Merchant Blog

Blog Article: Funding as an Element of Small Business Goal Setting

There’s nothing quite like having a goal set out in front of you when it comes to motivation. If a goal is well-designed so as to be visible, achievable but not unchallenging, and with an endpoint that is truly rewarding, it can help drive you to make strides you would have never thought possible. Case in point: your blogger just completed a challenge to cycle 1000 kilometres in thirty days. Reaching this milestone felt amazing – I came away from it realizing that my potential to go even further and faster was still expanding, and my thirst to explore those thresholds was greatly renewed.

Completing the goal was not just about pushing myself as hard as I could – in order to succeed without burning out or hurting myself, all my resources needed to be accounted for. Each step had to be plotted out and planned sensibly. And most importantly, all the work being done had to be tracked and recorded so as to stay aware of my progress.  Small businesses, too, need to establish a goal-setting style that uses these fundamental principles. Doing so allows for a business to explore its potential to expand without overreaching or losing sight of the mark. Acquiring funding through a merchant advance or small business loan can be a major part of a small business goal setting strategy, and can help your goals get closer within reach. Read on for our thoughts on this critically important process!

Make It Real

First and foremost, a goal should eventually be truly obtainable. Think carefully about what specific improvement or future idea you really want to realize for your business – this will spur the process of thinking about how you will get there in realistic ways. If the ideal path to your goal doesn’t look realistic, it may be time to re-evaluate the goal itself.

Set a Timer

Time does not have to add pressure or stress to the process of goal setting or goal achievement. In fact, the presence of a deadline or time limit can help streamline your ideas and turn them into a highly efficient plan for getting to your desired goal. Timed goal setting also helps you define progress realistically. Deciding that you want to expand your business is a fantastic goal, in abstract: deciding specifically that you will expand to 2 more locations in the next year, for example, takes much of the abstraction out of the equation. Creating a time frame allows you to make further, more strategic decisions that will form the core of your plan. With a definite end date attached to your goal, you will be more incentivized to prepare and execute each step effectively.

Track Your Progress

On my journey to ride 1000 kilometres in a month, there was a particular element pushing me to fit in just a little more riding time in a given week: a little orange bar that filled toward 100 percent as the odometer ticked upward. This simple bar, along with a broad suite of online tools designed to track a bevy of statistics from ride to ride, offered up plenty of goal setting motivation in the sense that I could see the trend of success developing over time. If a particular day went badly, I knew what I had to do to make up for the slack. And as the deadline neared, I was able to be sure sure that I was right on course. Tracking data allows you to make periodic check-ups on your progress, to break down goal achievement into more manageable steps that you can define for yourself, and gives you the feedback necessary to know for sure whether a goal has succeeded or failed (and on what terms.)

Break it Down

Goals, especially longer-term ones, benefit greatly from being approached in stages or steps. As each step is made toward your goal, evaluate it in relation to your overall plan, and compare the results with those of the previous step. Rather than having to continually focus on the distant endpoint of a goal, direct your attention to the most pertinent step at hand. Another benefit of this strategy is that you can celebrate the completion of each step, maintaining motivation and positivity over the full breadth of your plan.

 Prepare Yourself Financially

Once your goal setting plan begins to take shape, you may realize that reaching the end goal may require careful financial planning. Financial plans are complex goals unto themselves: how will your business manage its money over the next year, or five years? Really, any goal – be it to expand your business, acquire new equipment, reach new target markets, develop products, hire new talent, create a vibrant personality for your brand – requires some degree of monetary investment. Merchant Advance Capital is here to help you with obtaining the working capital you may need to ensure your goals stay healthy and achievable throughout their lifespan. The path to a business goal is not always linear: we realize this, and offer funding that is flexibly designed so as not to put a bottleneck on your business’ development. You won’t have to wait for funding to get the ball rolling, either: approval and receipt of a merchant advance can take less than a week in the right circumstances.

Call us or click to visit online to learn how a merchant advance can help get your important business goals off the ground.

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David Gens

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