January 29, 2025 • 19 mins
Ever feel like your business goals are more like wishful thinking than an actual plan? You're not alone. Many entrepreneurs struggle with conventional goal-setting approaches. Conventional goal-setting doesn't account for the dynamic nature of business.
In this episode, we share a revolutionary framework for setting business goals that actually work. Our MTO approach helps you stay motivated and growing. They do best when things don't go exactly as planned. You'll discover:
-
How to set "minimum goals" that help you sleep at night
-
The sweet spot for "target goals" that stretch you without breaking you
-
Why "outrageous goals" matter (even if you never hit them)
-
A practical way to break these down into actionable quarterly, monthly, and weekly metrics
Ready for a flexible framework for setting goals that drive real growth while maintaining your sanity? Jump into this episode now.
🔑 Key Quote: "Think of these goals like different zoom levels on a map. Your minimum goal is your current location. Your target goal is the next major city. Your outrageous goal is crossing the country. You might not make it across the country this year, but you'll certainly go farther than if you'd only planned to drive to the next town."
Ready to transform how you set business goals? Want the MTO spreadsheet we use with our clients? Get it in the Wealth Wisdom Financial Community: https://www.wealthwisdomfp.com/community
Remember: Goals aren't about predicting the future - they're about giving you meaningful reference points as you navigate it. Are your current goals serving this purpose?
Watch on YouTube: https://youtu.be/8qKIig1zmyY
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:01):
Are you tired of setting business goals
that feel more like wishes than
actionable plans?Today, we're breaking
down how to set financial targets that
actually drive growth and keep you
motivated, even when things don't go
exactly as planned. Stay tuned to learn
our MTO framework that's
(00:22):
helping entrepreneurs transform their
goal setting approach.
In a world where chaos seems to reign
supreme, where uncertainty lurks
around every corner and financial
markets are now more unpredictable than
ever. There's one place you can turn to
to find clarity and control.
(00:44):
Welcome to the Wealth Wisdom Financial
Podcast. Hey, I'm Brandon. And I'm
Amanda. Join us as we dive deep in the
world of personal and business finance
to assist you in navigating through the
chaos and building the financial future
you deserve. We believe when conventional
financial thinking doesn't get you where
you want to go, you need wealth wisdom.
(01:06):
So if you're ready to take control of
your financial destiny. Tune into the
Wealth Wisdom Financial Podcast because
in a chaotic world, your money shouldn't
be. Subscribe now and never miss an
episode.
3 episodes. We've covered creating a
working budget, that B word,
(01:28):
implementing 7 figure systems
and managing cash flow challenges.
Today, we're tying it all together
with some crucial setting financial
goals that actually drive business
growth. Now, again, we're doing this in
January. Shouldn't we have already set
our goals?Well, let's be honest.
(01:49):
Traditional goal setting often fails
entrepreneurs. Umm Why?Well,
because most financial goal setting
advice treats business goals like New
Year's resolutions, rigid, inflexible
targets that you either hit or you don't.
But we all know business doesn't work
that way. If you did set business goals,
you might have totally forgotten about
(02:10):
them. You might be wondering what
this what was I thinking?This seems
totally impossible. You might not even
have set business goals. And here we are,
end of January. Lots of us are are
saying, OK, that didn't work or I
didn't do something and I feel like I
should have. But as we go throughout the
rest of the year, markets are going to
shift, opportunities are going to rise,
(02:30):
challenges are going to emerge that you
couldn't have predicted. We need a way
more dynamic approach to how do we set
business goals that can flex with us
and as our years change. So that's what
we're gonna be talking about today. So
here's a perspective shift that might
change how you think about business
goals. What if instead of treating
(02:51):
them like fixed targets, we thought of
them as sight points?We're aiming
towards while staying aware of our
changing environment, like it's a actual
site, not just a fixed location.
Yeah, well, or it's somewhere you're
looking and as you look toward it, you
see things out of the corner of your eye.
You're adjusting as you're moving toward
(03:12):
it to get there the most effectively that
you can, which. It isn't always a
straight line. We're not doing
geometry here. We're doing business. Very
different. Think about it like this. When
you're navigating a ship across the
ocean, you don't just set your
course from port A to port B and put it
on autopilot. No, you can't do that. You
(03:34):
have to constantly adjust based on
weather conditions, currents, other
vessels. You might even find a better
route as you gather new information.
