By: David Rogers
Wednesday, September 4, 2019
Running a small business is anything but easy.
Between dealing with employees, vendors, customers and a million different logistical issues every hour of every day, being your own boss can sometimes feel like more trouble than its worth. It’s a good thing we love what we do!
One of the most challenging aspects of running a small business is being able to forecast the level of profit you’ll be able to attain and how long you’ll be able to sustain it. Countless external factors – the local and national economy, weather, new competition – all affect your bottom line, meaning that making accurate financial predictions is difficult to say the least.
Setting goals based on qualitative progress can often be more productive than using quantitative criteria. Just like a successful athlete or team – if you stick to the process and do things the right way, the results will come more often than not.
You should have two sets of goals when establishing your business’ plan of attack: short-term and long-term. Your short-term goals should be geared towards building and streamlining your operation into a lean, mean fighting machine and then you can think about the long-term plan and how you can grow your business at a realistic rate.