BUSINESS SENSE
“Setting Goals” – Week 6
Nancy Larsen, Enterprise Facilitator of SEFP

Successful entrepreneurs write down measurable goals and obtainable objectives and include the immediate and one-year success points, which show your investors how you plan to keep the company on track.

Lenders/Investors do not have your company vision and therefore you must paint a picture of the future for them. This is the word version of the business plan that supports what your financial pro forma has projected will take place over the next five years.

Funding sources want to know how you plan to pay them back and if the business generates a cash flow large enough to support the debt. Is the product or service so in demand that the company will go public? These questions and more will not only help determine your success, but they will also narrow your search for the lender most likely to fund your request.

While your personal goals may not matter to your potential Lenders or Investors, they do matter to you and your company. Deciding to be an entrepreneur can have great effects on your life and the lives of those around you. Set down your personal goals just as you are writing this business plan. Discuss them with your family. Take the time to find out what your business associates expect of you.

Remember – “Building a business is no small task. It will affect all parts of your life. Consider well what you do.” By J. Corey Pierce.

Next weeks topic is: “Competition”

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