Business goals work the same way.
You have kind of a point you're
navigating toward, right, the ports you
want to get to, but you're also staying
aware of changing environments, emerging
opportunities, and you're adjusting as
(03:54):
you go. Or iceberg. Iceberg, yeah. You
want to look out for those for sure.
We're not flying. Like planes have a lot
of autopilot to them, but they're still
conscious like pilots or whatever. But I
think businesses are way more like taking
a ship across the ocean. No autopilot,
way less autopilot on those things. O
Let's breakdown our MTO minimum
(04:15):
target and outrageous framework for
setting financial sites. Again, I love
this minimum target and outrageous thing
because it helps me. Have outrageous
goals, but also make sure I can hit
the minimum. And as I share this with
other business owners, they're like, wow,
that's genius. Yeah, we don't remember
exactly where we picked this up along the
(04:36):
way. So if you know who created this, let
us know. But here, here's where it goes.
So minimum goals. These are the must
achieve baseline. You got to think,
what's my minimum revenue needed to cover
all operating expenses and pay myself a
reasonable salary?Think of this as your
sleep well at night number. As long as
you're hitting this minimum, your
(04:57):
business is going to do just fine. This
isn't about settling though. It's about
knowing your foundational requirements,
your minimum. Yeah, this is a
very helpful for us as thinking
through. You know, we we
get a big flow of money, but making sure
that we minimally can pay our staff,
(05:18):
pay for the office, pay for the
minimum things in life. And the
next is target. This is your stretch,
but achievable type of mark.
Usually it's 20 to 30% above your
minimum, but it could be way bigger. If
you're choosing your target, you might
include like where it feels
slightly uncomfortable,But also doable,
(05:40):
right?Like you're you're that growth
mindset. You want to stretch, but you
don't want to like make it totally
outrageous because it's the next part. So
this is your target you want to have, you
know, maybe it's increasing your profit
allocation percentages. Maybe it's adding
team members, maybe it's implementing new
systems. This doesn't have to be a
specific amount above revenue wise.
(06:01):
It could be about other kinds of
improvements that you want. But these
goals should align with your 12 month
business vision and what you want to see
happen there. And so you might think if
I want to add new team members, this is
how what changes about my operating
expenses and this what it is what it
means for the other parts of my business
to make sure I'm bringing in the real
revenue that I need to to account for all
(06:21):
those things. with the the profit first
framework there. Yeah. And what I love
about that, I think we are going to
show a spreadsheet is it's I'm able to
look at all pieces of it. So
now what I love about this target is
it gives me at least something to shoot
for and it actually gives
(06:43):
me also an incentive to reach.
So as I go to that target goal,
man, I might be able to do some really
cool stuff in my profit hold account.
Yeah. And then finally, so we get our
minimum, our target, and then the O is
outrageous. These are your big dream
scenarios. Maybe it's double or triple
your target goal. This should feel
(07:04):
exciting, maybe even a little scary,
like, oh, I have no idea how I would do
that kind of thing. It can have some
kind oftransformational changes like
opening new locations or launching new
product lines or making significant
acquisitions. This goal, the
whole purpose of the outrageous is to
(07:24):
think bigger and help you spot
opportunities to help you you reach that
outrageous. When you have that outrageous
in mind, you can know which opportunities
would help you get there or not get
there. I like to think about this one
asOftentimes
people are like, oh, this outrageous
thing happened. We got doubled our
(07:45):
business and they think that the next
year it's going to be that way again,
which is possible. But the more that we
go after that outrageous goal, the more
likely we're going to have. That
almost becomes our baseline, right?It
becomes a new minimum. Yeah. So we don't
want that to happen necessarily. So we
want to be able to go for that
outrageous knowing it's a
(08:08):
lot of out of our control. You know,
sometimes it's just a God thing that all
of a sudden this happened, but be
able to put in time to be
able to allow that to happen.
OK, so we got minimum target outrageous,
MTO. with these MTO
goals in mind, you can then also break
down quarterly rocks, some monthly and
(08:30):
weekly key performance indicators,
KPIs, to help you stay on track, right?
