How do you eat an elephant?
The answer is, of course, a little bit at a time. Goal, dreams or aims are like elephants, it is far too overwhelming to have your goal as make a million pounds, but breaking that goal down into manageable bite sized pieces will make the obtaining of your goal possible, and certainly more probable. We have reached the time of year when we start to think about next year and what we want to achieve going forwards, so now is a good time to start understanding how to set out good goals, to enable you to reach your final aim.
There are various acronyms which people use, but the classic one is SMART.
- S pecific– you have clearly defined what you want to accomplish.
- M easurable– you have identified targets and milestones to track your progress.
- A ttainable– your goal is realistic and manageable.
- R elevant– you have identified a goal that fits with your business model.
- T ime-Base– you have identified a specific period of time for the goal.
The time element of SMART is particularly interesting, as it provides a very exact framework for your aim to be completed in, rather than allowing your goals to have an endless timescale. For example, if your ultimate aim is to increase your turnover from 200K to 400K, let’s break this down. Currently your monthly turnover would be roughly £16700, we are now aiming to increase this to roughly £33300. However. If we implemented a gradually increasing target, so that over 3 years we were aiming to reach our target of £33300 a month. All that is required is that we increase our turnover by £461 each month. Over 3 years, this will increase your turnover to £33300 per month, tying in with your initial desire to double your turnover.
As you can see the overall goal of doubling your turnover can seem daunting, but breaking the goal down into bite sized chunks, with a sensible timeframe, enables us to set realistic targets so that we can grow in an achievable and rational manner.
If you are looking for support and advice to help you grow your business to satisfy you not the taxman, then our Business Builder Club can help. To learn more why not visit our website, or give us a call on 01905 21411