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Six Strategies for Achieving Your Financial Goals

Setting financial goals that make a difference for your business and how to accomplish them!

Increasing financial health is a common theme for new year’s resolutions set by individuals and business owners across the country. Every year we determine new goals, intentions, and resolutions for the year ahead. Whether your goal includes hitting a certain revenue mark or paying off specific debt or even improving your credit score, keep the following tips in mind when setting your new financial goals.

1. Set your goal and have a reward

Have a motivating financial goal that means something to you and can make a difference to your business. Ensure your financial goal is challenging yet achievable. Next, determine an incentive that will inspire you to meet that goal as quickly as possible. When the goal feels out of reach, remember the reward that you are working towards. Having a special gift or experience as a “well done” to yourself or your team once you accomplish your financial goal can be a great motivator!

2. Write your financial goals down

When setting your goal, be as specific as possible, then write it down. Writing down your goal helps you to fully visualize it and then actualize it. The more specific your financial goal is, the more likely you are to reach it.

3. Monitor the progress of your financial goals

When tracking the progress being made towards your goal, having systems in place, including online bookkeeping, will allow you to monitor your goals in real-time. Recognizing small wins will inform you of the strategies that are working, so you can continue making data-driven decisions towards accomplishing your goals. Noticing setbacks early on will allow you to course-correct before it’s too late. 

4. Break your big financial goal down

Break the big financial goal down into smaller bite-sized ones. Goals can seem daunting, but breaking a large goal into thirds and breaking those thirds into thirds can help you accomplish your financial goals more efficiently. Work towards the small goals daily and the large goal will be completed before you know it. 

5. Have a deadline

Set a realistic deadline. Without a deadline, you are less likely to follow through with your financial goal. Having monthly or weekly check-ins for smaller goals will allow you to hold yourself accountable for reaching your large financial one.

6. Utilize online bookkeeping support

When it comes to financial goals, companies may experience greater success in accomplishing them with the support of resources, including professional assistance and automated programming in the form of online bookkeeping. Online bookkeeping can help support accountability for achieving your financial goals by removing the guesswork involved with managing budgets, coding, and balancing.  

Accessible anywhere

We all live busy lives and need to access our financial books quickly. Online bookkeeping can be accessed anywhere, allowing you to be aware of your finances wherever you are. It is also useful because more than one authorized person can access the books.  

Use online bookkeeping early and often

Online bookkeeping shows you in real-time your business’s profitability and where you stand with your financial goals. Understanding this early on will give you key insight into what to improve upon and what to continue with moving forward.

Less human error

Online bookkeeping seamlessly accounts and updates your books in real-time while creating financial statements, organizing invoices, managing sales, and streamlining payments. Working efficiently in the background, online bookkeeping support relies less on what you can remember to do and simply accomplishes tasks with ease and accuracy.

Saves time for the future you

Tax season is always a busy time for businesses of any size. Online bookkeeping expedites monthly check-ins with your company’s bank accounts to make sure you and your company are on track for tax season. Utilizing online bookkeeping allows you to earn back time that would have been lost by correcting errors and managing checklists.

Set those goals and reach them!

This new year, we challenge you to crush your financial goals. If you’re interested in learning more about how KPMG Spark can help you dominate your financial goals this year, then schedule a free consultation today. Here’s to a prosperous new year for you and your business!

 

The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP.

This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.

KPMG SparkFebruary 15, 2022Posted In: Business Tips

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