The Importance of Goal Setting

With the world generally in pause mode at the moment as the globe reacts and recovers from the spread of coronavirus, there has never been a better time for some reflection and fresh goal setting. The issue is that during times like these, people’s focus does tend to turn inward and away from looking at and planning for the future. In fact, this is another reason why now is a good time to pull yourself up and look around at what you can do and what you should be aiming for to keep yourself and your business on track. 

We do not want to teach you to suck eggs, most entrepreneurs know goal setting is important, but here is a fool proof approach to set goals for yourself and your business:

One of the biggest mistakes with goal setting is aiming too high. Now by too high we don’t always mean being ambitious. What we mean is that the goal is too much of an overview, too generic, too expansive. ‘Make more money’, sure it’s a goal but it’s too loose. Put a more specific angle on it and say that you want to increase revenue by 15% in the next 3 months. Or that you want to increase margin on a certain product or service to 30% for example.

 

As per the suggestion above about being specific, make sure your goal is something you can measure. Ideally you don’t just want measurability to be a start and end affair either, you want something you can measure along the way so you can tell if you’re on track. Break your overall specific goal down into periods of progression. How much improvement will you aim to make in month 1 versus month 3 and month 6 of a long-term goal for example. 

Don’t aim low but make sure your goals are realistic and can be achieved in the timescale you’re setting yourself. Unrealistic goals that can’t be reached can actually have a counteractive effect and become a negative distraction and pressure you don’t need. Think about goals that are tough but can be achieved with hard work. 

Keep it realistic but make sure you are setting yourself a time constraint with your goal. Setting the goal with no ideal achievement date isn’t going to motivate you. It actually becomes more of a dream than a goal. Set a time limit and break that down into deliverables and gradual measurement of progression to stay on task and stay motivated. Adjust these targets as you progress too.