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Episode 29 - Goal Setting

Successful business owners set goals. Setting goals gives you long-term vision and short-term motivation. It focuses you and helps you to organize your time and your resources so that you can make the most of your time.
By setting sharp, clearly defined goals, you can measure and take pride in the achievement of those goals, and you’ll see forward progress in what might previously have seemed a long pointless grind. Your self-confidence will also rise as you recognize your own ability in achieving the goals that you’ve set.

SMART Goals

A useful way of making goals more powerful is to use the SMART method of goal setting. While there are plenty of variants, SMART usually stands for:

  • S – Specific (or Significant).
  • M – Measurable (or Meaningful).
  • A – Attainable (or Action-Oriented).
  • R – Relevant (or Rewarding).
  • T – Time-bound (or Trackable).

For example, instead of having “to help business owners” as a goal, it’s more powerful to use the SMART goal “To help 2000 businesses to succeed while having a work-life balance by 2022.” Obviously, this will only be achievable if a lot of preparation has been completed beforehand.

 

More Tips for Setting Goals

 

  • State each goal as a positive statement – Express your goals positively – “Execute this well” is a much better goal than “Don’t make this stupid mistake.”
  • Be precise – Set goals with dates, times and amounts so that you can measure achievement. If you do this, you’ll know exactly when you have achieved the goal, and can take complete satisfaction from having achieved it.
  • Set priorities – When you have several goals, give each a priority. This helps you to avoid feeling overwhelmed by having too many goals, and helps to direct your attention to the most important ones.
  • Write goals down – This ensures that the goals don’t change before you can even meet them.
  • Keep operational goals small – Keep the low-level goals that you’re working towards small and achievable. If a goal is too large, then it can seem that you are not making progress towards it. Keeping goals small and incremental gives more opportunities for reward.
  • Set performance goals, not outcome goals – You should take care to set goals over which you have as much control as possible. It can be quite dispiriting to fail to achieve a personal goal for reasons beyond your control. In business, these reasons could be bad business environments or unexpected effects of government policy. In sport, they could include poor judging, bad weather, injury, or just plain bad luck. If you base your goals on personal performance, then you can keep control over the achievement of your goals, and draw satisfaction from them.

  • Set realistic goals – It’s important to set goals that you can achieve. All sorts of people (for example, employers, parents, media, or society) can set unrealistic goals for you. They will often do this in ignorance of your own desires and ambitions. It’s also possible to set goals that are too difficult because you might not appreciate either the obstacles in the way, or understand quite how much skill you need to develop to achieve a particular level of performance.