What is your business goal? When you decided the time was right to start your own business, I’m pretty sure your goal wasn’t just ‘make as much money as possible’!
Of course, you want financial security when running a business. But was your original goal something more specific?
According to research by Xero and Small Business Britain, business owners say that being your own boss is about more than simply making money.
The study shows that 62% of small business owners want flexibility and freedom over their working lives. Whilst profit is important, business owners who responded said they set up their own organisation for more personal reasons.
Some people want to choose which days to work so they can go fishing on Fridays or teeing off on Tuesdays.
Community business goal
When the study was launched earlier this year, SME Web spoke to Jenny Lowthrop, the Founder and Director of CoWorking Corner in Matlock, Derbyshire. She is the perfect example of why people set up on their own.
She says, “Setting up my business was about so much more than the money. Instead, I wanted to contribute to the local area by building a community and a place where people can come together. I love the people who come to my co-working space and many of my customers are now friends.”
Business owners told the researchers that while there were multiple drivers behind their plans, the desire to make a difference and to achieve personal goals were higher than making big profits.
Alex von Schirmeister, Xero’s Managing Director of UK and Emerging Markets, says: “It is inspiring to see a new generation of British entrepreneurs who are driven not only about the prospect of making money but also the aspiration of achieving a good work-life balance and the commitment of serving their communities.”
What is your business goal?
Your business goal could be similar to those we’ve mentioned. But it could be something as simple as being able to use Fridays for fell walking.
The problem is that so many business owners get bogged down in running their business they lose sight of their goals. As a result, it can impact their well-being.
The Federation of Small Businesses has started a campaign to combat mental health issues among business owners as more lose sight of their goals. If you are one of those people who have forgotten your business goals, or you’re prioritising your employees over your own needs, then maybe it’s time to stop.
Help reaching your business goal
Goals are good. But the authors of academic paper Goals Gone Wild say some business owners set too many goals.
The problem is that they lose sight of their original goal and believe that setting more business-focused goals is what is needed. But they can just get in the way.
If you’re a business owner, then it might be time to go back to the start. Remember, the goal you originally set and then that will remind you why you’re in business.
Many business owners are also led by hearing about big businesses and their goals. Often, the report says, that makes the goal too corporate.
Goals are like sales targets. If they are too difficult to achieve, you’ll simply be put off. And adding more goals to those you struggle to reach means you lose focus of goals altogether.
How can we help your goal?
Not all goals are financial, as the research shows. Many business owners misunderstand the importance of an accountant to their company. They accept that accountants can help them with compliance and financial reporting. Well, that’s a given.
But at Concept Accountancy, we are as interested in you and your business goals as your finances. You see, if we understand your business goals, then we can advise how to shape your business to help you achieve them.
Many business goals are actually personal, but the business side plays an essential role. Whether your goal is to grow profits by 10% or you want to take time off to learn to play drums, we want to help.
Contact us today because we are interested in you and your business and can’t wait to hear about you.
