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| Brian Tracy |
7 Key SMART Goals to Achieve Business Success
Every newspaper and magazine seems to have an article or
story about someone who has set SMART goals and acquired business success as
the result. What others have accomplished, you can accomplish as well, if you
just learn my seven must know SMART goals and develop key frugal living habits.
An important habit that wealthy people develop in business success
is adopting a habit of frugal living and of carefully considering every
expenditure before they make it. This involves setting SMART goals and
getting as much information as possible on the various prices and costs
involved in any financial decision. The power is always on the side of the
person with the best information. Once you learn and practice the seven SMART
goals that I’m about to teach you, you too will accomplish business success and
develop million dollar habits.
SMART
Goal Setting
The method of SMART goals
(an acronym for the 5 steps of specific, measurable, attainable, relevant, and
time-based goals) is one of the most effective tools used by high achievers to
reach their business goals consistently.
The “SMART” model of goal setting:
S = Specific
M = Measurable
A = Achievable
R = Relevant
T = Time-bounded
Once your business goals are SMART,
break down each goal into a specific, clear tasks and activities needed to
accomplish your goals. It’s important to periodically review your goals and
make adjustments if necessary. Goal setting for your small business is an
essential tool for business success.
Accomplish
Business Success
To accomplish business success,
develop the habit of negotiating more effectively to get higher prices
when you sell and lower prices when you buy. A good negotiator can save or gain
10%, 20% and more on every financial transaction. Set SMART goals that each
dollar saved or gained is additional money that you can put away to accumulate
and grow in your financial fortress account. Develop the habit of asking for
higher prices when you are selling and asking for lower prices when you buy. Set
SMART goals and develop frugal living skills.
Ask for lower interest rates. Ask for better terms and conditions. Ask for
immediate payment when you sell and ask for deferred payment when you buy. Ask
repeatedly. Ask pleasantly. Ask courteously. Ask expectantly. Ask confidently.
But don’t be afraid to ask. Ask for what you want, and if you don’t get it, ask
for something else. When people make a lot of money quickly, as the result of
success in the stock market, breakthrough, a business success or an invention,
the story gets into the newspapers and magazines. But this is precisely because
great financial success in a short time is so unusual.
Frugal
Living Creates Fortune
Most great fortunes and business
success stories are built slowly. They are based on the principle of compound
interest, what Albert Einstein called, “The greatest power in the universe.”
In fully 99% of cases where people become wealthy, it was through setting smart
goals, frugal living, and it is based on slow, incremental growth as the result
of compound interest. Through frugal living,
every dollar that you save, properly invested and protected, has the ability to
grow 5% – 10% each year. As your money grows, it compounds on itself, and grows
even more. According to Stanley and Danko, it takes the average millionaire 22
years to accumulate a million dollars from the time he gets serious about
setting SMART goals for his or her financial life. They create business
success and get rich
slowly, by setting SMART goals and gradually increasing their earning ability.
They developing a frugal living lifestyle and save more from their income, and
investing it carefully and intelligently so that it grows and compounds over
the years. You must do the same.
SMART
Goals for Business Success
- Make a decision today that you are going to accumulate more than a million dollars in the years ahead. Write it down as one of your SMART goals, make a plan, and then do something toward achieving it every single day.
- Conduct a complete financial analysis on your life; determine your net worth, your income and expenses, and your future possibilities by setting SMART goals.
- Open a special financial fortress account and begin putting money into it at every opportunity; never spend this money on anything except investing and growth.
- Get your financial life organized, with proper estate planning and insurance, with a family limited partnership to protect your assets.
- Begin practicing frugal living by saving a fixed percentage of your income each month; practice the wedge theory and save 50% of every increase from this day forward.
- To create business success and investigate before you invest; learn every detail of the business, and be sure you thoroughly understand how your money is to be used and how it will be returned.
- Practice frugal living habits in all expenditures; never buy new if you can buy used, never pay full price if you can negotiate something better, delay all major expenditures until you have had ample time to think about them. “Go out and buy yourself a five-cent pencil and a ten-cent notebook and begin to write down some million dollar ideas for yourself.” (Bob Grinde)
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