Want To Make Your Small Business More Valuable? Consider This!

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Growing a small business in today’s highly competitive, fast-paced business environment is no small task. It takes courage, tenacity, commitment, and disciple. Although your business is small, the value it holds for you is not!

A survey conducted by Staples a few years back discovered that more than 80 percent of the 300 small business owners they surveyed said that they don’t keep track of their business goals. Yikes! At least they had goals.

How many other small business owners don’t even set goals? Although I couldn’t find any stats, my guess is more than anyone would care to admit.

I’m going to venture a guess as to the primary reason small business owners don’t set or keep track of their goals—they’ve yet to identify anything significant that makes a goal worth fighting for.

Beyond the Paycheck

There was a time when my business goals gave me direction, focus, and a sense of purpose—a reason to get up in the pre-dawn hours and work long past the setting sun. My business goals were a primary contributor of value—personally and professionally.

With time, however, business goals weren’t enough. The improvement they made to the value of the business was no longer palpable. (Read more: Confessions From a Strategic Business Coach on Hidden Goals).

Bam! That’s when it hit me! The day that business goals lose their luster is the day that the value of the business begins to dwindle. Business goals, minus personal goals and objectives, are ineffective.

Don’t we all have personal goals we want to achieve? Sometimes, they become part of the “nice to have” or “wish I had” list. Most entrepreneurs refer to these as the “goals and achievements one invests in—once business goals are achieved.” That’s laughable, isn’t it. There’s always another business goal lurking around the corner.

Yet, isn’t business the tool by which to accomplish that which you want, need, and desire?

Give Personal Planning the Green light

What business owner isn’t familiar with the importance of planning—especially for the business. Add a personal plan and your business becomes invaluable!

Consider this simple exercise to turn your “wish I had” list into an actionable plan that gives your business new meaning, purpose, and inspiration.

  • What “nice to have” or “wish I had” desires lurk in the wrinkles of your brain? What personal goals and objectives are near and dear to your heart? Are you looking to build retirement? Have more time to spend with, and enjoy, your family? Is less stress and more energy important to you? How about the ability to send your kids to private schools? Hike the Camino de Santiago? Buy your first home? Purchase a second home? Recognize the things that mean the most to you—”if only.”
  • Turn the “nice to haves” into concrete goals, complete with plans and budget. (Hey, just like in business!)
  • Configure your business goals to make room for your personal goals.

Got it? Good! Now you know the business goals to set—and track—to make your business more valuable—for you!

Go ahead…make a wish!

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Testimonial

Brooke Billingsley

Vice President
Perception Strategies

Synnovatia is a strategic coaching firm that is detailed and knowledgeable about business. i have a small business that grew from $150K to $750K because of the goal setting and resources that Synnovatia provided. It saves me years of learning on my own.

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