Business Mentor: Setting realistic goals for your business

Armando Bartolome

Posted at Jul 18 2020 08:53 AM

People purchase goods from the Batangas City Rural Improvement Club Marketing Cooperative at the Harvest to Goodness weekend market in Eastwood, Quezon City on July 17, 2020. George Calvelo, ABS-CBN News

A young grade school student may dream of becoming a doctor, pilot, nurse, teacher, or businessman. As the child grows up his dreams may change. 

A young mind will only have a vision of perfection. Failure is not in his thoughts. 

An entrepreneur also plans which direction he should go. Great ideas involve planning. Planning well is essential for success.

Differentiating Dreams From Goals
These two words may seem identical. Dreams occupy your mind, while goals take over your reality. This means, dreaming is like having an unrealistic vision: you may want to become the president of the Philippines. 

Although there’s just a slim chance of that becoming a reality, you still put a lot of work to prove to the whole country that you are worthy of having the highest post. If you just have this in mind and don’t do anything about it, then it will just remain as a dream.

Goals are visions you work towards. If your goal is to become a successful entrepreneur, you will do everything that you can to build a successful business. 

Setting realistic goals
Setting business goals should be realistic. Set benchmarks that are reachable without the need of any drastic measures. Every entrepreneur should set good goals. 

Setting far-fetched objectives may not help.

  1.  Be smart in creating your plans. Set achievable goals. Here these may seem easy. Ask any seasoned entrepreneur and he will readily tell you that they had to go through the eye of a needle. What did they do to overcome challenges? They made themselves worthy to be called as an entrepreneur. How? Continuous education has become a vital part of their entrepreneurial success. They never ceased learning new things that are paramount to their kind of business.
  2.  Tracking your progress. There are business software programs which may be able to help you with this. While some claim that they are easy to use, still, you should be able to understand and interpret all the data that comes from it. You should not just be seeing an increase or decline in numbers. The data represents something which you can improve or maintain a certain product or service that you have.
  3.  Hiring of employees. Set a standard when qualifying employees. Years ago, employers were more focused on the educational background and skills of the applicant. But these days, knowing the soft skills are equally important.
  4.  Launching your business. You put up an advertisement at each corner of the street where your business is and hope that people would just start rushing to your store. In a way, it can make people curious. But after the curiosity, they are expecting something grand, something that they would be interested to purchase. It is not about being ready to open because the store has been fully set-up. It is all about the products and services that you offer that you should focus on. The quality, the benefits over your competitors, price points, etc. These should be set clear all before opening the business.

Building a business is not a piece of cake. Facing everyday adversities should lead an entrepreneur to a better perspective of what lies ahead. Being optimistic about your business is okay. But always set your goals on a realistic note. Do not push yourself too hard on things that are clearly unachievable. If you think you might need help, never hesitate to ask someone for advice.

For more information, you may contact Armando "Butz" Bartolome 
by email:
FB Page: Butz Bartolome