If you operate a business, it's important you take the time to work out what your long term financial goals are. This in turn will help you understand what actions you need to take in order to achieve them.
How much money do I want to have? How much income do I need to live off? Do I want to sell my business in five years? Do I want to be a billionaire or am I happy paying the mortgage, going on an annual holiday and paying for my children's schooling? Do I want to retire at the age of 50?
As your business is an extension of your own personal wealth, you will note these goals are interchangable. If you have a business partner/s, their goals will need to be taken into consideration as well.
Having in mind exactly where you want to be financially five years from now, will help you achieve it.
If you haven't written it down or worked out what you want your financial position to be like, then how can you put in place the steps to achieve it?
Start from the top and work your way back
By working out your long term goals, you can then work your way back to the present time and put in place actions and targets to meet them in the future.
Goals + Plans + Actions = SUCCESS. Setting your goals is the first, but an important step. It is difficult to put into place plans and actions without knowing what you first want to achieve. All three steps play an important plan in setting a financial strategy.
Need help? Sadhana Consulting can help you set a long term financial strategy for your business through their Financial Health Check offer. Contact Us now for a free 30 minute consultation to find out more.