5 ESSENTIAL GUIDELINES FOR GOAL-SETTING

Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant

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In the fast-paced world of entrepreneurship and business, goal-setting is the compass that guides us towards success, but there are a lot of misconceptions on how it should be done. In this blog based on the The Dropout Multi-Millionaire Podcast, we're taking a fresh perspective on setting goals in business, one that's practical, effective, and will help you achieve remarkable growth without the unnecessary stress. Read on to find out the 5 essential guidelines to setting goals.

Rejecting Common Goal-Setting Advice

It’s great to seek guidance when you’re trying to set the right goals for your business, but unfortunately the most common advice you’ll get will miss the mark.These common phrases about goal-setting sound good on paper, but not so much in practice. Let’s find out why:

Common Phrase #1:   If your goals don't scare you, they aren't really goals.

• Why aim to be scared when your goals should excite you? The idea behind setting motivating goals is that they should ignite your passion and determination, not paralyze you with fear.

Common Phrase #2:  If you can conceive your goals, they are too small

• If you have no idea how to reach your goal, you'll likely never get there. Goals should be challenging but not insurmountable. Setting a goal that is beyond your understanding or capabilities is a recipe for frustration and failure.

5 Guidelines to Set Goals for Success

Now let’s get down to the real business of goal-setting for success. Remember that success is a progression of thoughts, ideas, and execution, and it doesn't happen overnight. Here's how to set goals that drive success:

1. Begin with Realistic Timeframes

• Going from $0 to $500,000 in a year might sound thrilling, but is it feasible? Start with a realistic timeline. Consider whether your goal is achievable in one year or if a longer timeframe would be more realistic.

2. Find the Right Vehicle

• Determine if your current role or business has the potential to reach your profit goal. If not, explore other options. Evaluating your current situation and identifying whether it can realistically lead to your goal is a crucial starting point in goal-setting.

3. Create a Detailed P&L

•  If you don’t know your numbers now, how can you know what they’ll be down the line? It’s essential to build an accurate Profit and Loss statement for your business, breaking down revenues, expenses, sales, leads, and overhead. This provides a detailed financial roadmap and allows you to assess the feasibility of your income goal.

4. Back It Up and Cut Back

• Take your ultimate goal and cut it back to smaller milestones. Say you're making $100,000 a year now and your goal is to make $500,000. Break that larger goal down into milestones of 200,000, 300,000, 400,000 and 500,000. Now you have a four-step progression. Breaking your long-term goal into shorter, more manageable milestones helps you maintain motivation and track progress effectively.

5. Set Short-Term Obtainable Goals

• Adding onto the previous point, break down your ultimate goal into one-year increments and create a roadmap for each year. Then, take it a step further and create 30-day action plans for each month. Stay focused on daily and weekly targets and get specific with those short term goals. This allows for the most accurate measurement of your progress and guarantees you’ll stay accountable for your long-term goals.

The Power of Progression

This progression of short-term goals is like building blocks. It keeps you motivated, ensures consistent wins, and prevents the feeling of constant failure. Going from 1 to 2 is easier than making a giant leap from 1 to 10. These short-term goals allow you to see progress, build confidence, and ultimately achieve the long-term success you desire.

By setting achievable, realistic, and motivational goals, you're on the path to reaching new heights in your business. Start with a clear plan, stay consistent, and watch your business flourish, one goal at a time.

Conclusion

In the fast-paced world of business, goal-setting is often misunderstood. Setting overzealous goals that leave you in fear of failure isn't the answer; it's about crafting motivating, realistic, and achievable goals. The path to success is a progression of thoughts, ideas, and actions, taking one step at a time. Start with practical timeframes, assess your vehicle for success, create a detailed roadmap, break your ultimate goal into smaller milestones, and set short-term, attainable targets. This progression leads to constant motivation, and before you know it, you'll reach the pinnacle of success, one goal at a time.

If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!