Yearly Goal Setting: What to Know
As we push into the fourth quarter of 2022 and the new year inches closer, it is a great time to reflect on your progress and get planning for the year ahead. No matter where you are in your business journey, goal setting is essential for long-term success.
Setting clear goals for your business provides direction and motivation and assists you in focusing your energy on what is important. Most people know what they want to accomplish in the year ahead, but that is only half of the equation. Effective goal setting requires more than just knowing what you want to do. It requires a detailed plan of exactly how you are going to achieve it.
In this post, we break down the critical elements of successful goal setting so you can move forward into the new year with a plan for success.
Consider The S.M.A.R.T. Method
The S.M.A.R.T. method is commonly used in goal setting as the acronym is a clever and easy way to remind you of the essential aspects to consider when setting goals for your business.
The method advises that your goals should be:
Specific
Measurable
Achievable
Relevant
Time-bound
If you have a newly budding business, the S.M.A.R.T. method can be extremely useful in breaking down your goals into smaller attainable milestones.
Use Last Year's Numbers
It isn't easy to accurately plan for the future without analyzing what has happened in the past. Reviewing last year's numbers and performance allows you to determine realistic goals for the year ahead.
You might decide that increasing your profits and expanding your client base are two of your main goals for 2023. Analysis of your numbers from the previous year will give you valuable information to set benchmarks for these goals and highlight improvements you can make to achieve them.
If you have just started your business and don't have any reliable data yet, conduct market research to gain information that will help you set benchmarks for your first year.
Decide the Outcome You Hope to Achieve
The first step is to consider what you want to do and then set goals to help you achieve that outcome.
For example, suppose you want to grow your client base by increasing website traffic. Using the S.M.A.R.T method, you can break down this business goal to make a clear plan for success.
Specific – Increase the number of visitors that come to the website by 20%
Measurable – Use past visitor numbers to set the benchmark for success
Achievable – Social media and content creation strategies can drive traffic
Relevant – Increased traffic to the website enables the potential to convert more sales
Time Bound – We want to achieve this goal in a time frame of 6 months
Be Realistic
We have a tendency to dream big, and while our goals should be challenging, we do not want them to be unrealistic and unachievable. Unrealistic goals can cause unnecessary stress and anxiety when they fail to materialize. As a result, we can lose motivation and become disheartened, which is counterproductive for our long-term success.
Realistic goals build self-confidence through achieving small wins, and as the saying goes, it can be helpful to…
"Focus on the step in front of you, not the whole staircase."
Be Specific
Your goals need to be specific to be successful. It is all well and good to say, "I want to grow my business," but without specific objectives in place, it will be challenging to make a plan to achieve that outcome. Break down your goal and be as precise as possible, putting in dates, time frames, and specific benchmark measurements to ensure you stay on track.
Create Benchmarks
Accurate and successful goal setting requires measuring your progress along the way. Establishing clear benchmarks and giving yourself a completion timeline helps keep you motivated and on track. Breaking your goal into small attainable milestones also allows you to assess your strategies and make changes in a timely way, if necessary.
Whether you are just starting out or an experienced sleep consultant looking to take your business to the next level, Sweet Sleep Academy is here to help you. We're a community focused on lifting each other up, offering support through challenges, and celebrating business success.
Reach out to us today to find out how we can help you reach your business goals.
