As Business owners we all look for tips on how to achieve business success – and there is a lot of “advice” out there! So what do some of the ones who have achieved 6 and 7 figure incomes and wealth advise?
Brian Tracey expounds the concept of SMART Goals and says there are 7 SMART Goals that are key to achieve business success. He writes –
The method of SMART goals (an acronym for the 5 steps of specific, measurable, attainable, relevant, and time-based goals) is one of the most effective tools used by high achievers to reach their business goals consistently.
The “SMART” model of goal setting:
S = Specific
M = Measurable
A = Achievable
R = Relevant
T = Time-bounded
Once your business goals are SMART, break down each goal into a specific, clear tasks and activities needed to accomplish your goals. It’s important to periodically review your goals and make adjustments if necessary. Goal setting for your small business is an essential tool for business success.
Accomplish Business Success
To accomplish business success, develop the habit of negotiating more effectively to get higher prices when you sell and lower prices when you buy. A good negotiator can save or gain 10%, 20% and more on every financial transaction. Set SMART goals that each dollar saved or gained is additional money that you can put away to accumulate and grow in your financial fortress account. Develop the habit of asking for higher prices when you are selling and asking for lower prices when you buy. Set SMART goals and develop frugal living skills. Ask for lower interest rates. Ask for better terms and conditions. Ask for immediate payment when you sell and ask for deferred payment when you buy. Ask repeatedly. Ask pleasantly. Ask courteously. Ask expectantly. Ask confidently. But don’t be afraid to ask. Ask for what you want, and if you don’t get it, ask for something else. When people make a lot of money quickly, as the result of success in the stock market, breakthrough, a business success or an invention, the story gets into the newspapers and magazines. But this is precisely because great financial success in a short time is so unusual.
SMART Goals for Business Success
- Make a decision today that you are going to accumulate more than a million dollars in the years ahead. Write it down as one of your SMART goals, make a plan, and then do something toward achieving it every single day.
- Conduct a complete financial analysis on your life; determine your net worth, your income and expenses, and your future possibilities by setting SMART goals.
- Open a special financial fortress account and begin putting money into it at every opportunity; never spend this money on anything except investing and growth.
- Get your financial life organized, with proper estate planning and insurance, with a family limited partnership to protect your assets.
- Begin practicing frugal living by saving a fixed percentage of your income each month; practice the wedge theory and save 50% of every increase from this day forward.
- To create business success and investigate before you invest; learn every detail of the business, and be sure you thoroughly understand how your money is to be used and how it will be returned.
- Practice frugal living habits in all expenditures; never buy new if you can buy used, never pay full price if you can negotiate something better, delay all major expenditures until you have had ample time to think about them. “Go out and buy yourself a five-cent pencil and a ten-cent notebook and begin to write down some million dollar ideas for yourself.” (Bob Grinde)
Loral Langemeier writes about success by hitting many home runs –
When I was talking to a member of my community at one of my recent Big Table events, he asked me:
How do you and your partners hit so many home runs?
Now, he was obviously talking about “business home runs.”
My partners and I routinely get big returns on our investments. Heck, we’re in the process of selling an oil investment now that’ll net us each at least a 40% return.
We make stuff happen like that all the time. Big-time moves that give us a big-time return.
Investments, buying franchises, partnering for JV’s, trading, rental properties…big bucks coming in through multiple avenues.
For those who think Live Out Loud is my only lifeline, you couldn’t be more wrong, honey.
Yes, spreading financial and wealth education is the mission my team and I carry out through Live Out Loud, but it’s only one of the cash cows I have in my stable.
And when you’re succeeding or you seem to be making all the right moves, people always want to know how.
“How do you do it, Loral? What’s your secret sauce?”
I’ll tell you:
The reason me & my partners hit home runs in what we do is because we hit singles EVERY DAMN DAY.
My partners and I take a hell of a lot of swings to hit our big-time returns.
The reason we succeed so much is because we go up to bat every single day and swing like our lives depended on it.
Not secret insider information that you don’t know or a magic trick that’s reserved for a certain social class.
We just do it.
And that’s the problem with too many of you out there – you waste so much time pondering how the successful keep succeeding, how the rich keep getting richer and what they’ve been blessed with that you haven’t…
The only big secret is that to hit a home run you gotta take the bat off your shoulders and swing!
You gotta take swings, take chances, take risks.
Yeah, you’ll strike out a few times…
Yeah, some swings you think are home runs will end up being singles…
But once you start swinging often and hitting singles on the regular, you bang out home run deals more & more.
Stop talking about, stop thinking about it, stop analyzing it …
Just mitigate your risks as much as possible and take your best swing.
The worst that can happen is you miss. Learn from your whiff and take a stronger swing next time.
The biggest thing holding so many of you back (and maybe you reading this blog) isn’t failure – it’s the fact that you’re not even swinging….
Where are you at?
What works for you – are the tips by experts above working for you?
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