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Steps to setting financial goals

checkbox63308153.jpgThere are many difficult things in life that can be accomplished by taking a step by step approach instead of trying to take on the whole thing all at one time.Setting financial goals is one of those things and it is much easier to set financial goals if you follow an outlined pattern instead of just trying to do it all at once.Here is some help to get you on the right track for setting your financial goals.

Many counselors and professionals in the business will tell you that a goal isn't really a goal until it has been written down.This is true in the fact that many people set a goal and then after only a few days or weeks forget about it as it gets lost in the daily grind.It is less likely for this to happen if you have it written down and in a place where you can see it regularly and refer to it often to help inspire you.Writing down the financial goals for your business is one of the first steps that you need to take in the process of accomplishing them.Take the time to be thoughtful and write them down in a way that will make them memorable.It doesn't need to be an art project, but they do need to be put in a place that is prominent and where you will see and think about them regularly.Writing down your financial goals also helps you to visualize them and get a better feeling of what it will be like when you actually accomplish the goal.

The goals that you make should be specific and quantified so that you will actually know when you have reached your goal.Something that involved words like `improve' or `more' is probably only going to get you that far.Using abstract terms doesn't serve anyone and will probably leave you feeling like you aren't really getting anything done.Make your goals specific enough that there will be no question at the end of the period if you have actually accomplished the goal.Keep in mind that circumstances change and that goals can be adapted to fit current and changing needs.But this should never be used as an excuse not to set a specific goal.Setting goals in this way can be difficult at first, but the process becomes easier as you use it more and make successful attempts at your goals.

No matter where you are in your business you should then set timelines to your goals.Set short, medium and long term goals so you will constantly be striving to accomplish something.The term of your goals will depend on you and how long you hope or plan on being involved with the business.One other thing that many people forget when setting goals is that they need to be realistic and achievable.This means that if you have two stores for your business and it took you five years to get to that point, it is probably unrealistic to expect to open five more stores in the next two years in a bad economy.Goals have to be ambitious and challenging but also need to be based on reality and current conditions or the way conditions can be made the way you want.Starting with smaller goals and then working up to bigger goals is a great way to learn the goal setting and achievement process and can also be used as a way to build personal confidence in your ability to make good goals and to reach them.When you are setting and evaluating your goals, you need to make certain that you are committed to achieving them and that you will succeed.

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