You have the goals, but you break it
down. And so you know how to reach those
goals. And you can say, if I'm on my
minimum, here's kind of what that looks
like. If I'm on my target, here's what
that looks like. And if we're going
outrageous, this is some of what those
indicators would show us. Like, hey,
you're you're going outrageous. Get
ready. Most of these
(08:52):
though we kind of set with the target
goal in mind, but some we set with the
minimum or outrageous, depending on
what's most helpful. You don't have to
have three sets of key performance
indicators for everything, right?You
might think of here's, I'm going to set
these with the target, but then this one
with the minimum and that one with the
outrageous. So stay tuned after the break
for some common concerns regarding goal
(09:14):
setting using MTO. Again,
some people, I don't know, they don't
like goals or something, I don't know.
Ready to take the next step towards
securing your financial future?Whether
you're planning for retirement, saving
(09:35):
for your dream home, or you just want to
make your money work harder for you, the
team at Wealth Wisdom Financial are ready
to assist you. And now it's easier than
ever to see how we might give you a boost
on your financial journey. Schedule a 15
minute discovery call with one of us
today. Let's discuss your questions and
your financial goals together. Don't wait
(09:55):
any longer. Your financial freedom
awaits. Schedule your discovery call at
www.wealthwisdomfp.com/call
now. I can hear some of you thinking,
isn't this just setting myself up for
disappointment or what's the point of
(10:17):
setting an outrageous goal I probably
won't hit?And again, I talk to
business owners all the time and they
just keep doing the thing, but they don't
actually set goals. Yeah, so let's
address some of these common concerns.
One, multiple goals seems overwhelming. I
can let alone, you know, one goal. Why?
Why three?Well, this MTO
(10:39):
framework actually reduces. pressure.
You hit your minimum, it's a win, right?
Everything above that is bonus territory.
You're not failing if you don't hit that
outrageous goal. We used to set only the
outrageous goal, then we get mad at
ourselves if we didn't hit it. And then
we started, you know, okay, let's let's
reduce and maybe just have a target. But
(11:00):
then we'd lose some of that growth
mindset of going after the outrageous.
And we'd also beat ourselves up if we
didn't hit the target because it was, you
know, it still was a stretch and it
doesn't mean we're going to get it. But
having this, this minimum actually helps
us with that mindset that we keep. It's a
win if we hit the minimum, right?We're
not losers. We hit our minimum. We're
winning and we're even better at winning,
(11:22):
right?We get the cherry on top if we're
going toward the target or to the
outrageous. But we still get the cake and
we get to have the cake and icing. If we
hit the minimum, we get the cherry on top
or, you know, whatever analogy you want
to use if we're going after target or
outrageous. So it's not overwhelming.
It's actually good, positive growth
mindset. Yeah, without like beating
yourself up. And I would say as
(11:43):
we've worked back and forth and going
back to the previous meetings
or podcasts that we did, having
those conversations of saying, man, this
seems a bit. high for
me, it's helped me to at
least look at the M and
feel okay and not deflated
(12:04):
because we didn't reach 100,000 in a
month or something like that. You know,
not that we do, but
it is helpful to feel
not a failure if we only did half of
that. Right. The next common
objection is preferring to focus on one
clear target. Now we're big fans of
(12:26):
focus, right?One course of until success.
Follow it. Good thing. And but single
targets can be demotivating. If you fall
behind MTO instead provides
multiple reference points. It's like
you've got your eyes on the outrageous,
but you can have a reference of here's
the minimum and the target along the way.
And this helps maintain motivation across
(12:46):
the different business cycles, keeps you
growing even if you don't hit every
single mark. So you still have the clear
target. Maybe that's your target,
right?That's your clear target. But
minimum helps you see, okay, here's how
I'm progressing toward it. And outrageous
is to help keep you seeing beyond the
target. Anything to add there?
I think again, some of it is as we're
(13:09):
going for winning the game or whatever
that is, to be able to see where
we need to make some extra work, extra
groundwork or or other things to be able
to see and to be able to say,
all right, I want to be growing. I want
to have a a business that is 10x in
10 years. How do we do that?
(13:31):
And so again, sometimes it's just us
doing our part,But also
allowing for the unexplainable to happen.
