Long Term Goals for Entrepreneurs
Every business owner dreams of success. What makes a truly successful entrepreneur stand out from their competitors is their vision. In business, having a clear vision is absolutely crucial. A business owner with no vision and goals is doomed to fail because of lack of direction. In a 2015 study, Psychology Professor Gail Matthews posited that there is a strong connection between goal setting and success. A clear sense of purpose makes it easier to identify what needs to be done to make your vision a reality.
With that in mind, what long-term goals should you establish to achieve the success you desire? Having founded six companies myself, I know what starting a business is like and the obstacles you might encounter. Below, I list down examples of long-term goals essential to the success of any entrepreneurial venture.
But before that, what is the definition of a long-term goal?
What Are Long-Term Goals?
Long-term goals are milestones that you see yourself accomplishing three to five years into the future. They take more time and planning than short-term ones. Understanding the difference between short-term and long-term goals, as well as how to develop these goals effectively, helps you monitor your progress and maintain your motivation, discipline, and consistency toward reaching them.
The Best Long-Term Goals for Business Success
It’s no secret that one of the main reasons aspiring entrepreneurs start a business is to make money. When crunching numbers, formulating revenue targets, and setting goals, it’s highly recommended to follow SMART guidelines (specific, measurable, achievable, relevant, and time-bound). Here are awesome ways to boost sales for small businesses.
Businesses thrive and form long-lasting relationships with customers because they are trustworthy and familiar. A study found that 80% of people are primarily motivated to click on search results from businesses they recognize. Building brand awareness takes time, but will reap great rewards for your business in the long run. Some brand-building strategies that will help make your business memorable include being active and responsive on social media, participating in community events, and creating a cohesive and eye-catching logo.
Expansion means your business is sustainable and steady enough to seek out more opportunities for growth and profit. A business expansion could come in the form of opening a new location, launching a new product or service, or penetrating a new market or customer base. Click here to see strategies for business expansion and to determine if you’re ready for it.
Many small business owners fall for the misconception that only big-name brands can get on the first page of Google search results. According to Moz, the first page of Google gets 71% of clicks, while second-page results only constitute 6% of website clicks. In this day and age, it’s important to have a website optimized for search engines so that you can rank when people type in keywords related to your business offering.
Long-Term Business Goals That Don’t Fit the “Mold”
Not all long-term goals have anything to do with growth and profit. Some examples that go beyond these two categories are:
Entrepreneurs may start a business with the plan to branch out into new industries. These business owners are forward-thinking, willing to go out of their comfort zone. If you wish to explore opportunities not directly related to your field or expertise, make sure that you have the necessary resources and measures in place.
Entrepreneurs, especially those who live and operate in their community, wish to make a positive social impact. Engaging in philanthropy can range from monetary donation, volunteerism, and other acts of charity. These are ways to pay it forward and do good in the areas they serve.
A Lasting Legacy
Insightful and visionary business owners also think deeply about what they want to be remembered for. Some entrepreneurs start businesses that they can leave in the hands of their heirs one day. In fact, about 90% of American businesses are family-owned or controlled.
If you need assistance in setting long-term goals for your business, feel free to get in touch with me via email at [email protected]. You may also visit my homepage to learn more about how I helped start-ups hit their milestones.