Day 4

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Goal Setting

The purpose of this program is to help you set up your business for success. There are a few preliminary tasks to take care of before embarking on the specific actions that will lead you to success. The goal is to clear out some of the clutter and help you get focused.

Now that you’ve evaluated your current business situation, let’s explore goal-setting.

Today’s Topic: Strategic Goal Setting

The famous sports icon, Yogi Berra, has been quoted as saying, “If you don’t know where you are going, you will wind up somewhere else.” This speaks to the importance and necessity of goal setting, or rather, clearly defining where you want your business to be in the future and how you will get there.

Goals are a destination – a place that you want to arrive with your business. You need to be clear about where you want to end up; otherwise, you will never know if you succeeded or failed.

Goal setting is not a one-time event. It requires commitment and ongoing effort. If you don’t take the time to set your goals, review your goals, and track your progress toward achieving your goals, then there is no sense in setting goals in the first place.

To help you set your business goals, let’s first explore the different types of goals that you’ll be setting: There are actually 3 levels of goal setting:

  • Strategic Goals. Strategic goals are long term goals that you create at the startup of your business and on an annual or semi-annual basis. You should also review your strategic goals at least quarterly to see how well you are accomplishing them.A business generally operates with just one or two strategic goals. Strategic goals are the highest level of goal setting upon which allow you to generate the other two levels of goals. They describe, specifically, what you are aiming for, but now HOW you will get there.Let’s take an example. You are in the business of facilitating workshops, and you establish the following strategic goal:Strategic Goal: To generate $80,000 in gross revenue by the end of the year.That strategic goal provides an end-point ($80,000 in gross revenue), but it doesn’t describe HOW you will get there. That’s where Functional Goals come in.
  • Functional Goals. Functional goals support your strategic goal(s) and describe HOW you will achieve them, but in a general way. You’ll get more specific about HOW when you write your next level of goals – Project Goals. Functional goals should be reviewed on a monthly basis to make sure you are on track.Each strategic goal will have at least one functional goal. You will write as many functional goals as needed in order to achieve your strategic goal. By breaking down your strategic goal into one or more functional goals, you will find that it is much easier for you to achieve your goals. Using weight loss as an example, if your strategic goal is to lose 100 pounds, your functional goal might be to lose 2 pounds a week for 50 weeks. Emotionally, it feels much more manageable to think about losing 2 pounds than losing 100 pounds.Following the corporate workshop example from above, you might achieve your strategic goal by:Functional Goal: Facilitating an average of 2 corporate workshops per month over the next 5 months with each workshop yielding at least $8,000.In this case, one functional goal may be sufficient. Notice how the functional goal brings more specificity to the strategic goal, even though it doesn’t describe how you will arrange the 2 corporate workshops per month or where the corporate clients will come from. That’s where Project Goals come in.
  • Project Goals. These goals support the completion of your functional goals and describe, more specifically, how you will accomplish them. Review project goals on a routine basis (daily or weekly), depending on the needs of each project.By breaking down your functional goals into discrete projects, you will find that it is much easier for you to achieve your goals. Using weight loss as an example, if your functional goal is to lose 2 pounds per week, your project goals might relate to limiting your daily calories to 1,800 and exercising 5 days a week for at least 45 minutes. Notice how the project goals describe, more specifically, what you will be actively doing to achieve your functional and strategic goals.Continuing the example of facilitating corporate workshops, break down your functional goal into projects:Project Goal #1: Set up a campaign to cold-call 300 corporations in the Los Angeles area by calling 10 companies per day for 30 days.Project Goal #2: Attend two local networking events per month for the next 5 months, and meet at least two executives during each event.

Regardless of the type of goal you are writing, all goals need to be

  • Specific
  • Attainable
  • Time-bound.

Effective goals do NOT read like, “get more clients.” That’s too vague and there is no time limit. Nor should your business goal be “to make more money by the end of the year.” Again, it’s too vague. How MUCH money is “more” money? These vague goals are a good starting place, but they need to be more detailed and specific.

All of your goals need to be specific, attainable, and have a time limit because those are the details that create clarity of action.

Today’s Action: Write Your Business Goals

Now is the time to write your business goals – strategic and functional goals. If you also know your project goals, you can write those too. But, for now, it’s only important that you clarify your strategic and functional goals. Keep them brief and make sure they contain the three main ingredients we discussed above.

Refer to the sample goals above to inspire the goals you want to set for your business.

By writing these goals, you will be creating clarity and direction in your business and throughout THIS program.

Share your goals in the Facebook group. It will help inspire the other members!

See you tomorrow!

Tony

 

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