Yeah. And then the third objection we
sometimes hear is that, you know, my
industry is too unpredictable for this.
But that's exactly why we treat these as
sites and having multiple different ones
(13:51):
makes a lot of sense. Our
income is also up and down and all over
the place, right?It has been for, oh
gosh, 13 years now, 14 almost.
And that's part of why this is so good,
is because we can have that regular
review, we can have some adjustment, it's
part of the process. And this framework
(14:11):
also helps us navigate uncertainty. When
those high, high months, that helps us
see like, okay, like here we are, when we
have the low loan months, we can say
like, put on average, we're still on
minimum or we're still toward the target.
And you can also, one of the big
debates about goals is whether you should
edit them or not. you know set it and and
(14:32):
go after it and don't make any changes.
But oftentimes like things need to change
and having a minimum, a target and
outrageous, you can adjust without losing
direction. You're like, actually my
minimum went up because I added this
extra expense, but you don't have to
adjust your target or you're outrageous,
right?Or you know those kind of things
that help you deal with the
unpredictability that way.
(14:55):
Yeah, I think again, a lot of times
people are like, yes, but and
and we didn't actually set the right
goals or the right framework.
So by having the three things, it
helps us to adjust a little bit if we
need to, but not too much. And we can
still have a, hey, we're going to grow
(15:15):
to $2,000,000 this year and see
what happens. So remember, the purpose
of the MTO framework is not to
create rigid expectations. It's to give
you multiple reference points for growth
while maintaining flexibility. You set
minimum goals that ensure stability,
target goals that drive growth, and
(15:37):
outreach goals that expand the
possibilities. It's all about creating a
framework that keeps you motivated and
moving forward, regardless of where you
end up landing. You'll probably land
somewhere along that, you know, minimum
target, outrageous trajectory. And it's
about progress, not perfection. And you
either hit the goal or you don't hit the
goal. It's like, no, here's my spectrum.
I'm going to hit somewhere along that
(15:58):
goal, hopefully above the minimum and
maybe closer to the outrageous. That
would be fantastic. So think of these
goals as different zoom levels on a map.
Your minimum goal is your current
location, your target goal is the next
major city, and your outrageous goal is
crossing the country. You might not
(16:18):
make it across the country this year, but
you'll certainly go farther than if you'd
plan to drive to the next town.
Yeah, that's actually probably one of the
only things I like about that great
Cardone book, 10X. Is, you know, the
whole idea you shoot for the stars, you
end up hitting the moon. But if you shoot
for the moon, you probably don't even
(16:38):
leave the planet. Yeah, right. And that's
part of why these kind of work is it
gives you that 10X, that big outrageous
thing, but without the guilt of if you
only hit your minimum. Yeah. YeahSo I
know hearing this, you're ready to
implement this MTO framework in your
business. And you might be, if you're a
Profit First fan like us, you might be
curious about how MTO drives with Profit
(17:01):
First when it comes to revenue goals and
how you then, you know, set your profit
and your owner's comp and your tax and
your operating expense budgets. Well,
you're in luck. Every premium member in
the Wealth Wisdom Financial community
gets access to this mini quest that we
set up called Build Your Success
Dashboard. It's very profit friendly
and we have what we call an MTO
(17:23):
chart based on real revenue. You're
going to see an image of this pop up on
your screen. You can get a copy of this
and the entire quest by joining today at
wealthwisdomfp.com/community.
Join today, get instant access to this
powerful tool. It's actually a Google
spreadsheet that you can play around
with, put in different numbers into the
(17:43):
yellow field and see how that adjusts all
the other parts of the profit first
framework. Do not let another month go
by without clear financial sights to
guide your business growth. And as I
go through this all the time, I share
this with clients and other people
and they're like, wow, this is amazing to
be able to see that Excel spreadsheet, to
(18:05):
be able to change the numbers a little
bit, just to play around with it, have a
thought exercise is huge and
then be able to. Look and say, hey, if we
did this, this is how much goes into the
various buckets. That helps
me as a visual person and I know it
will help you too. So don't
forget, go download that, go join the
(18:28):
community and don't use. Don't
just say, Oh yeah, I'm going to be a part
of this community, but not engage in the
stuff. But actually engage and download
the tools and use it for your business.
