[Home] [Worksheet9]






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 reach.

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 will be challenges to myself. I also am starting to understand that these goals will affect my future actions, in fact, once I have made my 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 will have 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 what I 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 remains just 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 myself, 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:

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 South.

I want, when the time comes, to send my children to university.

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 with the list of my objectives:

First, which of my wants (goals) can I reach within one year?

- Start my business within six months but keep my present job. 

- Quit my present job within three to six months after I start my business. 

- Operate my business from home for the first year.

- Once I quit my job, I will take only half my present salary out of the 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, if necessary.

Then I must list my family's short term goals:

- My family agrees that I should operate the business from home for the 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, we will 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 measurable. Then, when I write down my goals, I have to do it in such a way 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 $30,000.

- 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 accounts.

- During the first year, I will hire a part-time accountant.

- 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 business expenses.

- From then on, my salary will increase by 15% annually, and my 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 tax deductible.

- At the end of the fourth year, sales will have increased to more than $500,000 per year, net profits will have reached $60,000 per year minimum.

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 millionaire.

My family long term goals:

- I plan to send each of my children to Europe for one year as a university graduation gift.

- 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 more than $1,000,000 net.

- 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 attainable and 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. There are 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