Long Term Business Goals
long term business goals
Investing in your Business Now Has Long-term Benefits
Hearing a friend of mine talk about the stock market always provided me with a refreshing view of optimism. When the stock market was down, he would proclaim with great conviction, “It’s a great time to buy!” When the stock market was up, he would proclaim with equal conviction, “It’s a great time to buy!”
While I understood the truth to his words, I was still left wondering, “When is it not a great time to buy?” Yet, my friend’s advice had little do to with the current snapshot of the market. Instead, it embraced the bigger picture. With his experience and wisdom, he knew the long-term plan and goal was more important than the current state.
Many times, people look at their investments in the stock market, see that they are on the way down, and panic. They immediately take out their money and put it into investments that are safer and have less of a chance of losing money. On the other hand, when the stock market is going up, they see the profits on paper and immediately take out their money so they can realize these profits. They don’t realize that these quick decisions and changes can be detrimental to their long-term investment plan.
In your business, every phone call, networking function, and extra hour put in is an investment. Like the stock market, this activity can fluctuate, and these ups and downs may trick you into making immediate and drastic changes. However, you must remember that your business, despite its current state, relies on your continuous investment for your desired long-term plan.
You may not think of all the elbow grease you put into your business as an investment, but that is exactly what it is. In fact, your time and energy are as much of an investment as real money. You should approach these business transactions the same way you would if you were a responsible and savvy investor, with the big picture in mind.
As any investment strategist will tell you, you must sit down and map out your long-term goals before starting any investment regimen. Like money, you have a finite amount of time and energy you can invest in your career portfolio each week. Therefore, you need a plan of attack in place before you start to invest. You need a way to make decisions as things around you change, the same way a financial advisor uses particular metrics to make sure every dollar is being maximized in the ever-changing marketplace.
Clear no less than one full day each quarter to sit down with yourself, your colleagues and your employees. Determine a set of responsible benchmarks to be attained in the coming months. Set up metrics to dictate how much time will be spent in various parts of your business. How much time will be spent maintaining customer service levels, networking and building relationships or trying to acquire new customers?
When the week comes to a close, sit down and map out where you spent your time and energy. By writing out exactly how much time was invested in different areas of your business, you will clearly see which areas need more attention and which ones need less. You’ll be surprised at how much time and energy is being wasted in obviously poor categories, and how simple modifications can bring dramatic, positive results.
It can be tempting to look at the present situation and want to take evasive actions or make changes in how you invest today’s time and energy. At times likes this, it’s necessary to look at the broad picture. Have faith in yourself, your products and your company and stay true to the course that is ultimately right for you. Now is a great time to invest.
About the Author
Tom Richard is a speaker, writer and trainer who has dedicated his life to spreading the joy that comes from selling and marketing in a natural and enjoyable way. He is a syndicated business columnist who conducts more than 50 seminars each year. For more information on training opportunities or to subscribe to his weekly newsletter, visit www.boltfromblue.com.
What is a good small business?
I’m currently employed in a large IT company making about $65k in Northern Virginia. I currently hold active Cisco Certifications such as (CCNA, CCDA, CCVP) and a Bachelors in Computer Science from George Mason University. I can afford to put down anywhere around $5000 – 10000 in the business. Lately I have been wondering if i can make a good long term goal to slowly develop a business in which over next 5-6 years it grows enough so, that i can quit my field and make at least same amount of money in it and still have enough time spend with my family(wife / kids).
Please provide any intelligent suggestions you may think off. I’m not too keen on following businesses (real estate, pornographic websites, etc). Please provide realistic and do able suggestions on which i can actually make living for my family. Thanks 
You have a pretty good back ground in what your doing now. There’s a lot of different things there. Some of the posters gave some ideas using your back ground. I gave them a thumbs up for that.
Another route you want to look into that can give you the same income opportunity as any traditional business and don’t have a lot of start up costs. That’s starting up a business and run it out of your home. Cuts the cost of purchasing or leasing a building, plus the utilities in that, and all the equipment needed for the office part of it. If you already have a computer, a phone and transportation, then your pretty much set to go into business. Not only that, but just about everything in your home that you use daily are tax write offs. There’s no difference between a traditional business and a home based one except the expenses are cut to a fraction of what it costs to operate a business.
I know many people who have a business and run it out of their home in many different industries and do very well. You have the time frame down, pretty much on how long it will take to grow your business enough to quit your feild and make at least the same amount of money you are now, if not more. Having a business gives you the “opportunity” to make what you want. Some people have been able to quit their careers in less then 5 years. Most everyone I know have done that between 3 and 5. 5 years is a realistic goal.
I can’t guarantee that you’ll do that, but the opportunity is there for that to happen. It all depends on what you do with your business and how you run it.
I know a lot of people who are in the telecommunications industry that do incredibly well. That’s because the market has been and will always be in high demand. Basically what they do in their business is help people save money on services that they are already using and paying for, put people onto new services that they don’t already have. Upgrade and extend cellular phone contracts and put people onto new cellular phone contracts. They market in Local and Long distance telephone services, Internet, digital and video phone services, Satellite TV, as well as all major cellular phone providers. With places like Verizon, T-Mobile, AT&T, Sprint, Altell, Nextell etc. Many different ways they run their businesses out of their homes. So that’s one idea in which I know many people who do make a very good living with this.
Good Luck to you!
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