That's why we created it. Yeah. So we use
it every year to set our goals and then I
use it every 10th and 25th for my
allocations. It's a great tool to be
(18:49):
using all throughout the year. So thanks
for joining us for this four-part series
on building strong financial foundations
for your business. From rewriting the
rules of budgeting to
creating systems and, you know, scheduled
check-ins with your finances that will
help you scale into the seven figure and
beyond range to dealing with the things
(19:09):
that are going to pop up because business
is so unpredictable and how you make sure
you're able to manage cash flow with all
that unpredictability, both good and bad.
And then today for how you set goals that
actually work for you. Until next
time, live long and profit.
Remember, the topics presented in this
podcast are for general information only,
(19:29):
and not for the purpose of providing
legal, accounting, or investment advice.
On such matters, please consult a
professional who knows your specific
situation. And don't forget to download
that MTO report.
Are you tired of setting business goals
that feel more like wishes than
actionable plans?Today, we're breaking
down how to set financial targets that
actually drive growth and keep you
motivated, even when things don't go
exactly as planned. Stay tuned to learn
our MTO framework that's
(00:22):
helping entrepreneurs transform their
goal setting approach.
In a world where chaos seems to reign
supreme, where uncertainty lurks
around every corner and financial
markets are now more unpredictable than
ever. There's one place you can turn to
to find clarity and control.
(00:44):
Welcome to the Wealth Wisdom Financial
Podcast. Hey, I'm Brandon. And I'm
Amanda. Join us as we dive deep in the
world of personal and business finance
to assist you in navigating through the
chaos and building the financial future
you deserve. We believe when conventional
financial thinking doesn't get you where
you want to go, you need wealth wisdom.
(01:06):
So if you're ready to take control of
your financial destiny. Tune into the
Wealth Wisdom Financial Podcast because
in a chaotic world, your money shouldn't
be. Subscribe now and never miss an
episode.
3 episodes. We've covered creating a
working budget, that B word,
(01:28):
implementing 7 figure systems
and managing cash flow challenges.
Today, we're tying it all together
with some crucial setting financial
goals that actually drive business
growth. Now, again, we're doing this in
January. Shouldn't we have already set
our goals?Well, let's be honest.
(01:49):
Traditional goal setting often fails
entrepreneurs. Umm Why?Well,
because most financial goal setting
advice treats business goals like New
Year's resolutions, rigid, inflexible
targets that you either hit or you don't.
But we all know business doesn't work
that way. If you did set business goals,
you might have totally forgotten about
(02:10):
them. You might be wondering what
this what was I thinking?This seems
totally impossible. You might not even
have set business goals. And here we are,
end of January. Lots of us are are
saying, OK, that didn't work or I
didn't do something and I feel like I
should have. But as we go throughout the
rest of the year, markets are going to
shift, opportunities are going to rise,
(02:30):
challenges are going to emerge that you
couldn't have predicted. We need a way
more dynamic approach to how do we set
business goals that can flex with us
and as our years change. So that's what
we're gonna be talking about today. So
here's a perspective shift that might
change how you think about business
goals. What if instead of treating
(02:51):
them like fixed targets, we thought of
them as sight points?We're aiming
towards while staying aware of our
changing environment, like it's a actual
site, not just a fixed location.
Yeah, well, or it's somewhere you're
looking and as you look toward it, you
see things out of the corner of your eye.
You're adjusting as you're moving toward
(03:12):
it to get there the most effectively that
you can, which. It isn't always a
straight line. We're not doing
geometry here. We're doing business. Very
different. Think about it like this. When
you're navigating a ship across the
ocean, you don't just set your
course from port A to port B and put it
on autopilot. No, you can't do that. You
(03:34):
have to constantly adjust based on
weather conditions, currents, other
vessels. You might even find a better
route as you gather new information.
Business goals work the same way.
You have kind of a point you're
navigating toward, right, the ports you
want to get to, but you're also staying
aware of changing environments, emerging
opportunities, and you're adjusting as
(03:54):
you go. Or iceberg. Iceberg, yeah. You
want to look out for those for sure.
