From ‘Just Getting By’ to Growth and Surplus: How to set goals based on market potential
When we work with business owners, one of our challenges is helping them to break through their own limiting beliefs. Interestingly, when we drill down to the why behind starting the business, often its big picture related. They wanted better work/life balance, financial freedom and the chance to create a successful business that can be sold at a fantastic price down the track after all their blood, sweat and tears.
Yet what happens is that along the way, the big picture is forgotten. The business owner becomes consumed with the day to day running of the business. So much so that their goals suddenly shift from blue sky to just making enough to cover living costs.
These limitations mean they don’t grow fast enough, they don’t generate sufficient surplus, they don’t build wealth and they are constantly feeling that cash is tight. They are on a merry-go-round that has the potential to end in closing down the business instead of creating the financial freedom they had wanted when it all began.
Is this you? And if it is, how do you avoid falling into this trap?
The key is goal-setting. The difference is big picture and going for the dream and the incredible outcome you’ve always wanted.
Here’s how to set goals based on market potential rather than just getting by:
- Get your sub-conscious working for you
Establishing specific goals can unleash the full potential of the sub-conscious mind which dominates our mental resources. Being clear on our goals, articulating them and more importantly actioning them programs the sub-conscious to look for opportunities to make it all happen. You’re ready for success when you articulate what success looks like.
- Blue sky goals
We often see business owners who are so scared of success they self-sabotage and set goals that are a little wishy-washy. Their pull their goals back by 50% to give them a better shot of reaching the goal. But when they do that, they miss out on the remaining 50% of market potential their goal could actually achieve. It’s like running half a marathon and congratulating yourself for doing HALF the course. It’s great that you got there but don’t you really want to get to the finish line? Using tools like the ActionCOACH Dream Builder can get you thinking big and maximise the true potential of yourself and your business.
- Explore the potential
Christopher Columbus. Captain Cook. Marco Polo. Famous explorers who crossed oceans and continents to discover new lands and new potential. Imagine if they had decided that they’d stay close to shore because it was ‘safer’. It’s the same with your business. Get out there and explore market potential for your products and services and you’ll find it will end up in setting bigger goals. If what you are doing is working now, that’s great. But are you truly maximising the growth potential of each product or each service?
Only 6% of businesses have a written goal….but those 6% constitute more than 90% of successful businesses. When a business operates with a strong foundation and culture of goal setting and achievement (don’t forget the achieving part is very important), there is structure, clarity and confidence amongst all stakeholders.
It comes down to where you see your business in the future. Everyone has an end point. A destination where they see their business. By limiting the potential of the business through confused and uninspired goal-setting, you’ll end up stuck in the traffic with everyone else.
When you get clear and embrace the big vision with planning, action and positivity, that’s when the true potential of the business will manifest into wealth and abundance.
Ask yourself.
Are you resting on your laurels or building a dream?
If you are ready to build big dreams then you might want to check out the 6 Steps to Building a Better Business Workshop.
