Tips on Setting Realistic Business Goals

When it comes to setting business goals, it can be tricky to find that middle ground. If you set goals that are too high, you might get discouraged. If you set them too low, you may end up bored or complacent, or disillusioned with your business. So how do you strike a balance? Here are some tips.

Set your business goals

First, you need to determine what you want. Go ahead and brainstorm – make a list as you do. Put it down on paper and don’t hold back.

Assess your list

Now, take a look at your list. Make a sub-list of steps you have to take to reach each of those goals and dreams. Are there some items on your dream list that involve steps you can’t take? If you cannot take the steps necessary to achieve that goal, then it needs to be modified or removed from your list.

Strategize

As you are making your sub-list of steps, you need to develop definite strategies for those items on your dream list that are achievable. Being able to see what is necessary to achieve that dream can help you decide whether or not to pursue it. The strategy may in fact be doable, but you need to decide if you’re unwilling to take those steps for personal reasons. That is fine; it’s your list and your goals.

Go ahead and don’t judge yourself – if you can’t/don’t want to adopt a certain strategy for your own reasons, then cross that goal off the list. The point is to narrow things down.

Timeline

Determine a timeline for your goals. Do you need to make more money right now, as in this month? Or do you have more long-term goals, such as eventually quitting your day job? On your master list, write down your timeline. This will help you further narrow things down – if the goal can’t be reached within your allotted time, then it doesn’t belong on your list of goals.

Know yourself

One of the keys to succeeding is to be really honest about your strengths and weaknesses. Sometimes we think we can do it all, or do anything…and other times we think we can’t do anything. Neither of these extremes is likely to be true! If you can, ask others what they think they can see you doing.

Once again, break out your pencil – list things you like to do and abilities you feel confident about. Just about any skill or attribute can be channeled into helping your business succeed.

Setting realistic business goals is an important process on your road to success. These list-making exercises can help narrow down your goals and keep them realistic and reachable.

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