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How to set financial goals for the coming year

Successful business owners know that they must set goals if they are going to achieve what they want for their business. The finances of your business are no different in this respect. If you are going to manage your business in the most financially healthy way possible then you need to have goals that will guide you in this process. Most business owners set financial goals for the year ahead of them. This allows them to plan on a fiscal year basis and chart their success over a specified period of time. Here is what you need to know about how to set financial goals for the coming year-

- Ask for help if you need to-Sometimes new business owners will find the process of setting financial goals difficult. If you are having trouble determining what you should focus on with your financial goals it can be helpful to talk to the financial professionals who work for you. Sitting down with the business manager at the bank you work with, talking to your accountant and/or tax preparer, as well as talking to your attorney can all give you insight into what type of financial goals you should be setting. It can also be helpful to talk to other business owners to find out what type of financial goals that they set.
- Write them down-No matter what type of goals that you are setting you should write them down. Studies have clearly shown that when goals are written down they are more likely to be achieved. You should take the time to not only write your yearlong financial goals down but also keep them in a place where they are highly visible. Many business owners choose to keep them with their business plan. This way you can have a visual reminder of the financial goals that you have set and you can also mentally determine how you are progressing toward achieving them.
- Break the overall goal down into short, medium, and long term goals-There is a basic foundation of goal setting that will help you to achieve the financial goals that you have set. You will need to break each financial goal into short, medium, and long term goals. This way you can make sure that you are on the right track when it comes to achieving the end result that you really want. In addition, when you have financial goals broken down it serves as an incentive as you achieve each part of the goal. Both you and your employees can be motivated by the progress that you have made which makes you only want to continue on until you have achieved the end result.
- Share the goals with your employees-Many business owners feel hesitant about sharing financial goals with their employees. However, if you do this you will find that your employees are enthusiastic about helping you achieve your goals since they feel more a part of the business. Take the time to share financial goals with your employees and be sure to listen to their input about how realistic it is to achieve them.
- Make the goal achievable-Many business owners feel that in order to build their business they need to set lofty goals. This is true even with financial goals. However, if you make your financial goals so out of reach that it becomes impossible to achieve them it will only serve to discourage your efforts. You want to make sure that you are setting financial goals that can be reached with some effort and work. While easy to reach financial goals really serve no purpose, financial goals that test your skills and that of your employees can serve to motivate and encourage everyone who is working toward them.

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