How to Set the 3 Financial Goals for Your Business
Most small business owners either do not consciously set financial goals for their business, or they set goals only in one area (revenue/profit).
In today's video - Set the Right Money Goals for Your Business - you learn how to set your business goals in the 3 most important financial areas.
Have a pen and paper/notebook with you.
Make sure to watch the video till the end, and post a comment in the comment box below... This is an IMPORTANT commitment for your business growth.
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Loved to watch the video. Valuable content! I don’t have a business right now. But you Nisandeh & Vered are forever in my heart, you live your dreams that’s mega inspiring. I have learned so much from you.
My business goals for the coming year:
– Working income: € 100,000
– Passive income: € 20,000
– Value of my business: € 10,000
Thanks for sharing your money goals with us Ben and inspiring others to do the same…
Curious to know what would be your first steps towards those goals?
Realizing I have passive income besides my working income made me happy.
I only have to improve my passive income strategy to become financially independent.
The worth however of my company is practically ….. zero.
Because like you said in the video if you are the business …
That is going to be the challenge.
Thanks Tine for your honest and open comment.
Curious to know what ARE your goals for this year?
As for your business value…One of the best ways of creating value to a business is having systems in place and procedures that anyone can follow… that creates a SYSTEM that can work even when the original owner is out of the business..
Think about that…
Funny working income and passive income I can handle the worth business is something I am not thinking of. I understand the why for it. But right now I am glad when I have working income anyway and this time makes me think how I can create passive income.
Working income for this year 15000 /20000 depending of how many days I may work. I have made sure with other work that I will earn at least 6000
Passive income this goal I will set for in five years 50000 by selling online programs do in/ qi gong
The worth of my business as far as I can see right now will be 0 but we have the idea to make a center where people can come for qi sports( aikido, qi gong) qi health (qi gong, acupuncture,shiatsu) so when I dream big for this goal we have a qi center where several people are working that will be worth money. For me is being an entrepreneur an challenge because I am an entrepreneur because I can’t do the job I most like. The entrepreneurship gives me the biggest lessons in life.
Thanks for reminding the different money goals. We have set last year a fourth one making decisions that reduces our expenses with 500 euro’s a month so we are no longer depended of tax rules to be able to pay for our house. And we are paying off the house. Thank you again.
Thanks for your valuable and honest comment Japke.
I know that, right now, it seems that your business value is 0, but when you start thinking about this goal, you might find ways in creating value for your business that would go beyond YOU.
As you know… Where attention goes, energy flows and results show…
So if you put your attention on this goal, things could show up in your life that could lead you in creating value for your business.
One of the best ways of creating value to a business is having systems in place and procedures that anyone can follow… that creates a SYSTEM that can work even when the original owner is out of the business..
Think about that…
In 5 years from now:
– my Working Income is € 75.000,-
– my Passive Income is € 50.000,-
– my Business Worth is € 1.000.000,-
The end of next year my Working Income is € 50.000,-.
Thanks Manny for your valuable input and sharing your business goals.
Would love to know what is your goal for your passive income for the end of next year? Also, your Business value what would be your goal for that…
My business goals for this year:
1. I found someone who wants to pay the amount I have in my head for my business when I sell it in 2024.
2. At the end of December 2021 I have an amount of € 10.000 on my business saving-bankaccount.
3. My life-testament is made.
Thanks Simone so much for this great and honest input.
What would be your first steps of actions towards each of those goal, curious to know?
Thank you for reminding me of this Mindset. ?
I understand what you’re saying, Nisandeh in the video. Still I make my own choice to keep on working for time = money because I simply love doing it (interpreting in Dutch Signlanguage) and there’s no system right now to allow doing this as entrepreneur (all arranged by the government)
However, for my part that I am working in a starting business (giving webinars) I’d love to see money come in that way.
So, for 2021 my goals are:
working income: 50.000
passive income: 20.000
no business worth right now
Thanks so much for your honest and valuable input Katherine.
Loving what you do is a MUST when you’re an entrepreneur, so don’t change it… However if your business will always be depended on YOU doing the work you’ll not be able to make that business worth anything… Start thinking how you can make your business worth something even if you’re not in it…
Sharing some of the insights of the business bootcamp (goal setting for instance) with a group of young people from the townships of Cape Town (SA).
Grateful for the energy that Nisandeh put into it and I am able to use it in this somewhat different way.
Thank you for your contribution Paul.
Wonderful to hear you’re able to share those insights and spread it around the world.
OK here are my goals for 5 years.
1. working income: 0.
2. scalable income: (I mean income that I make that is NOT attached to my time): 250k.
3. worth of my business: I have no clue how to estimate that, but let’s say that a business that has a 250k turnover is worth 4 times, then it’s worth a million. but maybe this is wishful thinking. no clue:D
1 year:
1: working income: 15k.
2: scalable income: 35k
3: worth of my business: 10.000 euro (the value will probably be in the list)
Thanks Gerdy for sharing this with us.
Would love to know what would be your first actions towards it?
I’m gratefull To have seen this video and I will keep it in mind the moment I wIll start my own business.
interesting to see how far I have come since the first business bootcamp. I am doing great actually!
still a ZZPer, but have a good team of loyal people to work with.
I have adjusted my goals to the next 5 years and next year.
let’s make another great 5 years!
That’s so great to hear Hans.
Well done for implementing the lessons of the Business Bootcamp.
Curious to know what would be your goals for the next 5 years…