Money goals for real - a 2nd look
MONEY GOALS FOR REAL - A 2nd Look
Close to the conservative end of the spectrum is where I find myself when it comes to monetary goals. A bold ego could mean violence to my goals and to my psyche when I fail. My tendency is to be reality oriented as much as I have a grasp of that objectively.
In the beginning of planning a business of any kind, that can be a toughie. It's easy to say what I would like to have. But pipe dreams don't make me money. At the beginning of the venture we have no history of experience with our business to rely on to give us direction in formulating doable goals. Therefore, we are faced with making assumptions, following common sense and listening to our gut. Sure, we can ask advice of others, but every business, even of the same types, have their own characteristics. That's not to say asking for advice is a poor idea. However, be as certain of your source as possible, If you're getting a whole lot of "me, me,me", or "I, I, I", beware. Your experience and theirs may not jive.
Oh, I know what I would like my bottom line to be but how in the world can I possibly come up with a precise, measurable goal achievable within a specific period of time? I need that time to gain a reliable history upon which to base reasonable goals.
And it is not sales numbers alone or financial reports that give me all I need. There are many variables that contribute to my money making powers and goals. Here are just a few examples: 1) My personal learning curve in mastering the training, 2) The amount of time I can block off and will devote to concentrating on my WA enterprise, 3) How willing I am to take well-considered risks, 4) How much I solicit help from the WA community to extract me from the quicksand, 5) How well I discipline my self to work independently and without supervision, 6) and etc., etc.
The main thing I want to avoid is working under a debilitating kind of desperation. At the beginning of my efforts may not be the time to cut off a current source of income in order to go "Where no man has gone before" as Captain Kirk of the Enterprise might say.
Don't bag yourself with the likes of "My rent is way over due and my kids haven't had a decent meal in 3 weeks. My heretofore obese wife is giving her bowl of rice to the kids. If she were to venture outdoors in a 10 mile per hour breeze/wind, she would virtually be picked up and blown over to the other side of town. Oh, Woe is me! I'm buying scratch tickets in my feeble attempt to get by."
Monetary success should never mean hitting a plateau. It should mean consistently rising goals over time. Money begets money.This keeps up until one day you ride off retired into the sunset or go to heaven.
Your reactions are welcome. Please put a cold and critical eye to this blog. I would like to do more, but only if the community finds them useful and beneficial. Thank You. - . Al Hurley
Recent Comments
11
Al,
You covered a wide path regarding goals They are super important and most pros say they need to be written. You are saying they are tough in the beginning,and the influences are many - with out question. Still I think they are needed but the frequency of revisions might be a lot tighter
I like your blog and it makes us think about setting and working on our own. Welcome any future articles. Some sharpie once said goals should be SMART. S= Specific M=Measurable A= Attainable R=Reasonable T=Time to achieve spelled out.
Could you elaborate on these? Thanks Larry
Hi, Larry. thank you for your thoughtful comment. Yeah goals need to be looked at, and reviewed frequently. I would say once per month when the business owner does the profit and loss statement. They may not be revised each month, but that's a judgement call.
SMART: S - Specific - If it is not specific, it is not a well defined goal. It could lose focus and get bogged down in irrelevant trivialities. Lacking specificity would make it difficult to attain. The goal also needs to be clear and define what you intend to do.
M - Measurable - An isolated $ figure is not enough. It should be measured against something outside of itself. It tells you where you are at at in relation to the goal itself. Measurability gives you proof of success or failure to achieve, and by what measure .It ties in with the Specific above that states what you are going to do because that is what your performance is based on.
A - Attainable - Goals need to be as realistically reachable as possible; challenging, but not out of reach. In order to be working with a sense of reality, your business planning needs to be structured on your skills levels and all that affects your business, including, competitors, means of attracting customer, your competitive edge, and skills in using tool like autoresponders, WP, social media, your level of training and experience, and so forth.
R - Reasonable - For me, a Reasonable goal is one that is rational. if it is logical..Its achievement follows a path of reason from premise to conclusion.When this happens, the chance of arriving at the goal is greatly enhanced. And, of course, this master of the obvious states that to not be reasonable is to be unreasonable and that's just awful.
T - Time to achieve - A realistic time frame to reach your goal is essential. It creates an urgency that gets in the way of procrastination. The vision of your goal is always kept alive by its rewards. You need to know when to expect the joyful outcome of your labors.and to stay motivated and true to the path.
Holy cow, Larry, you asked me for a comment and have made me write a blog. Hardly sounds fair. But that's OK; we're still friends.
- Al Hurley
Al = Great job elaborating on the SMART goals. If possible, I think you might be almost as windy as I am. Larry
Yes, I did write down some basic money goals at the beginning, but I also had other reasons for doing this, like flexibility. I can't compare myself to everybody else because I have back problems and a tremor. The most important part is laying the foundation, eventually you will find a way to make a steady income. Any business can take awhile before making a profit. I am thankful to the WA community, because I can learn at my own pace and ask for help when needed.
Hi Starcreator, Thanks for your comment. Right on! Starting out we need a plan. if for no other reason to save much trial and error. But no business plan should be written in stone. Flexibility is crucial because as our experience with the business progresses we always find need for adjustments. Given the amount of assumptions we need to make, that is inevitable. Who wants to beat their head against a stone? i don't.
By the way, I don't know if you are male or female, But I find your name, Starcreator, very creative. Have you considered an AKA, maybe like Holly Wood?
Keep in touch. - Al Hurley
These are good points Al, for some it is a hobby and they are not stressed like other people are. If you are desperate for money and cannot pay the bills then maybe your best option may be to get a part-time job for a while at least. Lots of people have given up because of financial pressure, and are probably disappointed and saddened by the experience.
Hi, Con. Thanks for the reply. I'm sure many people begin their experience with WA considering it a hobby, at least to begin with. It might be likened to sticking your toe into the ocean before taking the plunge. Hobbies many times reap $ benefits. And goals for hobbies apply. Why not? Even a hobby is ultimately more satisfying if planned. You succeed faster in anything if you have a road map.
Con,I recall that you have a sales background. Would you be interested in a series of blogs on Sales Process and Dynamics? That marries the sales mechanics with the psychological. It dovetails perfectly with Internet Marketing and WA. I'm thinking about it. Let me know. Thanks. - Al Hurley
You make some great points. My only cold eye would be that people all have different triggers or motivation. I fully understand your points.....but for me personally, I'm still treating WA like a really fun hobby that hopefully turns into a financial positive situation. And I do that because I have a full time job right now that pays all my bills. BUT if I suddenly lost that job, the amount of effort and passion I put into WA would increase 10-fold. If I knew I had to make some sales to be able to feed my family then instead of spending an hour or two here and there on my niche sites, I'd be spending 4-5 hours a day on them.
I vote that you continue to share your blogs with us. Great reading!
Hi, Bradgro. Thanks much for your reply. Your operative words: fun, hobby. I'm with you, especially on the fun part. I don't believe in "work". The word connotates drudgery. Fortunately, I have always been able to do those kinds of things that are enjoyable and challenging. These occupations do have moments of difficulty, but all in all they are satisfying and fun. Otherwise I wouldn't do them, unless circumstances left no choice. And believe me,, WA is FUN. Let's do more.
Take care of yourself. You just might turn you hobby into a retirement nest egg. - Al Hurley
See more comments
Tremendous writing!