose weight, it’s daunting if you’re only looking at the big picture. That’s why we feel people fail all too often,” explained John Vance, President and Visionary of Vance Wealth. “But with the discipline to track your goals regularly, you can affect real change.”
Start breaking your annual goals into smaller chunks, such as quarterly, monthly, weekly, or even daily habits. Once you’ve designed a system to hold yourself accountable, you’re ready to attack each big-picture goal in small steps – and with confidence.
It’s vital to know your numbers going into the yew year. So here’s a simple planning process for your personal and business goals this year:
Life Goals
First, it’s crucial to know your numbers: emergency funds, personal savings, retirement savings, college savings, assets, and debts. Create a personal finance snapshot by entering these numbers into a simple spreadsheet, where you can track your progress throughout the year.
Once you have a clear picture of where you are now, you can set realistic personal goals for the future. For example, increasing your emergency funds or paying down might be a priority.
Finally, consider what new routines or habits might be necessary to support these goals throughout the year. How can you create a strong foundation, personally and professionally?
“Establishing a healthy daily routine – and creating a discipline around that – can shape a stronger version of you that can meet the challenge.”
Business Goals
In business, the critical numbers to know are your cash reserves, lines of credit, uncollected funds, retirement accounts, assets, and debts. Create a quick snapshot of these numbers in a spreadsheet, where you can track your progress over time.
Once you know where you stand, set realistic business goals that ideally align with your personal ones.
Finally, identify the action steps and habits that support your business goals, and aim for a common theme.
If you know what you want to accomplish personally, setting complementary business goals allows you to achieve more – and vice versa. Start your year off with clarity so that you can move forward with confidence. If you get stuck along the way, we have the tools to help you stay the course.
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