By Saumu Jumanne
This is how to attain your business goals
As a human being develops in different spheres, dreams for a worthwhile future are part of living. And those dreams are attained by setting up goals and working towards their fulfillment.
One almost universal dream is financial independence, the subtle spirit that lives in the hearts of entrepreneurs.
A dream is something you hope for, something you see, but presently it is intangible while a goal means setting up a path to walk in and putting your mind into it in terms of planning.
The dreams of an entrepreneur fires one to set up business goals. This calls for planning ahead with a clear objective on what to achieve. Business goals are usually two pronged- financial and non-financial. A good dreamer will set targets which with some inspiration are realizable or attainable.
As an entrepreneur you expect to be in a positive financial situation in the future. In order to reach there, you make your targets. How much do I want to earn? How much do I want my business to be worth? Where do I want my enterprise to be in two, five or ten years? Those are some of the question that crops up. And it calls for setting up good strategies to attain those goals. In business language we are talking about financial planning.
In order to achieve your financial goals, you need to have good financial planning which can be reviewed every now and then as per the reality on ground and future projections. Financial goals acts as a way of gaining control over your money.
To succeed you must identify and list all your financial goals. Then you need to estimate the time (set deadline) to be taken to achieve each goal. For instance, identify the goals that might be attained within a period of less than 1 year, medium-term (1 to 3 years) and long-term (5 years or more). This means that, the short term and medium term goals focuses much on how to attaining long term goals.
It is also important to estimate the cost of each goal (how much money is required to attain each goal). Then determine how much to save on a weekly or monthly basis to be able to attain your goals. Remember you need to proceed with the normal daily life while making some savings.
Without a budget for your goals, they will hit a cropper. You must have a plausible budget that will help you identify priority areas.
In other words, all what we are looking at today, is PLANNING what you want to achieve in the future and IDENTIFYING resources needed to make your dreams come true.
As an entrepreneur it is unforgivable sin not to know exactly what are your financial goals and how you plan to make them good.
Along the way, it is always advisable to keep on evaluating progress made. This can be at any interval which is convenient. It can be monthly, quarterly, semi annually or annually. Leaving that element is suicidal to your enterprise.
Evaluations helps to review progress and take measures to redress shortcomings and move into the future at a point of strength. If you find that you are not making satisfactory progress on a particular goal, it is time to re-evaluate your approach and make necessary changes.
It is very satisfying for an entrepreneur to achieving planned goals thus making your dreams come true.
To attain your financial goals is much like finding a unique place that you had never been before. Finding your way there is a challenge but following the steps I have shared here will let you taking less time. Human beings, more entrepreneurs do not plan to fail but rather fail to plan.
What hammering home is that good financial planning is a way forward towards achieving your business goals. The more detailed your plan is, the better the chance of reaching your determined destination in the least amount of time.
After all planning in business is the core of successful which shows you exactly where you want to be now and in future financially. But my friends remember achieving financial goals requires not only planning but some sacrifices as well…. Next week, best wishes. ( firstname.lastname@example.org )
*The columnist teaches at Dar es Salaam University College of Education (DUCE).