How liberating would it be to be able to set your own financial goals and then know that you can achieve them?
Wouldn’t that feel empowering and free up precious energy that you could be using elsewhere?
Here’s the secret though – you have to know how to set a bold financial goal for yourself first.
Firstly, because it needs to be both challenging and exciting for you so that you will have to stretch and grow personally in order to achieve it. Your business will only ever grow by the same rate you are willing to grow yourself and your goals indicate how much you are wanting to grow.
Secondly, every person’s version of bold is different. This is not a place to compare with others – set the bold goal that would be a true reflection of your own stretching outside the comfort zone. If your financial goal doesn’t scare you (even just a little bit) then it’s not bold enough! If you feel excited and scared at the same time, you’re on the right track!
So how do you pick the number so it’s just not pie in the sky?
The first number you need to know is your monthly expenses. That is simply – how much do you need to make each month to cover your expenses for being in business and how much do you need to live your current lifestyle? The total of these 2 numbers will give you your “needs”
The second number to know is your monthly “wants”. These are the extras you would love to have that enhance your current lifestyle. Examples could be – saving towards a vacation, buying a new car, upgrading your home, putting aside some savings, paying for extra support at home or in your business (plus many other reasons you would want to earn more money!)
One thing I know is that many small business owners don’t know what their monthly needs are and nor have they done some real research to see what it would take to achieve their “wants”
As a result one of two things is happening:
a) they’re not setting any regular financial goals or
b) their goals are not grounded in any reality (which makes them difficult to achieve)
So my invitation to you is to not be like the masses (who will never achieve their financial goals). Instead, go and do your homework to set your bold money goal and in the next article I’ll share with you the big secret that separates those who achieve their financial goals from those who don’t…