A goal is 'the object of a person's ambition or effort; an aim or desired result'. Notice the word 'effort' in there? How many times have you set a new year’s resolution and given up after a few weeks? Don't worry - you're not alone. The failure rate for New Year's resolutions is said to be about 80%. In fact, the second Friday in January is known as 'Quitters Day' as it is the most likely day for people to give up on their new year resolutions.
This is a prime example of why it is vital to use good goal setting techniques to set your goals. If we say to ourselves 'I want more clients', we're unlikely to achieve it; it gives no sense of direction and will probably lead us to procrastinate. It doesn't sound inspiring or stimulating, so we're likely to lose motivation quickly.
If we use some goal setting techniques, we can come up with something like this; 'I want to acquire 5 new clients for my small business over the next 3 months by asking for referrals, implementing organic social media marketing, and running a new promotion. This will allow me to increase revenue and grow my business.' - isn't that better?
So, let's look at some of the goal setting techniques, strategies and frameworks that can amplify your goal setting and set you, and your small business, up for success.
OKR
OKR stands for Objectives and Key Results. It is a goal setting framework used by the likes of Google. It breaks down your strategies and goals into manageable chunks. It also provides an easy way of evaluating how well you are doing.
There are three parts to the OKR methodology:
- Objectives - In its simplest form, this is the end goal and provides the direction. It cannot be measured and is instead characterised by its quality. To define your objective, think about what you want to accomplish and where you want to go. You can create anywhere between 1 and 5 objectives.
- Initiatives - These are the tasks and activities you will undertake to get to your goal. To define your initiatives, think about the specific steps you need to take to get to where you want to be. There should be a minimum of 1 initiative for each objective.
- Key Results - These are the points of reference you will use to measure progress towards your objective. Each objective should have between 3 and 5 key results. These must be measurable, so they must include numbers and figures. To define your key results, think about how you will know when you've met your objective. It can be helpful to use the SMART goals technique, which we will discuss next.
OKRs are usually set quarterly, but they will need reviewing regularly. When reviewing them ask yourself, 'am I on track,' 'what has been achieved so far,' 'have there been any set-backs,' and 'does anything need changing?'
At the end of the quarter, it's time to measure the success of the OKR methodology; we call this 'grading'. The most straightforward approach is to run through each key result and answer yes or no to 'has this been achieved?'
SMART GOALS
"SMART" is an acronym for specific, measurable, achievable, relevant, and timely. To use the SMART goal setting technique, you need to ask yourself the following questions each time you set a goal:
- Specific - What goal am I trying to accomplish and why?
- Measurable - How will I know when I have achieved my goal, and how will I gauge progress?
- Achievable - Is the goal within reach?
- Relevant - Does the goal align with my values and long-term objectives?
- Timely - What is the timeline for achieving my goal?
So, by implementing the SMART goals method, a goal of 'find more clients' would become 'I will acquire 5 new clients for my small business over the next 3 months by asking for referrals, implementing organic social media marketing, and running a new promotion. This will allow me to increase revenue and grow my business.'
You can see how effective the SMART goals method can be. We have created a goal that sounds exciting, gives direction, and has a clear timeline. We know the purpose of the goal and how it links to our longer-term objectives.
Goals Pyramid
The goals pyramid is an effective goal setting technique that will help you to break your goals down into manageable pieces. Each piece of the pyramid represents a building block to your ultimate goal.
By using the goals pyramid you will establish the necessary steps you need to take to reach your goal. It puts each action into perspective, showing how completing that action will move you closer to achieving your ultimate goal.
Here is how you can create your own goals pyramid:
Step 1: Decide on your ultimate goal
When I use this method I think about where I want myself and my business to be in a year, but you can make this three or even five years’ time. I then set this as my ultimate goal ensuring I use the SMART goals method. Remember that this ultimate goal is what will keep you motivated throughout the year, so really visualise it and write down why you want to get there and what will happen when you do.
Step 2: Break this down into smaller goals
Think about what you will need to do each month to reach your ultimate goal. If you've chosen a longer-term goal of three or five years, you might want to break this down into what you need to achieve each quarter or half-year.
Step 3: Break these smaller goals down into actionable steps
What will you need to do each day/week to achieve your smaller goals? Again, if your goal is longer-term, you may want to break this down into months rather than weeks.
Step 4: Time to start crushing your goals
Start at the bottom and work your way up. It can help to schedule specific days or times to concentrate on the tasks in your pyramid. If you find yourself floundering or procrastinating on particular tasks, look at your goals pyramid. You will see how completing that action will move you closer to your ultimate goal.
Don't forget to visualise your ultimate goal; how will you feel when you get there? How will it change your life? Keep it in mind at all times to keep yourself motivated and celebrate each block that you accomplish.
12 Week Year
The Twelve Week Year is a book by Brian Moran and Michael Lennington. It is based on the concept that 'we mistakenly believe there is a lot of time left in the year, and we act accordingly. We lack a sense of urgency, not realising that every week is important, every day is important, every moment is important.'
The Twelve Week Year does precisely what it says on the tin; it breaks the year down into blocks consisting of 12 weeks. This simple strategy helps to maintain motivation and drive throughout the year.
Here is how to do it:
Step 1: Set your goal for the next 12 weeks. It is a good idea to use the SMART goal or OKR method above for this. If your goal is relatively large, break it down into smaller goals that you can achieve in 12 weeks.
Step 2: At the start of each week, create an action plan of the tasks that need completing to achieve your goal and get cracking.
Step 3: Review your progress weekly and monthly.
Step 4: Set a new goal at the end of the twelve weeks and repeat the process.
Good, Better, Best
The good, better, best goal setting technique is excellent for those who want to set bigger goals for themselves but become overwhelmed when they set audacious goals that could lead to disappointment.
Having audacious goals adds a sense of urgency. They force you to give 110% because otherwise, you won't be able to achieve them. Audacious goals also expand your thinking of what is possible; this can be a huge benefit when growing your business. The good, better, best goal setting technique is a perfect way to ease into setting bigger goals for yourself.
Let's look at the steps involved in the good, better, best goal setting technique:
Step 1: Start by creating a goal using the SMART or OKR methods above. Ensure that this goal feels attainable. This is going to be our 'good goal'.
Step 2: Now we have set a good goal, we are going to create another goal that is similar but will push us a little further. This is going to be our 'better goal'.
Step 3: You've guessed it, we're going to create another similar goal. This time we will make it something that will really stretch us. This will be our 'best goal'.
Step 4: You can now work towards your goal. If you get to your good goal, then that's great; you've achieved what you wanted to. But if things have gone better than planned, you might just hit your better goal or even your best goal.
For example, you might have a good goal of 'I will acquire 5 new clients for my small business over the next 6 months by asking for referrals and running a new promotion.'
When it comes to setting your better goal, you might choose 'I will acquire 10 new clients for my small business over the next 6 months by asking for referrals, running a new promotion and implementing organic social media marketing.'
The best goal might then be 'I will acquire 15 new clients for my small business over the next 6 months by asking for referrals, running a new promotion, implementing organic social media marketing and creating an email marketing campaign.'
You can see how each level of the goal would stretch you a little further.
If you got 5 new client's you've accomplished your goal - fantastic! If you went a little further and implemented social media marketing, you may well get to your better goal and get 10 new clients - wouldn't that be nice! Then again, if you really push yourself, learn how to implement a good email marketing campaign and put that new knowledge to use, you might reach your best goal and acquire 15 new clients!
So, what are you waiting for? Let's start setting those goals! I'd love to know how you get on - why not connect with me on Facebook or Instagram and let me know.
