Edge Retail Academy Blog

Personal Goals

To ensure your goals are balanced, we have split them into the six key areas of personal life. They are not in any order of importance however from personal experience we believe it’s vital to have a healthy balance of goals in each area.

The six areas of your personal life are:

• Financial e.g. wealth, retirement and career goals
• Physical e.g. health, fitness and lifestyle goals
• Family e.g. things for the home, for the kids, time with family or your spouse
• Social e.g. friends you’ve been meaning to catch up with
• Mental e.g. things you need and want to learn
• Emotional e.g. self esteem, confidence and spiritual goals

Financial & Career Goals

“Money only matters to the extent that you don’t have it.”

  • A new car, boat or motorbike

            It is important to be as specific as you can so that you can live the goal in advance ie what sort of car (make, model, year etc), what color is it, when do you take possession, what extras does it have such as leather, CD player, GPS etc. Step into it and smell the leather …imagine yourself behind the wheel.               

  • A new house or extensions to your current one
  • An investment property
  • Install a swimming pool, spa or gymnasium at home
  • Reduce your mortgage/debt by $x
  • Increase your savings by $x
  • Review your insurances ie life, trauma, loss of income, home and contents etc.
  • Complete a personal financial budget
  • Prepare a ‘Retirement or Exit’ plan
  • Upgrade or replace household itemsg. bedroom furniture, TV
  • Put $x a week into an education fund for the kids
  • Put $x a week into a holiday fund for the family
  • Plan and book the family vacation to … (why not Down under)
  • Get promoted … or make yourself redundant!
  • Earn $x during the next 12 months (6 months, 24 months whatever)
  • Introduce a work curfew of 6pm Monday to Friday
  • Take Wednesday afternoons off for Golf
  • Start writing your own Financial & Career goals here:

Health or Physical Goals

“Like money, health only matters when you no longer have it.” 

  • Substitute breathing for cigarettes
  • Have an alcohol free day, week, month
  • Exercise x days a week … remember to specify what sort of exercise, for how
    long, which day of the week etc.
  • Join a gymnasium or health club
  • Have a one hour massage every week
  • Reduce weight from x to y by …
  • Have a face lift …
  • Have eye surgery
  • Take up meditation for relaxation
  • Take up golf, tennis, swimming …
  • Get golf lessons and reduce handicap to x
  • Start writing your own Health goals here:

Family & Home Goals

 Note: Many of your goals will fall into multiple categories e.g. a family vacation could be a financial goal, a family goal, a health goal if it included some exercise (like hiking) and a social goal if it involves friends.   Just choose the most obvious category and write it down.

  • Take the family to xxx this year
  • Spend the school holidays with the family
  • Make quality time every day to spend one on one with the children
  • Get fully involved with the kids sport, education, hobbies etc.
  • Start writing your own Family & Home goals here:

Knowledge or Mental Goals

“Psycho Sclerosis … hardening of the Attitude”

  • Spend an hour a day studying Financial strategies for my retirement
  • Attend an Internet and computer studies course
  • Learn how to play Bridge
  • Spend 30 minutes a day studying my business KPI’s and results
  • Start writing your own Knowledge & Mental goals here:

 Social Goals

  • Start writing your own Social goals here (you know what to do now):

 Emotional & Self Esteem Goals

  • Start writing your own Emotional & Self Esteem goals here:

 Once you have a crystal clear understanding of what your business objectives are you can then get your staff to write down their own yearly, quarterly, monthly, weekly and daily goals. What courses are they going to attend; what will their average sale be in one month; what new product knowledge skills will they learn etc.

Business Goals

Remember, it’s your personal goals that provide the motivation and direction for your business goals. Business goals tend to be more task oriented, but when you see your business or career as a tool to help you achieve the lifestyle you really want it takes on a different perspective.

Action Step:

Having written a huge list of exciting personal goals, you now need to make another list of your important business goals … the things that will help you achieve the personal ones.

Your Business Goals can be broken into the following areas:

• Financial e.g. cash-flow, GP, expenses, net profit, wealth creation or debt reduction
• Staff e.g. staff levels, training, skills, incentives, who’s in/out
• Customers e.g. service standards, market position, point of difference
• IT e.g. improve communications, efficiency and accuracy
• Inventory e.g. levels, mix, aged inventory, displays, open to buy budgets …
• Retail KPI’s e.g. average sale value, category performance, closing ratio, margins
• Communication  e.g. daily Edge meetings, feedback mechanisms
• Organization e.g planning, prioritizing, delegation, self/time management …
• Systems  e.g. layaways, repairs, office & storefront systems
• Production e.g. workshop procedures, new ranges, branding, equipment, staff …
• Marketing e.g. how much, when, what and with who

It’s important to set yourself some short, medium (12 months) and long term (two years plus) business goals and to then break them down into quarterly, monthly, weekly and even daily action steps. We have a rather simplistic approach to Time Management … it goes like this:

“If you don’t know what you’re trying to achieve,

how do you know if you’re wasting time?”

Once you have a crystal clear understanding of what your business objectives are you can then get your staff to write down their own yearly, quarterly, monthly, weekly and daily goals. What courses are they going to attend; what will their average sale be in one month; what new product knowledge skills will they learn etc.

Business Goals

  • Financial: e. cash-flow, GP, expenses, net profit, debt reduction
  • Human Resources e. staff levels, training, skills, incentives, who’s in/out
  • Customers e. service standards, market position, point of difference
  • Information & Technology e. improve communications, efficiency, accuracy
  • Inventory e. levels, mix, aged inventory, displays, open to buy
  • Retail KPI’s e. average retail, conversion ratio, margins etc.
  • Communication e. daily Edge meetings, feedback mechanisms
  • Personal Organization e. planning, prioritizing, delegation
  • Systems e. layaways, repairs & office systems
  • Production e. workshop, new ranges, branding, equipment, staff …
  • Marketing e. how much, when, what and with who

Turn potential into profit.

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