Is there any point of setting Myself a financial goal?

Question

I have opened up my business and i have realized that you don't make profit for a long time in a business as you need you clients first and you need to gain a reputation first before coming a strong business, so is there much point in me setting the goal as i can see now that i wont reach it?

Answer 1

There is never any point in setting a financial goal that is not achievable.

I shared a good link on the Freedly+ page today.

It explains SMART financial goals. It is a great acronym that is based on the belief that all financial goals must be:

Specific / Significant
Measurable / Meaningful
**Attainable / Action-oriented**
Relevant / Rewarding
Time-Bound / Trackable

I added another letter - I for Inspiring, giving SMARTI. On checking through Google after I posted that, I realized that I was not the first person to come up with that, and i am sure I will not be the last.

I have learned from experience, as have many other people, that success does not come from money alone. At best money is a measure of success, but a poor one. I believe freedom to live your life the way you want to us a much better of success. And that actually makes it easier to make money.

It looks like you have learned the hard way with your business that is not working. You might be able to salvage something from it, but the best thing to do is plan something better.

This could be something completely new, or it could be something related, but better. Think about the good parts of the business - can you change direction? Think about the bad parts of the business - how can you avoid these in future.

The best thing you have gained is experience. Many successful businessmen experience failure before they find success, including myself. The only truly bad experience is the one you do not learn from.

Comments

This has been a great help to me as I have now decided to ignore my goal for a couple of years now until the company picks up and is making enough money for me to see fit for us to set ourself a goal of reaching the target that i originally set of $10,000 a month that would keep to company going, which would make out about $120,000 in the first year.