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  • Writer's pictureBMIM Cash Flow

Identifying “True North”: How to define your financial goals with certainty?

Updated: Mar 12, 2019

Identify your financial goals

Have you ever felt lost or confused about the financial direction for your business? Have you ever wondered if you’re heading in the right direction?

When a new opportunity or problem presents itself to you and your business, do you clearly and precisely know what to do about it?

In this post, we are going to give you confidence in the direction your business finances are taking. We are going to show you how to find your “True North” – identify and define your money goals clearly and with confidence.

Why the ‘True North” of your money?

Cash is fundamental to your business. Without cash, you cannot operate your business. Money is part of your day-to-day experience and money problems and opportunities follow you everywhere you go.

So do not be afraid of big money goals. Set your goals clearly and make them happen. And do not allow your limited beliefs to get in the way.

DREAM BIG and be fearless.

Clear money goals

If you’re ready to make more money in your business, you need clearly defined money goals. Successful businesses that have well defined money goals, grow faster than those who don’t. BUT – if you think that setting a financial goal is simply doing a sales forecast, you are wrong.

Sales is just a part of the equation that takes you to profitability and cash. But if you really want to be more clear in defining your money goals you’ve got to start from a different place.

Now, look at the graph below. Can you identify your money goals?

financial goals

Dream Big

We were taught by our society and our parents to ‘get real’. The truth is that once we have a desire, we cannot stop ourselves from having it. And when we start holding back and start talking ourselves out of that desire, this is when doubt and skepticism start to dominate our self-talk.

Don’t be afraid of dreaming big.

The most obvious reason why we stop ourselves from dreaming big is because we do not know how to get the ‘Big dream”. We practice beliefs that are holding us back. Why? Because we see evidence of it, right? It is hard to dream big when reality is something different.

We have a client who was ever so skeptical in their ability to make more money and she is certainly not going to dream about something that is a way ahead of their financial situation. She said to me “…but Bibi, it’s true. We are running out of money here!”

How can I start believing in BIG money goals?

The first thing you need to do is to make yourself comfortable with your financial goal. If it feels too far out you need to make it feel closer, make it feel like it in your reach.

How do you do that?

You need to start giving yourself reasons to make it believable e.g. do some research, see the options you’ve got available, talk to people who are already achieving what you want etc.

Then, try to think about what you are LOOKING FORWARD to experiencing. Be as specific as you can be without feeling negative emotions. And if you start feeling negative, go more general. Nothing that you believed before need be active if it is not serving you, if it is not helping you reach your financial goal. And stop repeating the stuff that you know it did not work for you before.

You can try to visualise yourself enjoying the achievement of that what you desire. This will make it more real. Or you will meet with someone who has already achieved that goal or living that way. Little by little, you will fill in the gaps. The aim here is to create the right environment for the ideas, inspiration, people to start coming to you that will take closer to where you want to be.

At first, you will feel HOPEFUL that it will be there and then you are TRUSTING it will be there and then you’ll KNOW it will be there. The things that you want won’t come without you knowing and your knowing won’t come because you’ve been practising not knowing.

You’ve got to find a way to make it possible: do some research, notice how many people find that, speak with people who can give you the information you are seeking, notice how many ways there are for this big desire to come. In other words, give yourself reasons to believe that it is possible.

But MY EXPERIENCE has taught me differently. How can I trust this now?

There are many moments in time when CEOs are ready for more money, ready for what they want. Except that in the moment they start to see glimpses of what they want the old belief start getting in the way.

How to keep the old belief not dominant in the now?

By deliberately practising new beliefs, new habits, until you start taking more control over this.

You have the power to do something different right now, do you get that? And you have the ability to see it differently, if you try little bit. Even if the experience was negative one, you have the ability to approach it differently right now.

A client of ours spent 3 years building a manufacturing plant abroad as part of their expansion plans. They invested a lot of money, time and effort in doing this. Unfortunately, they lost it all shortly after.

This event did not discourage our client from moving forward, though. On the contrary, it boosted their desire to re-build the business and regain their financial stability. They took away something very important from that experience though and that is the importance of staff training and having robust business processes. We met them shortly after this event and we witnessed how this part experience helped them build the best manufacturing plant on the UK, better than they could have ever imagined before.

This client used the lessons from this last experience to move the business forward. They also regained financial stability, with our help and guidance.

Watch out for familiarity

We have a tendency to go for what feels familiar, even though we understand that familiarity will not always help us reach the next level.

Familiarity makes us go for choices that will keep us busy and not really move us to the next level. Do you agree?

I don’t know what my financial purpose is…

We hear this a LOT which is why we’ve created a number of consultancy packages you could choose from to access guidance and advice for identifying and fulfilling your financial “True North”.

A vital part to any business is to uncover your deeper purpose. Your purpose isn’t to sell products or services. Your purpose is to help people. When you understand your purpose, your financial “True North” will be easier to uncover.

We help CEOs make more money. We help CEOs and Founders set and fulfil their business financial goals.

Clear money goals

If you’re ready to make more money in your business, you need clearly defined money goals. Successful businesses that have well defined money goals, grow faster than those who don’t. BUT – if you think that setting a financial goal is simply doing a sales forecast, you are wrong.

Book your consultancy package below and we will help you with your financial goals today.

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