The promise of a new year is always so exciting! I love planning for the year ahead, writing down my goals, what I want to do and create, what places I want to visit in my travels, and, of course, plotting my exciting business goals. It’s a new year on the calendar, but keep in mind there are also some outstanding details to be considered before barging ahead with all your new plans. Let’s plan your best year ever!
It can be a fun process to dream and brainstorm your next steps, but it can also bring up some frustration or overwhelm when reviewing goals from the current year reveal some that haven’t quite been met. First, evaluate what still applies. Some things may have shifted or changed if you’re headed in a new direction professionally or personally. But it’s important to put the missed goals on the top of the list if they still apply to your current focus and push forward with completing those–one step at a time, or bite at a time, depending on your preferred metaphor. Let’s create a fresh start with some simple tips for business owners planning the new year that don’t skip any important steps from the current year’s actionable items.
First of all, celebrate your wins! How well did you do? If you met 100% of your previous year’s expectations, congratulate yourself. It was a challenging year, so making that happen was a great feat. If you exceeded your goals, then high fives are in order because that’s remarkable!
If your year didn’t quite look the way you had intended, sit down and evaluate the circumstances, your work style, and any other factors that may have been within or out of your control to cause the outcome you’ve experienced. In sales, a missed quota one month is moved into the following month and then maintained as much as possible by organizing gaps as needed. Staying on top of our shortfalls as we go, making up for lost time or sales quickly, and not letting them squash our spirits keeps us focused on pulling through in the following month or quarter. Falling short at the end of the year can feel very frustrating, but don’t let it get you down. Keep your eye on the prize, evaluate where you could have improved, and then use your energetic momentum to organize a great new year, whether the previous year was a business flop or a cause for celebration.
For those of us who fell short, let’s explore why. Were the goals too high? Did you create goals that are SMART?
- If you want to know how to determine which goals will lead to your success, check to see if they meet the S.M.A.R.T. criteria. SMART goals are:
- Specific – The more detail, the better. And the more likely you will stick to meeting that exact outcome.
- Measurable – Can you evaluate the outcome in a way that is easy to evaluate?
- Attainable – Choosing something that is possible for you to achieve helps you be motivated to move in the direction of success; if something feels too far out of your reach, you may struggle to get started.
- Relevant – Does it support your overall focus and vision? Is it relevant to your market, your company culture, the greater collective’s needs? Your own needs?
- Timely – Is it something that is current to your vision, and is it something that can be completed in the time allotted?
- Did you evaluate your goals monthly and quarterly? Mid-year evaluations and Preparing for the year-end with an end-of-the-year review are very important to keep us on track for accomplishing our goals.
Define Your Goals Clearly
Start by clearly defining what you want to achieve. Make your goals specific and well-defined. Avoid vague goals like “Get in shape,” and instead specify, “Lose 10 pounds in 3 months”. Instead of “Build up savings,” give yourself a number, a motive, and a deadline by stating, “Save $5,000 for a vacation by the end of the year.”
Break Goals into Smaller Steps
Dividing your larger goals into smaller, more manageable tasks or milestones makes it easier to stay motivated and track your progress. For example, if your goal is to write a book, break it down into chapters or daily word count targets. I like to think of a goal as a journey; if you are driving and have 100 miles to go, you can break the trip down into milestones of different towns or cities. When I lived in Orlando, I would often drive to Key West to see my brother. I would break down the trip into signs for several towns and cities to make the drive less boring.
Develop an Action Plan
Create a detailed action plan that outlines the steps you need to take to achieve your goals. This plan should include a timeline, resources needed, and any potential obstacles you might encounter. Having a plan in place helps you stay organized and focused. If you know you need to make thirty calls a day to get five prospects to speak to, and you can close three of those five, then that’s your daily action plan in order to make X amount per day, to make X amount per week, then your overall monthly quota. Breaking down your goals into the actions you need to take daily, weekly, and monthly in order to succeed will help you eat that elephant one bite at a time.
Track and Adjust Your Goals
Regularly monitoring your progress toward your goals will help keep your goals in perspective. Use metrics and key performance indicators (KPIs) to measure your success. If you find that you’re falling behind or facing unexpected challenges, be willing to adjust your plan as needed. Flexibility and the occasional redirection of your energy and action are key to achieving your goals.
Some tools to help you keep on track:
- Vision Board
- Weekly Planner
- Notebook
Affirmation Statement
Here are 5 fun activities you can do with your friends and family or on your own to plan your financial goals and keep you on the right track through the new year.
Financial Vision Board: Creating a financial vision board at the beginning of the year is a fun visual way to work on your goal-setting. Cut out images or words from magazines or print out pictures that represent your financial goals. This can include pictures of your dream vacation destination, a new home, or retirement savings. You can then display your vision board prominently and take pictures of it to track your progress throughout the year.
SMART Goal Challenge: Set specific, measurable, achievable, relevant, and time-bound (S.M.A.R.T.) financial goals. Write down these goals and regularly check in on your progress toward them. You can create a template or self-accountability worksheet, like a personal review, to make this process easy, enjoyable, and effective.
Financial Bingo: Create a game like financial bingo. Make cards with your various financial goals or tasks that you or your team can achieve throughout the year. These could include tasks like “Create an Emergency Fund,” “Pay off a Credit Card,” or “Start Investing.” You can mark off each task as you complete it, making it a fun and interactive way to stay engaged with your financial goals. Don’t forget to reward yourself with some sort of prize or activity you love when you “Bingo.”
Budgeting Challenges: Organize monthly or quarterly budgeting challenges for yourself. Try implementing a specific budgeting technique or method each month. For example, “The No-Spend Month Challenge” or “The 50/30/20 Budgeting Challenge.” Make it social and have an accountability group of friends, family members, or business colleagues do it with you and recount your results at the end of the month in a discussion.
Start a Financial Book Club: Create a monthly reading list related to personal finance and investing. Encourage your friends and family to join and set a goal to read a certain number of books throughout the year. Create a discussion forum or social media group where they can share insights and takeaways from each book. You can easily measure progress by tracking the number of books read and the engagement in discussions.
Remember that setting and achieving goals is an ongoing process that builds upon itself over time. It’s important to stay motivated and stay committed to your goals, even when faced with setbacks or obstacles. Regularly reviewing and adjusting your goals can help you stay on track and increase your chances of success.
As a business owner, you may be alone or have a team of people. Surround yourself with motivated and positive people you can include in your goal-setting, action steps, and celebrations. Avoid or eliminate unmotivated, negative people from your inner circle or your team. The positive people on your team will feel compelled to help you with attaining the goals, and often will have many goals of their own you can support them in achieving as well, creating a win-win business environment. Incentivizing positive members of your team with recognition will show you who’s willing to put in the extra time to get you to your goals and in turn, them to theirs. Involving positive people makes the whole team more positive which means you will have more positive energy and momentum.
If you are on your own, find like-minded people to collaborate with. Excited, high-energy goal setters will set a pace that you will feel compelled to keep up with. If you can’t find them in person, then look for them on social media and LinkedIn. There are many people out there you will resonate with, and you will both benefit from connecting with and encouraging one another. Get out there and do some networking, or try networking online.
In short, use the excitement of New Year’s energy to dream big and plan anew, while simultaneously smartly evaluating what you need to bring forward from last year to stay motivated, stay focused on reaching your goals, and creating your successful business and personal outcomes now and for the rest of the year.
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