Financial Goals – How to set them so you can achieve them!

Financial Goals – Did you just feel a wave of overwhelm take over your body?

Breathe…it is going to be okay, I promise.

I know that making goals and writing them down can often be a bit of an overwhelming task and is often something that seems to always be on our list of things to do but doesn’t actually ever get crossed off.

Not anymore. I am going to share with you how to set financial goals so you can actually achieve them and so that making new ones each month seems less like a daunting task and more like “I can’t wait to get those goals made!”

So before we start I want you to take a deep breath and let go of any negative feelings you have about setting financial goals for your business. Let it leave your brain and allow excitement for growth and accomplishment take over.

I want you to start by taking a piece of paper (or use a document on your computer if that feels better) and write down everything you would like to achieve in your business. Write down the big things and the small ones and just let yourself dream big. Even if you feel like “heck, that’s not going to happen anytime soon” – write it down.

This activity allows you to really reflect on what you want. It gives you time to allow yourself to dream about what your business can be someday.

Once you have completed your large list – it’s time to break it down. Take everything on the list and put it into 3 categories.

  1. Long term goals (the next 2 years)
  2. Short term goals (the next 6 months)
  3. Big goals (longer than 2 years)

Once you have everything into those 3 categories, I want you to start with your BIG goals. Look at each goal and think backwards. What do you need to do in order to achieve that BIG goal? What long term goals do you need to make from that big goal? What short term goals do you need to make to work towards that BIG goal?

So for example:

Your business – you own a coffee shop.

Big Goal – Open a new location

Long term goals:

  • Have the money saved in order to pay for the building and all the opening expenses
  • Hire new staff
  • Market the new location

Short term goals:

  • Put money every month into a savings account for the new location
  • Research the best locations for a new shop
  • Review your opening plan from your first shop and make adjustments for an easier transition into the new location (what steps were missed, what needs more work, what can you reuse, think about marketing)

Once you can break your Big Goals into smaller pieces they seem a lot less overwhelming. I want you to do the same thing with your long term goals from the original list. Break them into smaller ones so that you can start working towards them now!

Then once you have a list of all your short term goals – I suggest taking a calendar and planning out when it makes the most sense for each month.

Your goals may change as the months go on but having a general plan of what you want to accomplish will help you stay on track and have a greater ability to be successful.

At the beginning of each month sit down and make your list for that month of short term goals. Things you can work towards right away. Look back to the month before and reflect on what you were able to accomplish and what you need to continue working on.

Don’t forget to keep looking at those long term goals and big goals so that you make decisions in your business that will ultimately get you to where you want to be.

The last and most important piece is to remember to CELEBRATE when you accomplish your goals. Even the small ones. When you take time to celebrate all the small steps – it really helps you realize how incredible you are and that you are getting closer to achieving those big goals. So decide how you want to reward yourself – and do it!!