When you think of the word workaholic, does your mind automatically associate it with the term business owner? If so, it’s normal because, as a business owner, you have the most interest in seeing your venture succeed. The ins and outs of running a business can make it easy to neglect your lifestyle goals, which are important to keep in check. As a young CEO, when you find a balance between your business life and personal life, you will truly enjoy the fruits of your labor.
Set Realistic and Specific Profit Goals
How much money is enough? What type of profit do you seek? As long as some money is coming in, it’s easy to leave the answer to these questions on the backburner for later. But, if you don’t set a profit goal, you’ll never know what you’ve truly achieved.
Your profit goals can include earning “tons” of money, making a market-based wage, receiving a good return on an investment and so on. Once you have an idea about the profit goals that you’d like to set, add specifics so you can measure your progress. It’s simpler to measure the progress toward a $20,000 profit goal than to measure the non-specific goal of “tons” of money. Then, by making your profit goals realistic, you can set yourself up for success and make plans for continued growth.
Set Realistic and Specific Lifestyle Goals
Without a personal vision, ideas like relaxing, sleeping, taking a weekend off, having dinner at home or even having a vacation can seem impossible. This is especially true if you see the time that you’re away from work as time that you’re not making money. Setting lifestyle goals is similar to setting profit goals—they need to be realistic and specific. For example, instead of hoping to take a vacation later in the year, plan to take four days off at the end of the quarter so you can go to a fun or relaxing destination. To make your goals happen, you need to create a strategy. For example, if you have the simple goal of sleeping eight hours per night, think of ways that you can make this happen in and out of the office, like by hiring part-time or contract help and practicing good sleep hygiene.
Intimately Know Your Company
Do you know how the ebb and flow of the economy can impact your business? Are you familiar with the risks that your business may face? To run a successful business, you must have a deep understanding of what you created and how it operates. Elements that you should know about your business include its current financial health and the way that it earns a profit. Take the time to learn which aspects of the company are the most profitable, as well as why they’re the most profitable, so you can act on those strengths. Look at your expenses and cash flow statements to learn how the money that comes into your business is used so you can find and tackle inefficiencies. Similarly, examine the process that you use to convert prospects, deliver products or services as promised, market and so on, so you can make your organization more efficient and productive.
One of the simplest ways to feel discouraged, unmotivated and get off track is to keep your goals to yourself. Share your goals with supportive people who want you to succeed. If you have employees, share your business goals to make them feel needed, motivated and like part of something that’s more than just their job descriptions. Share your lifestyle goals with friends and family so they can give you a nudge in the right direction when you need it. By sharing your goals, you’ll gain a sense of accountability to those who are important in your life.
True success has nothing to do with money; it’s about being content in all aspects of your life. Right now is the perfect time to take the first step to achieving your business and lifestyle goals. Grab a piece of paper, jot down your ideas and begin writing the story of your success.
Aradia Knight is the President of Aidara Inc., an online outsourced bookkeeping service firm based in San Antonio, Texas, serving clients in all states throughout the US. You can connect with us at the following:Facebook and Twitter.
Category: Startup Advice