Have you got your business goals for the new year all mapped out?
If not, you could find yourself lost in the woods as the months go by.
Let’s face it, not having a destination in mind may be a great approach to a summer road trip, but it’s not a smart move for your business!
Planning and goal setting may sound tedious, scary, or complicated, but it doesn't have to be! When you do it correctly, it can fun, motivating, and highly effective.
Let’s look at how planning, goal setting, and a splash of business coaching can help you achieve your goals.
Goal-Setters Are Go-Getters
Did you know that people who set and articulate goals are more likely to achieve them? That's not just a matter of opinion; it's backed up by scientific evidence!
A Harvard Business study discovered some compelling things about goal setting. Firstly, it showed that 83 percent of the population don’t even have goals! But even more importantly, it revealed that the 14 percent of people who do have goals are 10 times more successful than those who don’t!
In a nutshell, you are giving yourself a massive head start by even considering setting goals.
The Basics Of Goal Setting
Goal setting doesn’t have to be an epic undertaking. In fact, it’s better if you keep things simple. However, there are some basics you need to get right to make your planning effective and meaningful, such as…
1. Start with a review
When thinking about the year ahead, it helps to have a brief pause to look at the year behind you. What worked well? What didn’t? What would you change if you could have a do-over?
By reflecting on what has already happened, it can help you to take conscious actions in the year ahead. Choose to get rid of the things that didn’t work and amplify the things that did work.
2. Get your mindset right
Even if your last few months or more were a bust, you don’t have to start planning and goal setting while feeling down about your business.
Spend a bit of time reconnecting with your passion and your why. Remind yourself why you started this business and what’s important to you. This will help you set the right goals and kick off your planning with a motivational mindset.
3. Write it down
Remember that informative Harvard Business study I mentioned earlier? Well, it discovered another goal-setting nugget for us to learn from.
Of those 14 percent of clever people who had a plan in mind, only 3 percent actually wrote their goals down. But those 3 percent with written goals were 3 times more successful than the 14 percent with unwritten goals. Talk about levelling up!
The truth is that writing down your goals – either digitally or physically – puts you in the right mindset to reach them.
4. Make an action plan
Planning is great, but it only works if you then put your plans into action. Once you have chosen goals for your business, you need to take it a step further and outline how you are going to achieve them. You don’t need to conquer Everest all in one day! Basically, break each goal down into baby steps that you can take monthly, weekly, or daily that set you on the path to success.
Oh, and of course – actually take the baby steps!
5. Level up your strategic planning with a coach
So, we know that having goals and writing them down puts you ahead of most of the population. But there’s one more thing that can turbo boost your success – and that’s investing in a business coach.
People who have a coach to keep them accountable are even more likely to achieve a goal (would you expect Lisa Carrington to win Olympic medals without a coach?)
According to some more juicy research, business owners who used their accountant as a business advisor were 31 percent more likely to see an increase in profits.
Accountants are often perceived as being number crunchers, not overall business strategy experts or coaches - and that is true of some accountants. However, the right accountant has so much knowledge and experience they can bring to the table. Plus, they understand the business from a numbers perspective - something many business owners say they struggle with.
Choosing the right coach
As a small business owner myself, I understand the challenges faced by my clients. Having worked with 100's of small businesses (if not into the 1000's) throughout my career, I have a strong understanding of what it takes for businesses to be successful. And I use a simple but powerful planning tool to help them get there.
If all the numbers, research, and goal-setting chat we’ve been over has inspired you to get started on your own planning and goal-setting chat for next year – fantastic! That’s what I’m here for – to help you get excited about your business goals.