In our previous blog, we discussed the importance of setting personal goals to achieve a desirable lifestyle. But what’s the secret behind setting goals for your business that can also lead to successful outcomes? In this article, we take a look at some high-profile UK business leaders to see the inspiration that lies behind their success.
“A passionate belief in your business and personal objectives can make all the difference between success and failure. If you aren’t proud of what you’re doing, why should anybody else be?” Richard Branson
The importance of setting business goals
If you want to achieve business success, you will need to set practical business goals. This starts by having a genuine belief in your business and your capabilities. Most leaders create a vision of where they would like to see their business in the future. In all likelihood, you will need to set a series of goals to help you achieve success, and you will need to regularly monitor your progress along the way. This will include setting financial goals in terms of profit and turnover, as well as creating an exit strategy. For example, some people plan to sell their business as part of a retirement plan. Therefore, they would need to set a series of goals to create a robust business ready for sale when the time comes.
Other business owners, or director-shareholders, might set a series of goals relating to succession planning. This will include a plan where future potential leaders can be identified and developed to succeed existing leaders when they retire. Make sure that any succession planning is clear and agreed with all your partners. Related to that is the need to be well-protected if you or one of your business partners falls ill or passes away. It’s not a great idea to rely on passing on shares between business partners through wills – instead, you should take legal advice, which usually leads to you having a shareholders’ cross option agreement in place. Hand in hand and with that comes the need for insurance policies, so the surviving shareholders can actually afford to purchase your shares, and your family can be duly compensated. There are different types of protection available relating to the loss of a leader or key person within your business, Key person and Shareholder protection. Please talk to our team for more information about business protection.
Many of you will be familiar with the popular TV show, Dragons Den, so we thought we would see what some of the dragons have to say about goalsetting and the inspiration behind their success:
“Set goals for yourself and put actionable steps in place to ensure that you achieve them. Whether you aim to get a promotion at work or set up your very own business, these ideas will only remain dreams until you write plan out how you are going to reach them by writing down realistic steps towards hitting your targets.” Kelly Hoppen
“Passion, focus and an insatiable desire to succeed.” Deborah Meaden
“Believe in yourself, never give up and go about your business with passion, drive and enthusiasm” Peter Jones
Aligning business goals with your personal goals
Making sure that your business goals align with your personal goals is crucial, especially if you are seeking a better work-life balance, either in the present or the future. Your business decisions will have an impact on your personal life and vice versa, so it’s important to align all of your life goals.
When you started or bought your business, do you remember what your original motivations were? Are you on track to achieve the things you want from your business? Does your business have a big impact on your personal life? All of your goals need to be in balance for you to lead a happy and healthy lifestyle. Once your personal and business goals are aligned, you can then create a suitable financial plan for your future. If you need any help with financial planning, then please speak to our team.
“Believe in yourself, and make others believe in you and your ideas. Keep that up, and one day you’ll find yourself the one making the decisions.” Karren Brady
If you’re an aspiring leader, Karren’s website offers some great advice on her blog page.
Setting goals will lead to a successful retirement
Whenever you’re thinking of retiring, being able to achieve what you want from life starts with goalsetting. If you don’t have a financial plan in place that aligns with both your long-term personal and business goals, you may find it difficult to achieve your desired future lifestyle. You can also set short-term goals to help you lead a more comfortable lifestyle in the present too.
Our advice: create a vision of where you want your business to be in the future, check whether your plans and business goals align with your personal goals, and make a solid plan to help you reach your chosen destination.
For more useful tips on business goals, please see our previous blog, Setting Achievable Business Goals.
If you would like help setting business goals that align with your personal goals, then please get in touch to speak to one of our financial planners. We will carry out a financial review to help you achieve your goals and your chosen lifestyle.