If you want to build a business empire, set a financial goal from the moment you conceive your business. I was listening to Nigerian billionaire Tony Elumelu share with top Nigerian breweries management on how he built a multi-billion naira bank out of a failed bank and the core of his philosophy is very simple. SET A CLEAR FINANCIAL GOAL AND REVIEW THE GOAL EVERY QUARTER WITH YOUR TEAM
I am usually amazed how all the very successful pharmacy and business I consult for have laid out a twelve months plan towards achieving a specific financial goal at the end of the year. While the unsuccessful ones have never set and stuck with a financial goal.
Financial goal is the core of building a great business. It will be extremely difficult to build your business into a world class business if you do not have a clear financial goal that you want to achieve. A financial goal gives you focus and eliminates processes, people or activities that will take you off course. I was listening to the MD of Ethiopian airlines on CNN and was amazed that he had set clear financial goal for the company for every year up to 2020.
With a clear financial goal that you review on a monthly to quarterly basis, you will know clearly the staff to fire and those to retain. When you calculate your employee contribution which you can do by dividing the amount of money you make on each day a set of staff is on duty, you can clearly notice the combination of staff that once they are working together give you low sales.
Without this financial goal and calculation of your staff financial contribution ratio, you will be confused on why your sales is not growing.
This brings me to the key point of financial explosion. This is Do not expect progress from what you do not measure. Financial growth does not happen by accident and most importantly all financial growth will like a yam stem, become stunted if you do not monitor and redirect its growth to the point you want it to grow to.
Even Jesus set clear goals for his disciples when he was sending them out and even went the extra step of removing distractions for them by asking them to focus their work strictly on the lost tribe of Israel. Jesus knew that if the Israelites who were very religious could be converted, converting the rest of the world through them would be simple child’s play.
If you need help in setting financial goal for your team, the call 08023622171 for assistance and watch the video below too