We're not flying. Like planes have a lot
of autopilot to them, but they're still
conscious like pilots or whatever. But I
think businesses are way more like taking
a ship across the ocean. No autopilot,
way less autopilot on those things. O
Let's breakdown our MTO minimum
(04:15):
target and outrageous framework for
setting financial sites. Again, I love
this minimum target and outrageous thing
because it helps me. Have outrageous
goals, but also make sure I can hit
the minimum. And as I share this with
other business owners, they're like, wow,
that's genius. Yeah, we don't remember
exactly where we picked this up along the
(04:36):
way. So if you know who created this, let
us know. But here, here's where it goes.
So minimum goals. These are the must
achieve baseline. You got to think,
what's my minimum revenue needed to cover
all operating expenses and pay myself a
reasonable salary?Think of this as your
sleep well at night number. As long as
you're hitting this minimum, your
(04:57):
business is going to do just fine. This
isn't about settling though. It's about
knowing your foundational requirements,
your minimum. Yeah, this is a
very helpful for us as thinking
through. You know, we we
get a big flow of money, but making sure
that we minimally can pay our staff,
(05:18):
pay for the office, pay for the
minimum things in life. And the
next is target. This is your stretch,
but achievable type of mark.
Usually it's 20 to 30% above your
minimum, but it could be way bigger. If
you're choosing your target, you might
include like where it feels
slightly uncomfortable,But also doable,
(05:40):
right?Like you're you're that growth
mindset. You want to stretch, but you
don't want to like make it totally
outrageous because it's the next part. So
this is your target you want to have, you
know, maybe it's increasing your profit
allocation percentages. Maybe it's adding
team members, maybe it's implementing new
systems. This doesn't have to be a
specific amount above revenue wise.
(06:01):
It could be about other kinds of
improvements that you want. But these
goals should align with your 12 month
business vision and what you want to see
happen there. And so you might think if
I want to add new team members, this is
how what changes about my operating
expenses and this what it is what it
means for the other parts of my business
to make sure I'm bringing in the real
revenue that I need to to account for all
(06:21):
those things. with the the profit first
framework there. Yeah. And what I love
about that, I think we are going to
show a spreadsheet is it's I'm able to
look at all pieces of it. So
now what I love about this target is
it gives me at least something to shoot
for and it actually gives
(06:43):
me also an incentive to reach.
So as I go to that target goal,
man, I might be able to do some really
cool stuff in my profit hold account.
Yeah. And then finally, so we get our
minimum, our target, and then the O is
outrageous. These are your big dream
scenarios. Maybe it's double or triple
your target goal. This should feel
(07:04):
exciting, maybe even a little scary,
like, oh, I have no idea how I would do
that kind of thing. It can have some
kind oftransformational changes like
opening new locations or launching new
product lines or making significant
acquisitions. This goal, the
whole purpose of the outrageous is to
(07:24):
think bigger and help you spot
opportunities to help you you reach that
outrageous. When you have that outrageous
in mind, you can know which opportunities
would help you get there or not get
there. I like to think about this one
asOftentimes
people are like, oh, this outrageous
thing happened. We got doubled our
(07:45):
business and they think that the next
year it's going to be that way again,
which is possible. But the more that we
go after that outrageous goal, the more
likely we're going to have. That
almost becomes our baseline, right?It
becomes a new minimum. Yeah. So we don't
want that to happen necessarily. So we
want to be able to go for that
outrageous knowing it's a
(08:08):
lot of out of our control. You know,
sometimes it's just a God thing that all
of a sudden this happened, but be
able to put in time to be
able to allow that to happen.
OK, so we got minimum target outrageous,
MTO. with these MTO
goals in mind, you can then also break
down quarterly rocks, some monthly and
(08:30):
weekly key performance indicators,
KPIs, to help you stay on track, right?
You have the goals, but you break it
down. And so you know how to reach those
goals. And you can say, if I'm on my
minimum, here's kind of what that looks
like. If I'm on my target, here's what
that looks like. And if we're going
outrageous, this is some of what those
indicators would show us. Like, hey,
you're you're going outrageous. Get
ready. Most of these
(08:52):
though we kind of set with the target
goal in mind, but some we set with the
minimum or outrageous, depending on
what's most helpful. You don't have to
have three sets of key performance
indicators for everything, right?You
might think of here's, I'm going to set
these with the target, but then this one
with the minimum and that one with the
outrageous. So stay tuned after the break
for some common concerns regarding goal
(09:14):
setting using MTO. Again,
some people, I don't know, they don't
like goals or something, I don't know.
