It is imperative to the success of any business to have defined goals in mind. Where do you see yourself in one year? Where do you see yourself in five years? In twenty years? How do you envision your retirement? We at Management 2000 know that personal goals drive business goals. Have you identified your personal goals? Perhaps you would like to increase your income? Maybe you would like to own a luxury car, or buy a larger house? By establishing short and long term goals, you will be able to plot a timeline with measurable accomplishments moving you towards your long term goals of financial security and financial independence.
Having goals will allow you to manage your efforts and resources. You will establish goals that are easily attainable, in a short period of time, leading to your eventual long term goals of maybe 20 years ahead. Although all goals are important you should always remember that the main goals are those of the long term.
Short term goals should be gradual steps toward your long term goals. When considering your short and long term goals remember that “personal goals drive business goals.”
Personal goals are the inspiration for business goals. The reason for someone to start a business is to accomplish personal goals such as: to become debt free, to become financially stable, to build wealth, to build equity, or perhaps to spend more time with family. Two key benefits of having long term goals is it allows you to reverse engineer your personal and business life to achieve those long term goals. The second benefit is it opens your mind to opportunities you would never see if your mind was not driven to achieve your goals.
Management 2000 has identified a list of areas to help you align your personal goals with your business goals in order to achieve success. This concept is called ILWED™: Income, lifestyle, wealth, equity and debt elimination.
Income: your re-occurring short-term earnings through employment and investments.
What do you envision your income to be in the next 3 to 5 years?
Lifestyle: a manner of living that reflects your values and attitudes.
What do you envision your lifestyle to be in the next 3 to 5 years?
Wealth (Building): the state of being financially self-sufficient and having a plan in place ensuring you have taken care of your short and long term financial needs.
How do you envision your wealth portfolio in the next 15 to 20 years?
Equity: the interest in assets you have acquired and built up.
What assets will you own that will provide you and your family with long-term equity over the next 10 to 20 years?
Debt Elimination: the ability to live comfortably without being indebted.
Wouldn’t it be nice to live without credit or loan payments?
We hope that we have given you a better understanding of how your personal goals play into your business goals. Defining goals that are important to you and designing a plan to achieve them, will result in your success.
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