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 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)
The Pursuit of Happiness
The philosopher Aristotle concluded, in his Nicomachaen Ethics, “The ultimate end or purpose of all human life is the achievement of personal happiness.” Becoming financially independent as the result of developing Million Dollar Habits is a great SMART goal in itself, but it is not the most important thing for business success. It is the person that you have to become, in terms of courage, character, thoughtfulness, and persistence that is most important. As the result of achieving success and acquiring financial and business success over a long period of time, you will feel truly happy and satisfied with yourself, and with every other part of your life. This is the most worthwhile SMART goal of all.
Thank you for reading my post and remember, to become a millionaire and achieve ultimate business success, you must set SMART goals and practice a habit of frugal living. To learn more about the qualities of successful entrepreneurs and the keys to building a successful business, get my FREE report here: The Way To Wealth.
To learn how to form more great habits that will lead you to success, take a look at my recent post 7 Goal Oriented Habits Of Successful People.
About Brian Tracy — Brian is recognized as the top sales training and personal success authority in the world today. He has authored more than 60 books and has produced more than 500 audio and video learning programs on sales, management, business success and personal development, including worldwide bestseller The Psychology of Achievement. Brian's goal is to help you achieve your personal and business goals faster and easier than you ever imagined. You can follow him on Twitter, Facebook, Pinterest, Linkedin and Youtube.