Goal Setting – Work SMART not Hard

The interest in goal setting and goal planning has been increasing in recent years after a study at Harvard Business School found that those who had written down goals and plans earned more than 10 times the money than those who did not properly plan their goals. Today we look at goal setting theory and ask what is goal setting anyway and how can I set goals that help me earn more money or be more successful.

The importance of setting goals cannot be underestimated. You are way more likely to succeed in the things you set out to do if you will only take the time to set goals and identify the tasks that are needed to achieve the goal and review your progress daily. It sounds like a big commitment but it’s not. Most successful people become so used to goal setting and planning that it takes them only minutes each day to do this.

Those minutes they invest each day give the biggest financial return out of all the investments rich and successful people make. If you don’t believe me, ask them. I guarantee you they will tell you that their time is their most valuable asset and that the process of setting and monitoring progress on their goals and tasks is their most important activity not only of their day but of their life.

Many people use goal planning software or goal management software systems to help with achieving personal and life goals as well as business or career goals. Some of these are online systems that are available free and are funded by on page advertising with Google. Some charge an annual fee.

The quality of these tools is variable but there are one or two out there that are excellent. Some people use a simple goal setting worksheet to set and monitor goal progress whilst others do it the old fashioned way and keep a goal book. A good goal setting software system is great as it can tell you how you are progressing and send you email prompters to keep you on target. Some goal systems also help with the formation of new habits that help underpin your goals.

The real secret of goal setting is using SMART goals. SMART is an acronym that has various versions but we will use SPECIFIC, MEASURABLE, ACHIEVABLE, REALISTIC and TIME LIMITED.

Specific; this means that your goal should be clearly defined and in detail. Use the Mum rule. If your Mum could understand your goal then it’s clear enough. If there is enough detail written about your goal then it is well defined. You may set a goal ‘To get fit’ but if you don’t have any more detail, for example, how you intend to get fit then you don’t have a goal plan. A better way to state this goal might be ‘Get fit by running twice per week and swimming twice per week’. Here you have clearly set out your goal and also how to achieve your goal.

In its simplest form then we have actually defined a clear goal and described the tasks that we need to complete in order to achieve the goal. This process should be applied to all goals in order to have the highest chance of success. The completion and monitoring of the tasks takes us closer to the achievement of the goal each time we complete a task. All good goal setters understand this simple fact.

Measurable; goals need to have some aspect about them that we can use to identify if we have achieved our goal or not. This could be a number, for example, ‘To stop smoking’ might be the goal and the measurable part might be ‘for 90 days’. In this case it is clear; if you have stopped smoking for 90 straight days then you have achieved your goal. Another example might be ‘To earn £100K in the next 12 months’. Again this is very straight forward.

This approach is good for simple goals but for more complex goals there may be a number of factors that measure success. In this case we need to define specific success criteria. For example; if we had a goal of ‘Set up a new online business within 3 months’ then we can see that a number of things need to be happening before we can say that the business is actually set up. We may need to have the finance in place, offices setup, an accountant appointed, staff, stock, customers and orders.

All of these things define that we actually have a business and are a measure of whether the goal has been achieved or not. These are specific and measureable success criteria.

Achievable; the goal must be achievable and possible. If it is not then you are dreaming and the goal will never be achieved and you will become frustrated and disillusioned. Achievable goals are crucial to success.

It’s OK for the goal to be challenging, most goals are, but it must be within your capabilities and resources. For example, it’s no good deciding that you want to be the next chairman of Microsoft if you can’t even log into your email account.

Realistic; if your goal is not realistic then you truly are dreaming. Having said that some peoples version of realistic may not concur with yours so if you truly believe it is realistic and you are not ready for the mad house then don’t be disheartened. Many before you have been laughed and scoffed at and have gone on to do amazing things. It’s in human nature to prove it can be done against all odds and conventional wisdom.

Just some of the things people said could NEVER be done:

1. Travel at > 30 miles per hour because you would suffocate.
2. Fly the Atlantic.
3. Go to the Moon.
4. Elect a black President in the USA

Time Limited; time is our most precious resource. We have a certain amount of time in our lives and the usefulness of this is shortened at both ends of life by childhood and old age. Most of us have around 40-45 years of productive life, earning and achieving things before we fade into old age. Tasks often can expand to fill the time available so make the time deadline for your goal a challenge in order to ensure that you get the most out of life.

Life is full of hard work but we can live it to the full if we work with SMART goals. Good luck with your life and business goals.