What does it take to be successful in business?

May 2019

A key ingredient is to focus on the people behind the business. 

As business owners, budgets and performance targets are constantly set, analysed and compared to actual results as they are achieved.

This is done as we know that businesses may not perform to their potential without these plans in place. But what about you? What about your own personal goals?

Although it may be cliché to set some ‘new year resolutions’ and goals – the absence of these can result in another year ticking over without any progress being made toward your personal success, wellbeing and happiness. 

Not having an inward focus on yourself can in turn impact the success of your business.

As advisors, we want to know what your personal goals are. What does your ideal future look like and what is a future you want to avoid?

If we can understand this, we can help to track and encourage your progress towards them. Knowing your personal goals allows us to understand the big picture and tailor our advice to maximise both your personal and business outcomes. 

Here are some top tips for goals setting and a goal setting process:

  1. Break your goals into social, leisure, family and career 
  1. Understand and document your macro goals within each of these, as well as the future to avoid
  1. Stop there!

Now you have your macro goals and plan, the key is to break these goals down into mini goals – this is the process or system.

This is the critical element and is often overlooked, as achievement has little to do with the goals set, but has everything to do with the process and system followed.

For example, as a business owner your goal may be to successfully open a second location. Your system is how to evaluate and secure the right location, raise capital, recruit, market and roll-out your business. 

Interestingly, once a system is in place, even if you were to completely ignore the original goal set and just follow the system – the goal will likely still be achieved. 

Compare this to a business plan, where you set your business goals and overall plan, followed by measures and systems to achieve these.

Once rolled out, many of your staff are not aware of your macro plan, but they know the systems (processes, budgets, KPIs etc) that are in place. And without knowing the plan and only following the system – they work to achieve the business goals.

The bottom line is goals provide the direction, but systems and processes produce the result. 

So once your goals are set, break them down into smaller goals (if need be) and then set some simple daily or weekly tasks along with a system to reach those goals. 

Finally, the last element in achieving the goal is discipline. As business owners you have succeeded by exhibiting discipline and a commitment to your business.

As the initial enthusiasm of a new goal wears off, the challenge is then using that same discipline to adhere to the systems and processes you have built to achieve the goals above. 

Having the conversation about your own personal goals is the first step. Let’s start the conversation now.

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Topics: Business, Income, Small to Medium Business, Personal Income

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