Goal-Setting
for Highly Successful Business Owners If
you're looking to improve your company's chances for success, try
thinking of it as 5 separate businesses or divisions
Every
company, no matter how big or small or what industry its in consists
of the following five separate, but related businesses:
Sales & Marketing
Accounting
and Finance
Customer
Service
Production & delivery
Management
and administration
More
often than not, many business owners are experts in one or a
few of the divisions. Unfortunately, if you're looking
to build a gold mine business, that isn't good enough. In order
to be highly successful, it's imperative
that you know how to deal with ALL of these five
areas.
If you understand
that your company is made up of these five separate, yet related
businesses, you can set goals that focus on each specific area.
When you focus on a specific area it allows you to get a better
understanding of exactly what needs to be done in order to succeed
and grow. The technique I teach in my seminars
is quite simple. You begin by considering each one of the five businesses
or departments individually.
For example,
in sales and marketing your goal could be to increase sales $100,000
over the next 12 months. In accounting and finance, your goal could
be to hire a bookkeeper to help you with the books. Think
of at least three areas in each division where you’d like
to see improvement. Just keep in mind that nearly everything
in your business can be grouped into one of these five areas.
After you focus
on goals for each area,
identify ways you can bring a division up to par. For example,
if you want to increase your sales by $100,000, ask yourself how
this can be accomplished. If you divide $100,000 over 12 months,
you'll see that you need to increase revenues by at least $8,333
per month if you want to reach your goal. How are you going to
do
this? If you need additional sales help, write that down. The additional
help is a way to reach your goal. Do the same with each division.
Incidentally,
looking at your company as five separate divisions is also a
great
way to find out if you’re spending too much time in any one
particular area. While it’s essential that you focus on all
five businesses, human nature being what it is, people like to
focus
on the stuff they do best while ignoring the areas that need improvement.
If you believe this might be happening to you, try keeping track
of your time for a week to see where you're spending most of it.
For
instance, when you’re working on your books, designate
that time as accounting. If you’re putting together
an ad for a promotional campaign, put that time under sales & marketing.
At the end of the week, your schedule should consist mostly of production & delivery activities
(especially if you’re a one-person
operation). If it’s not, you need to find out why.
While
each company’s
activities will be spread around differently, you should limit your
time on activities that don’t directly generate cash flow.
By taking a look at where you spend most of your time, chances are
you’ll see problems in areas you’re not giving enough
attention to.
For
example, you may be an excellent worker and manager, but not
the greatest
at understanding accounting and finances. This doesn't mean
you ignore accounting and finances, it means you find out more
about
it or get the professional help that you need.
In my seminars
as well as Gold
Mine Tactics: The Business Owner's Success Manual, I
show exactly how to pinpoint specific areas of your business that
needs improvement. I then cover specific strategies and techniques
to help you meet specific division goals.
Each
one of your company's divisions, while separate and distinct, must
work together as one smooth whole. In order
to accomplish this, you need to view your company the same way
gold
mine business owners do: as five separate but related businesses.
This article may be freely reprinted on your website or in your newsletter provided
you follow these instructions.
If
you'd like more information or would like to discuss this
article personally with me, please write to
me at alex@goldminetactics.com
See
below for author information.
Start
Building Your Dream Business Today! Ever
Wonder
Why
Some
People
Fail
in
Business
While
Others
Seem
to
Have
That
Magic
Touch?
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out in:
Gold
Mine Tactics®
The
Business Owner's Success Manual
by Alex Goumakos
CPA
Insider's
Reference GuideReveals
the Winning Secrets
Used By Highly Successful
Business Owners to
Increase Profits,
Improve Cash Flow,
Pay Less Tax and
Accumulate Wealth
Alex
Goumakos CPA has over 20 years of experience helping business
owners generate more revenues, earn higher profits and pay less
tax. If you're ready to build a gold mine business, be
sure to take advantage of his complimentary ezine loaded
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Alex Goumakos All rights reserved. 