Ready to take the next step towards
securing your financial future?Whether
you're planning for retirement, saving
(09:35):
for your dream home, or you just want to
make your money work harder for you, the
team at Wealth Wisdom Financial are ready
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www.wealthwisdomfp.com/call
now. I can hear some of you thinking,
isn't this just setting myself up for
disappointment or what's the point of
(10:17):
setting an outrageous goal I probably
won't hit?And again, I talk to
business owners all the time and they
just keep doing the thing, but they don't
actually set goals. Yeah, so let's
address some of these common concerns.
One, multiple goals seems overwhelming. I
can let alone, you know, one goal. Why?
Why three?Well, this MTO
(10:39):
framework actually reduces. pressure.
You hit your minimum, it's a win, right?
Everything above that is bonus territory.
You're not failing if you don't hit that
outrageous goal. We used to set only the
outrageous goal, then we get mad at
ourselves if we didn't hit it. And then
we started, you know, okay, let's let's
reduce and maybe just have a target. But
(11:00):
then we'd lose some of that growth
mindset of going after the outrageous.
And we'd also beat ourselves up if we
didn't hit the target because it was, you
know, it still was a stretch and it
doesn't mean we're going to get it. But
having this, this minimum actually helps
us with that mindset that we keep. It's a
win if we hit the minimum, right?We're
not losers. We hit our minimum. We're
winning and we're even better at winning,
(11:22):
right?We get the cherry on top if we're
going toward the target or to the
outrageous. But we still get the cake and
we get to have the cake and icing. If we
hit the minimum, we get the cherry on top
or, you know, whatever analogy you want
to use if we're going after target or
outrageous. So it's not overwhelming.
It's actually good, positive growth
mindset. Yeah, without like beating
yourself up. And I would say as
(11:43):
we've worked back and forth and going
back to the previous meetings
or podcasts that we did, having
those conversations of saying, man, this
seems a bit. high for
me, it's helped me to at
least look at the M and
feel okay and not deflated
(12:04):
because we didn't reach 100,000 in a
month or something like that. You know,
not that we do, but
it is helpful to feel
not a failure if we only did half of
that. Right. The next common
objection is preferring to focus on one
clear target. Now we're big fans of
(12:26):
focus, right?One course of until success.
Follow it. Good thing. And but single
targets can be demotivating. If you fall
behind MTO instead provides
multiple reference points. It's like
you've got your eyes on the outrageous,
but you can have a reference of here's
the minimum and the target along the way.
And this helps maintain motivation across
(12:46):
the different business cycles, keeps you
growing even if you don't hit every
single mark. So you still have the clear
target. Maybe that's your target,
right?That's your clear target. But
minimum helps you see, okay, here's how
I'm progressing toward it. And outrageous
is to help keep you seeing beyond the
target. Anything to add there?
I think again, some of it is as we're
(13:09):
going for winning the game or whatever
that is, to be able to see where
we need to make some extra work, extra
groundwork or or other things to be able
to see and to be able to say,
all right, I want to be growing. I want
to have a a business that is 10x in
10 years. How do we do that?
(13:31):
And so again, sometimes it's just us
doing our part,But also
allowing for the unexplainable to happen.
Yeah. And then the third objection we
sometimes hear is that, you know, my
industry is too unpredictable for this.
But that's exactly why we treat these as
sites and having multiple different ones
(13:51):
makes a lot of sense. Our
income is also up and down and all over
the place, right?It has been for, oh
gosh, 13 years now, 14 almost.
And that's part of why this is so good,
is because we can have that regular
review, we can have some adjustment, it's
part of the process. And this framework
(14:11):
also helps us navigate uncertainty. When
those high, high months, that helps us
see like, okay, like here we are, when we
have the low loan months, we can say
like, put on average, we're still on
minimum or we're still toward the target.
And you can also, one of the big
debates about goals is whether you should
edit them or not. you know set it and and
(14:32):
go after it and don't make any changes.
