Goal Setting – planning for success
MB+M Business Services Team talks setting goals, building an action plan, and living the life you want
At MB+M, we help clients identify their business goals and plan for success by setting goals in yearly increments to help them achieve what they want out of life. This can be an insightful task to do because it is not always about what the business is doing, but rather what the individuals would like to achieve and how we can help them get there.
Having your goals clearly set out and defined can help you realise what changes need to be made, or if your business can continue the way it is currently going to help fund the lifestyle you want.
Back to basics
Creating a budget, identifying your goals, and setting criteria is not something most people like to do
very much, but it is the one thing you need to be able to do if you want your business to excel. You need to define your goals before you can reach them. Do you want to educate your children at a private school? Go on holidays? Purchase a holiday house?
According to a study by Dr. Gail Matthews (a psychology professor at the Dominican University, California), if you write down your goals you are 42% more likely to achieve them. Thinking about goals is a good way to generate an idea but thinking about it for too long will trick your brain into believing it is done. Therefore, it is crucial to write your goals down.
Once you know what you want to achieve, you need to have a game plan.
Planning for success
Meet Max and Michelle, MB+M’s fiction couple. They are local small business owners who have strong ideas about the type of life they want to live, but they are unsure how to grow their business for them to get there.
Max and Michelle were having a difficult time growing their cash flow and profit, and were seeking advice as to how to improve the two whilst maintaining customer loyalty and satisfaction. They came and spoke with one of MB+M’s business strategists to formulate a plan to make their dreams become reality.
Max and Michelle sat down with their MB+M business advisor, Natalie, and discussed their goals and concerns. After Natalie reviewed their needs and situation, she made a series of recommendations. Under Natalie’s guidance and exploration of various scenarios using MB+M’s strategic software and tools, they chose to make 3 changes to their business in the upcoming 6 months. They were delighted to discover their business was forecast to increase profit and cash flow whilst predicting the possibility of losing some clients due to the changes. Max and Michelle could make small changes that helped provide positive change to their business allowing them to fulfill their dreams!
MB+M can help get your business back on track
Knowing your business’s strengths and weaknesses allow you to know where your business stands, and you can focus on areas you need to improve or grow. At MB+M, we help create a strategy incorporating all the relevant information, so you know all the facts.
What daily small changes can you make in business to ensure you live the life you envision? MB+M have helped many small businesses in the GV identify and set their goals and come up with specific strategies relevant to their business so they can live the life they want.
Please call us on (03) 5821 9177 to discuss how MB+M can help you and your business thrive.
Published 3 November 2022.
The information provided in this article is general in nature only and does not constitute financial advice.