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Reward Yourself For Reaching Milestones And Making Progress
  • 01 March 2016
  • Eric Michaels

Reward Yourself For Reaching Milestones And Making Progress

Setting goals should be on the agenda for every small business owner. Whether you set aside time every month to evaluate goals or make New Year's Day the time to plan ahead with year-long resolutions for yourself or your company, entrepreneurs tend to be more successful when they keep an eye on the prize. Reaching these milestones deserves more than a pat on the back, too. Rewarding yourself for achievements will help motivate you to reach your goals sooner.

Why rewarding yourself matters

If you think back to your earliest days, rewards were a part of every major step in your life. Success in sports yielded trophies; academic excellence yielded higher esteem from teachers and entrance to better schools; and responsible behavior yielded greater freedom at home. The pattern usually continues in employment, with money entering the equation. A satisfactory level of work can return bonuses or even a promotion from a boss. These rewards could be used to buy a new car or plan a vacation.

Though you may not realize it, these rewards were excellent motivators, so you should implement a similar milestone method in your own business. When you meet a set achievement, grant yourself a reward. Naturally, you will want another, so you will start strategizing for your next success. When you hit a target, like completing all your payments on a small business loan, a reward serves as the clear prize for the accomplishment, and the effect is psychological, as well. Joyful feelings associated with a new car or a relaxing vacation make you eager to find the same state of mind again.

Once you start a company and become your own boss, the rewards often stop. Money can be tight for entrepreneurs, and spending it on personal rewards can seem frivolous. However, you can reward yourself without spending money. Simply determine the right reward for the accomplishment.

Matching milestones to appropriate rewards

Most entrepreneurs have a wish list in mind while working through the grind of building a company. There might be skills you want to learn or a new computer that could make your job easier. For some people, the potential to sit on the beach and read for a few days sounds like a dream come true. Each of these rewards could benefit your business in some way. In fact, purchases made for your business, including any classes you take, are usually tax-deductible.

Therefore, business owners should have no reservations about rewards. The cost of a mini-vacation to the beach is often minimal, but the effect it can have on your peace of mind may be significant. Recharging your batteries with relaxation and sun could open your mind to new ideas or allow you to see problems from a different angle. In this way, rewards for hitting milestones are like investments in your future success.

Setting your wish list

Even the most Spartan-like business owner can find things worth putting on a wish list. If your car has become unreliable, rewarding yourself with a new vehicle is a no-brainer. The same goes for a phone and any other electronic device that makes you a more efficient communicator. Technology with the power to speed up mundane activities can improve the quality of your life and improve your time management. Do not be afraid to give yourself the gift of such a useful tool, even if it costs a little more than you typically spend.

Entrepreneurs with all the latest tech will want to look in another direction. A trip to the country or a week volunteering would be the right reward as you check off goals in your professional life. There is no wrong answer when giving yourself a gift for your hard work. The only wrong answer is denying yourself a reward after a real accomplishment.

Achieving personal or professional milestones calls for a celebration and the appropriate reward, which can help you start working toward your next success.

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