Is it best to set business goals in 30 day, 90 day or 1 year sections?

All of the above.

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You start with the end in mind. Your vision, how do you see your company in 5 year. For example, You may be starting a company related to real estate investing.  Your company vision might be that as follows:  "In 5 years, I see it as being an international real estate investment company that has grown from a local PA family owned business to owning and operating real estate rentals around the globe in strategic locations that support tourism and high rental prices."

 

OK now drop it back to what needs to happen and where do you want in to be in one year. Ex. in one year I would like to have a fully operational buy and hold REI business that is self-operating (defined as me spending less than 1 hour a day or 7 hours a week), netting at least $10,000 a year with a portfolio value of $1.5 M (USD).

 

OK so what has to happen in 90 days that would let you know you are on track to hit your one year goal? Ex. End of Q1 all the team members will be in place. We will have the marketing, acquisitions, finance and rental/management teams in place and functioning and fluid processes being tweaked and developed.  We will also have purchased 2 properties that have met our pre-determined criteria.

 

OK so now what has to happen in 30 days in order to ensure you have those two properties, that have met the criteria, your buying process, you have hired people and tweaking process?  Break this down further by putting everything you know you need, needs to happen and how it will happen on paper, in no particular order.  Then prioritize and leverage test the list.

             

An example might be: pull list of people to contact re: purchasing property, determine how you contact them, determine the parameters for what constitutes a deal, contact PM Lenders, Hard Money and Banks to get financing in place, begin to build your network of property managers, people, agents, Landlords, business owners, wholesalers, etc.; list job openings, get software to manage the lead, deals, properties, etc. 

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Then prioritize and test your list of what has to be done in 30 days. Clearly having the CRM is of the utmost importance so you can track all activity and understand future growth potential and returns on investments.

 

Having a short business, marketing and financial plan is crucial to all businesses or they do not work.  In addition, there are some other basics that should be laid out which assist in ensure you are hiring the right people the first time around.

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Then further break it down by week.  And you can then break it down by day.

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So based on this example, you would probably create a business plan, marketing and financial plan first, research and purchase CRM (determine hiring needs) all in week one.

 

Then week two.. then week three

always looking at the 30 day goal and making sure every activity gets you to that goal.