GOALS INSTEAD OF DREAMS!
So far, I have passed all the tests to my own
satisfaction, now I
am ready to transform my dreams
into practical goals.
First, I need to ask myself, what is a goal or objective.
A goal (which is the same as an objective) can best be described as
a desired result, a destination I want to reach by taking
one or more sets of actions. It is important that a goal or objective be
both attainable and measurable.
Goals must be set in time:
Short term goals: will take up to one year to reach.
Medium term goals: will take from two to five years to
Long term goals: will
take more than five years to reach.
These time sets are
terms generally recognized in business.
From the above I see that the goals I will set for myself
challenges to myself. I also am starting to understand that these
goals will affect my future actions, in fact, once I have
choices, I will want to reach these goals and will then take all
the necessary actions to reach them.
I also know that there are so many types of goals, that I
to be very careful in my choices. I will choose the goals that I
know I can reach. It is now that I must write down exactly
want to do with my business projects and where I want these
projects to take me.
The advantage of a goal over a dream is that a dream
that, while a goal demands action, is reachable, can be
measured and is set within a predetermined time limit.
Before I start listing my
goals, I must ask myself, what am I
really looking for in
starting my own business? What's in it for
the family, the business?
To sort things out, I first
must list all the things I want for
myself, my family and the
business. Here are some examples of what
I want to quit my job and be my own boss.
I want to move out of my apartment and own my own home.
I want to become a millionaire.
I want to be able to afford a
three week annual vacation with
my family, down
I want, when the time comes, to send my children to
I want my business to be the largest of its kind in this city,
in this state, in the Country.
I want my
wife to own a mink coat and to have her own car.
Once the business is going
well I want to sell it for enough
money to provide
a comfortable retirement.
I want to
retire at 50.
It is obvious to me that my
wants cannot be all fulfilled at once.
What can I do about it?
Well, first I will sort my goals according
to my personal ones, my family ones and my business goals. Then I
will establish a time limit;
short, medium and long term. This will
permit me to tackle these
goals one at a time and in sequence.
Otherwise, I would scatter my
efforts so much, that I probably
would not be able
to reach even one of them. I am starting to see that,
with all my wants, if I do not organize
them in some order, I will
be chasing too many rabbits at once, and
I know what will happen
then. I won't catch any. So, here goes
list of my objectives:
First, which of my wants (goals) can I reach within one
- Start my business
within six months but keep my present job.
- Quit my present job within
three to six months after I start my
- Operate my business from
home for the first year.
- Once I quit my job, I will
take only half my present salary out
business for the first year.
- My wife, after talking it over, will not quit her job until the
business has been operating for one year. We have agreed to
revise this decision two months before she normally would give
in. She has agreed to keep on working for up to one extra year,
Then I must list my family's short term goals:
- My family agrees that I
should operate the business from home for
first year of operations.
- My family agrees that
we will not take a vacation next year.
- My children have agreed to having their allowances abolished,
they will discover ways to make money on their own; the boys with
paper routes, the girls through babysitting. They agreed to this
for the first year of business operations.
- The family has agreed to help with odd jobs for the business
after all their other duties have been completed. I will not pay
them for these services during the first year.
The family has agreed to
postpone looking for a house. Together,
re-examine this possibility next year.
Finally, I come to specific
short term goals as apply directly to
my business. First I must remember that goals must be attainable and
Then, when I write down my goals, I have to do it in such a
that, as I go along, I can check my business' progress.
- In the first year of operation, my business will reach sales of
$250,000, my market survey has shown that these sales were
attainable, once I devote all my time and energy to the business.
- After taking half my present salary out of the business, and
paying all expenses, the business will provide a net profit of
- In the first year, I
will limit drawing business expenses to a
maximum of $4,000.
- During the first year, I will open a minimum of 60
- During the first year, I will hire a part-time
- Members of my family
will, for the first year, help me with
paperwork and deliveries, at no salary.
- Other short term goals specific to my business.
Medium term goals
- During the second year of operation, I will pay myself 75% of my
present salary and will allow myself a maximum of $6,000 in
- From then on, my salary will increase by 15% annually,
business expenses will increase by $1,000 per year.
- During the third year, I will buy a house, through the
business, I will use the
basement for the business and my family will live upstairs.
My family goals:
- My wife will quit her
present job, no later than the second year,
and will assume the role of
secretary in the business, at her
full salary upon
quitting her present job.
- My children will not give
up their paid activities, but the
business will pay them part
time salaries, in line with their
individual services to the business. During holidays, they will
be paid full-time salaries to work for the business.
- In the third year, we will buy a house through the business.
- During the second
year, we, as a family, will take a three week
holiday, and every year thereafter.
- During the fourth
year, my eldest child will enter university,
later, the same opportunity will be
given to my other children.
My medium term business goals:
- Sales will increase by 30%
minimum per year, each of the second
through the fourth year. During this time, profits will increase
by 25% per year.
- Once I reach my present
salary, I will freeze it at that level and will increase my personal
business expenses instead, in as
much as these are
- At the end of the
fourth year, sales will have increased to more
per year, net profits will have reached $60,000 per
I am now ready to state my long term goals.
My personal goals:
- On the fifth anniversary of the business, I will give my wife a
full length mink coat.
- On the tenth anniversary of the business, I plan to be a
My family long term goals:
- I plan to send each of my
children to Europe for one year as a
- After the fifth year, my wife and I have agreed that she can stop
working on a regular basis and assume
the role of Corporate Secretary, at half her current salary.
- On the sixth year, I have agreed to move out of the house to a
separate business location.
- Between the fifth and eight year, I want to buy a country home
for my family.
Finally, my long term business goals:
- No later than ten years
from now, I want my business to be worth
- Within the next fifteen years, I want my business to be the
largest of its kind in this city.
Now, having done this sorting out of my different goals, I
findthat they are much more manageable, they appear more
I will not forget them. Writing
them down will make it easier for
me to look them up, periodically, and check on my progressrearrange them if necessary, work harder if I am falling short,
take whatever action is necessary to bring myself back on track or
increase my goals in case I reach them earlier than I had planned.
the challenges I have set for myself, now, I can look at
the future and be sure that I can meet it
with confidence because, the goals I have set are well thought out, I can, and if I tackle
them one by one, I will succeed.
Now, I can get started on the final aspects of starting my
business, because I know where I am headed and I will take the
necessary action to get
there, without wasting any time or effort.
Clarification of my goals has given me a sense of direction, a sense
of order and the road ahead appears much
simpler now. I feel good and in control. I will use the worksheets
to write down my goals, one for my personal goals, the other for my
family oriented goals and one more for my business objectives