Thought for today:
Businesses that begin the fiscal year with goals and targets in mind have a vision of the future that gives them focus and clarity. As any opportunity presents itself they can easily decide on whether to pursue it, because if it doesn’t serve the end goal, they don’t do it.
BDA Tool #2:We write annual one-year business plans with definable and accountable goals & targets.
A member shares:
“I am part owner of a small private school. For twelve years my business plan was to not lose head count – and guess what? I lost head count!“Of course, the economic slowdown had something to do with fewer new students. But I never allowed myself to dream for anything more than keeping the status quo, and I think that also was a factor.“Business Debtors Anonymous encouraged me be to mindful about where I wanted the business to be in the future – especially one year. I had a conversation with my business partners and we arrived at sales goals for this year.“My ‘big, hairy, audacious goal (BHAG)’ was to have full enrollment without having to pay for advertising – and we made that goal this year, by creative free advertising, using social media, and being more attentive to prospective students.”
Examples of business goals:
If we allow ourselves to think outside of the day to day survival mode, we can usually come up with meaningful business goals. Some examples of targets can be:
- Increasing sales (“Our target is a 10% percent increase in sales year over year”)
- Improving the bottom line (“We want to cut costs so that we 5% higher EBITDA – Earnings Before Interest, Taxes, Depreciation and Amortization*)
- Marketing (Re-branding, campaigns)
- Human Resources (“a 10% increase in head count”)
- New product development
* Helpful information for business owners about EBIDTA:
Ask yourself:
If I own my own business, or plan to own one, have I set goals for the next fiscal year?
If I am an employee, do I know what my business’s goals are for the coming year?
If not, how can I find out?
Meditations for today:
Kind, patient customer service starts with kind, caring management. Business owners are most successful who treat their employees the way they want their employees to treat their customers.
The best businesses create statement built by the entire company. The mission statement is their guiding force. Values such as integrity carry through every employee when they feel encouraged and listened to.*
* Inspired by The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change
Affirmations for today:
“I will take time to understand my values and how to live by them in all my dealings.”“I am enthusiastic about my business.”
Prayer for today:
“I pray that, with the help of my sponsor, I heed the mission my Higher Power is giving me for my business.”
Great Read:
* Today’s meditation was inspired by Steven Covey’s,The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change
(Some links on this page will bring you to Amazon. If you decide to buy something there, Amazon will give us a small commission. This helps us defray the costs of running this website and does not add to your cost. Other links bring you to the Debtors Anonymous website for more information. DA is not affiliated with this website in any way.)
You must log in to post a comment.