Begin with the end in mind
Begin with the end in mind is actually the second habit of Dr Stephen Covey's 'Seven Habits of Highly Effective People' from his best-selling book of the same name.
You've made a decision to start a business and you've chosen what type of business, product or service you'll deliver. These are just the first of several important decisions you'll make.
What's the next step?
Goal-setting is a vitally important part of running a business. Without goals the business may still grow but it may not be growing in the direction and size that you want it to.
Which leads us to beginning with the end in mind.
There are a few ways to consider how this applies to the goals you set for your business:
- What do you want to achieve with your business?
- How large do you want it grow?
- Is it a business that you want to operate yourself or do you want to build a team around you?
- Do you want to sell it one day and have assist in funding your retirement?
- Are you building it so that one your children or family members can have the choice to take it over?
- How much money do you want your business to generate?
- What sort of lifestyle do you expect your business to provide you?
All these are important and valid questions that you need to consider.
Begin with the end in mind as you write down what you want to achieve through your business.
Write down where you would like your business to be in:
- 3 months
- 6 months
- 1 years
- 3 years
- 5 years
- 10 years
Once you have done this, work backwards with each time-frame.
What steps do you need to take to meet what that picture of your business looks like for you?
There is an old saying, "if you don't know where you are going, any path will take you there…".
Work out the best path to get you where you want to be.
- Begin with the end in mind
- Write down your goals (SMART: Specific, Measurable, Attainable, Relevant, and Time-based)
- Know your path
- Put the effort in
- Monitor your efforts
- Revisit your goals regularly
To your success!