Why Financial Goals are Crucial to the Success of Your Service Business
Tuesday, April, 8th, 2014 at 11:00 am by Mike J. Agugliaro
Where do you see yourself – and your service business – in five or ten years? Would you like to have more money? Would you like to be reaching out to more customers? Maybe you’re just longing for more freedom, giving you time to spend with your family instead of at work.
I have been in your exact shoes. A decade ago, my company, Gold Medal Services, wasn’t making nearly the revenue I wanted it to – and I was working all the time, missing out on the rest of my life, with no end in sight. So I decided to make a change. And one of the keys to that change was setting some major financial goals.
Now, I teach other plumbing, HVAC, and electrical service contractors like myself how to set the same kind of goals that helped me grow Gold Medal Service into a $23-million a year company – and are already helping me grow it to the next level. You can do it too, if you’re willing to put in the effort. Studies have shown that entrepreneurs who set very specific goals are more likely to achieve success in meeting – and even exceeding – them.
It starts with crunching some numbers. Get out a piece of paper and a pen and sit down. Figure out where you are now. Determine where you’d like to be in five years, ten years, or beyond. Be sure to include your company revenue and your own personal income in those goals.
Now, break those goals down. You know how when you’re making a long drive, you use mile markers to determine how much farther you’ve got to go? Similarly, you need “mile markers” for reaching your goals. This makes them more manageable, too. Once you’ve got your five-year or ten-year plan in place, break it down by year. Figure out how much you need to grow each year to meet that long-term goal. Then, break it down even further – by month, by week, by day, whatever it takes to make each goal seem even more reachable. I promise when you do this no goal will seem daunting, no matter how big it is!
Make sure your team is on board. At Gold Medal Service, we recently created a “Painted Vision” document for our whole crew, outlining where we want to be by 2020 and exactly how we’re going to get there. Get your employees excited about growing the business – help them feel invested in it too.
If you’ve got your goals set, I promise there will be no stopping you. But if you’re not sure how to achieve them, that’s where I can help. Contact CEO Warrior today for a free strategy call, or fill out a form to register for my next $28 Million Dollar Fast Track Academy. I’ll show you exactly how I set my goals in motion and how to do the same in your own business!
Mike Agugliaro, “Business Warrior”
Founder of the $28 Million Dollar Fast Track Academy