But oftentimes like things need to change
and having a minimum, a target and
outrageous, you can adjust without losing
direction. You're like, actually my
minimum went up because I added this
extra expense, but you don't have to
adjust your target or you're outrageous,
right?Or you know those kind of things
that help you deal with the
unpredictability that way.
(14:55):
Yeah, I think again, a lot of times
people are like, yes, but and
and we didn't actually set the right
goals or the right framework.
So by having the three things, it
helps us to adjust a little bit if we
need to, but not too much. And we can
still have a, hey, we're going to grow
(15:15):
to $2,000,000 this year and see
what happens. So remember, the purpose
of the MTO framework is not to
create rigid expectations. It's to give
you multiple reference points for growth
while maintaining flexibility. You set
minimum goals that ensure stability,
target goals that drive growth, and
(15:37):
outreach goals that expand the
possibilities. It's all about creating a
framework that keeps you motivated and
moving forward, regardless of where you
end up landing. You'll probably land
somewhere along that, you know, minimum
target, outrageous trajectory. And it's
about progress, not perfection. And you
either hit the goal or you don't hit the
goal. It's like, no, here's my spectrum.
I'm going to hit somewhere along that
(15:58):
goal, hopefully above the minimum and
maybe closer to the outrageous. That
would be fantastic. So think of these
goals as different zoom levels on a map.
Your minimum goal is your current
location, your target goal is the next
major city, and your outrageous goal is
crossing the country. You might not
(16:18):
make it across the country this year, but
you'll certainly go farther than if you'd
plan to drive to the next town.
Yeah, that's actually probably one of the
only things I like about that great
Cardone book, 10X. Is, you know, the
whole idea you shoot for the stars, you
end up hitting the moon. But if you shoot
for the moon, you probably don't even
(16:38):
leave the planet. Yeah, right. And that's
part of why these kind of work is it
gives you that 10X, that big outrageous
thing, but without the guilt of if you
only hit your minimum. Yeah. YeahSo I
know hearing this, you're ready to
implement this MTO framework in your
business. And you might be, if you're a
Profit First fan like us, you might be
curious about how MTO drives with Profit
(17:01):
First when it comes to revenue goals and
how you then, you know, set your profit
and your owner's comp and your tax and
your operating expense budgets. Well,
you're in luck. Every premium member in
the Wealth Wisdom Financial community
gets access to this mini quest that we
set up called Build Your Success
Dashboard. It's very profit friendly
and we have what we call an MTO
(17:23):
chart based on real revenue. You're
going to see an image of this pop up on
your screen. You can get a copy of this
and the entire quest by joining today at
wealthwisdomfp.com/community.
Join today, get instant access to this
powerful tool. It's actually a Google
spreadsheet that you can play around
with, put in different numbers into the
(17:43):
yellow field and see how that adjusts all
the other parts of the profit first
framework. Do not let another month go
by without clear financial sights to
guide your business growth. And as I
go through this all the time, I share
this with clients and other people
and they're like, wow, this is amazing to
be able to see that Excel spreadsheet, to
(18:05):
be able to change the numbers a little
bit, just to play around with it, have a
thought exercise is huge and
then be able to. Look and say, hey, if we
did this, this is how much goes into the
various buckets. That helps
me as a visual person and I know it
will help you too. So don't
forget, go download that, go join the
(18:28):
community and don't use. Don't
just say, Oh yeah, I'm going to be a part
of this community, but not engage in the
stuff. But actually engage and download
the tools and use it for your business.
That's why we created it. Yeah. So we use
it every year to set our goals and then I
use it every 10th and 25th for my
allocations. It's a great tool to be
(18:49):
using all throughout the year. So thanks
for joining us for this four-part series
on building strong financial foundations
for your business. From rewriting the
rules of budgeting to
creating systems and, you know, scheduled
check-ins with your finances that will
help you scale into the seven figure and
beyond range to dealing with the things
(19:09):
that are going to pop up because business
is so unpredictable and how you make sure
you're able to manage cash flow with all
that unpredictability, both good and bad.
And then today for how you set goals that
actually work for you. Until next
time, live long and profit.
Remember, the topics presented in this
podcast are for general information only,
(19:29):
and not for the purpose of providing
legal, accounting, or investment advice.
On such matters, please consult a
professional who knows your specific
situation. And don't forget to download
that MTO report.
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