5 Mistakes Made When Setting Goals
Do you have your goals set for this New Year? Where do you want to be at this time next year?
Business goals help you gauge your success and help you stay motivated to reach those goals. Some people think the planning stage is drudgery but even those entrepreneurs who prefer the “fly by the seat of your pants” approach to running their business have specific goals in mind. Not having goals is equivalent to being on a hamster wheel going nowhere.
Tammy Munson works with Entrepreneurs and Small Business Owners to maximize their efficiency through systems and processes in order to increase their bottom line, work fewer hours, and live their ultimate lifestyle.
Take a few minutes and think about what you want to accomplish in your business and make sure you’re not making any of these mistakes in your goal-setting process:
1. Procrastinating. You don’t need to wait until January 1st of every year to set your goals. Try setting quarterly goals instead. If the idea seems overwhelming, set a timer for 30 minutes and start mapping your goals on paper.
2. Not prioritizing. You can probably brainstorm dozens of goals that you want to achieve but having too many will distract you from the most important ones. Business goals are meant to help you focus, not get distracted; so minimize your goals and place the most important ones at the top of the list.
3. Being too vague. Saying you want to “make more money” is too vague and you don’t have any way to measure if you’re reaching that goal. “More money” could mean an extra $100 per month or an extra $10,000 per month. Which would you rather see? Be as specific as possible with your goals so you can track your progress.
4. Setting goals that are too easy. I want you to dream big when envisioning the lifestyle you want. However, let’s be realistic about your goals and break down those lofty goals into smaller, more achievable goals. Let’s say you want to have revenue of $1million dollars. That’s a pretty big goal, How are you going to accomplish that? What other smaller goals do you need to meet to make that happen? Is that going to happen this year? It might take you two or three years to reach seven figures but it’s not impossible.
5. Not working on your goals daily. Write down 10 goals you want to accomplish in 10 years and do this everyday. Every task you undertake should lead you toward your goal. If you’re still doing busy work or behind-the-scenes admin work instead of money-making tasks, consider hiring a virtual assistant. Outsourcing the necessary busywork will free up your time to get creative and focus on your book, next course, or upcoming webinar. Yes, you’ll have to pay your VA but you’ll still end up making more money in the end because you’re solely focused on your money makers.
One more piece of advice: You’re running a business, not pursuing a hobby.
So think like a business person and visualize where you want to see your yourself AND your business in one year. What goals do you need for that to happen? What action steps do you need to take every day to make those goals a reality?