30 second summary:
At Rathbone Results, we look at how to set goals that have a meaningful impact on your business for the year ahead.
We review the importance of having the right mindset and of committing wholeheartedly to the goals you’ve set, whilst looking at how to stay on track.
What goals have you set for your business?
How can you have meaningful goals that make a real impact on your business?
1. Recognise the importance of having goals. Goals keep us energised and focused on what we are trying to achieve, as these 3 quotes show:
“What keep me going are goals” - Mohammed Ali.
“Setting goals is the first step in turning the invisible into the visible” - Tony Robbins.
“One of the lessons that I grew up with was to always stay true to yourself and never let what somebody else says distract you from your goals” - Michelle Obama.
2. Write down your goals. Writing down your goals on paper or in a Word document is important for three main reasons:
- Your motivation to achieve them increases along with your self-accountability.
- You embed them deeply into your mind and this makes them more tangible and easier to recall.
- You are 42% more likely to achieve goals you’ve written down according to a study conducted by Dr. Gail Matthews, psychology professor at Dominican University of California.
In spite of these benefits, Brian Tracey says pointedly: “Only 3% of adults have written goals, and everyone else works for them.”
3. Use SMART goals. Your SMART goals should be:
- Specific and not ambiguous.
- Measurable so you can track your performance.
- Achievable - with some challenge but not impossible.
- Relevant to your overall plan for your work and your life.
- Time bound - with a target “by when” date.
The latter point is especially important as your subconscious mind uses deadlines to drive action, consciously and unconsciously, toward achieving your goals on schedule.
4. Use a detailed Action Plan. Make a list of everything you will have to do to achieve your goal. This becomes an Action Plan, focusing you and setting the milestones and actions you need to take to reach your goals. These actions need to be arranged sequentially and in priority order. To be clear:
- Sequence: what you have to do before you do something else, in date/time order.
- Priority: placing what is more important before what is less important.
Remember as you do this the 80/20 Rule which says that 80% of your results will come from 20% of your activities. When you have a Goal and a Plan, you increase the likelihood of achieving your goals enormously.
5. Develop self-discipline and focus on implementation. Having SMART goals and an Action Plan is a huge step forward - but it is only half of the battle. Now you have to achieve it. Implementation is the aspect of goal setting with which people have the most trouble.
To implement your plan, to achieve your goals, you need focus and self-discipline. You also need to ensure you are not constantly distracted by the issues of the day.
Nigel Botterill of Entrepreneur Circle recommends creating a 90-minute block of time each day when you can concentrate on the most important tasks in your Plan. If that seems unreasonable, as it will to most, start by blocking 90 minutes at the start or end of each week to realign your diary to ensure you are using your time effectively to implement your plan.
Focus and Concentration are keys to success. Focus means that you know exactly what it is that you want to accomplish. Concentration requires that you dedicate yourself to doing only those things that move you toward your goals.
6. Review your goals regularly. It is vital to review progress against your goals on a regular basis; some weekly, some monthly and some annually.
Regularly reviewing your goals provides you with a good reminder of what you're working towards and keep you on track. As important as it is for you to set goals for your business, it's also important that you regularly review them.
Use these 6 Steps to Successful Goal Setting and make a point of regularly assessing how you are doing.
