Personal Goals

The thing about small businesses is this. The business owner and the business are one and the same (sure, you have incorporated or set up an LLC to legally separate yourself from the business). But, the business exists to satisfy the needs of the owner, and the owner is crucial for the business to succeed, or even exist.

So, business goals are meaningless until and unless the owner has set her or his own personal goals. Unless the personal goals are understood, set, and met, the business is more or less not relevant.

Before putting together a business plan, a vision statement, a mission statement, or setting goals for the business, the owner needs to ask (and answer) these questions (the answers, as with all goals should be written down and from time to time reviewed and modified):

1. What are my values – what is really important in my life? Monitary wealth? Relationships? Family? A big house? A big boat? Serving my community? My church? Being liked by others? Controlling others? Building an empire? Being indepdendent? Making the world a better place? The environment? Creating jobs? (this is not an exhaustive list)

2. What are my financial goals – this month, this year, in five years?

3. What are my long term personal goals? To raise a family? To retire at 50? To travel the world?

4. How do I want to spend my time? What percentage at work? What percentage with family? What percentage doing other things that are important to me?

I find it helpful to write down my goals and post them next to my desk so I am constantly reminded of them, and can measure how close I am to meeting them.

Only after a business owner understands his/her own goals can the goals for a business be developed. More about that another time.

Will Limkemann
Limkemann Business Advisors
440-871-0976
www.neobizadvisor.com
will@limkemann.net