Through the last 9 years as a personal development and business coach and consultant I’ve discovered that not all entrepreneurs feel confident in their goal setting process. Whether you’ve mapped out your plan for the year or are still setting your goals and filling in details, it’s a good time to spot check your process to ensure success. Here are four common mistakes when setting goals and what to do about them.
Mistake #1: Too many goals (or too many of one kind)
Take an honest look at your list of goals and decide if you can realistically achieve them in a 1 year period. It can be exciting to start off the year with guns blazing and attempt to tackle several big goals right away. If you have the capacity and/or assistance, great. However, you may not be ready to delegate more to an admin or virtual assistant, but still want to achieve bigger goals this year.
Two things you can do:
- Spread your larger goals out over a longer period.
- Pare down your goals list to the most important, must-dos, and keep the others on your back-up list to revisit later.
Trying to tackle too many goals in general is one challenge; also, keep in mind the type of goals or balance of goals you set. To keep your revenue on track, find the balance between revenue generation related goals with those that build your capacity. Capacity building goals often take time to monetize or may not even directly increase revenue at all.
Examples of capacity building goals are:
- Develop a system for new client onboarding or monthly billing
- Implement a new CRM
- Create an FAQs page to save time on answering the same question repeatedly
Let’s say your financial goal is to reach 6 figures while another is to launch a new package offering. Even though the new package will generate revenue at some point, if the time to create the offering, associated materials, and implement the marketing strategies and sales process is long, you will need your current marketing and sales efforts to remain high to maintain or increase revenue.
When you busy yourself with non-money making goals and ignore critical marketing efforts, you risk running out of money! Be sure to set a realistic number of growth or capacity building goals in conjunction with your revenue generation goals and regular operating activities.
Mistake #2: Not mapping out a simple action plan to reach them
Identifying your goals and writing/typing them up is key, but many stop there. If you don’t take time to write out your action steps you may find yourself feeling overwhelmed and unsure of what to do first. Can you relate?
Mapping out a simple action plan increases your likelihood of achieving goals. Action plans don’t need to be complicated. Realistically, you probably won’t know everything or all the steps you need to take to reach every goal. Often you know a few steps, and after finding out more information, you discover what you need to do next. It’s about taking the next right step. I challenge you to get comfortable with that if you’re not already.
So, keep it simple! Decide the steps you need to take to make progress toward each goal. Jot down your ideas as action steps with specific dates to complete them. Then decide what goal you will work on first and get started.
Mistake #3: Choosing goals for the wrong reasons
You may be thinking, “What? Why would I choose goals for the wrong reasons?” You’d be surprised at how many clients have shared their goals only to divulge that they really don’t know why they chose them, or they chose their goals because they were simply the logical next step. They quickly lost drive and passion to reach them mid-way through the year because they simply weren’t convinced of why they were pursuing them or that they didn’t feel connected to them. Of course, some goals are simply not as “sexy” as others OR you really DO need to tackle the next step goal.
If a goal doesn’t excite you or you don’t know exactly why it’s important, then reconsider it. The mere fact that many in your industry are doing it doesn’t necessitate that you do it too. Choose your goals for the right reasons and you’ll get better results and enjoy the process of reaching them that much more. After all, you started your business to do the work you love and make money doing it. Shouldn’t FUN be part of this awesome fempreneur life?
Mistake #4: Not aiming high enough
How many of your goals did you reach last year? Were they realistic? Meaningful? A common reason for not reaching a goal is that it wasn’t motivating enough (it’s not only about S.M.A.R.T. goals). When you set goals that seem just out of reach and are desirable, there’s something inside that sparks and moves you to make.it.happen.
It’s easy to set a goal for the next step- I love next steps! You won’t get to the next LEVEL though, if you don’t think BIGGER. Expand your view and see the possibilities. It’s transformational to allow yourself to see possibilities and go about doing it!
I am still learning this one myself! I was trained in graduate school and my first corporate job to create “stretch” goals- goals that would push me to accomplish greater things, but still within the realm of what’s possible. When I read about 10X thinking and goal setting, it expanded my mind to what’s possible if I allow myself to “go there”. My impact and revenue goals expanded substantially. If you’ve already set goals for this year, examine them and see if you can 10 x one or two to give you a push to breakthrough. It’s your time!
If you have not yet set your goals and plan for this year or you have drafted something, but aren’t feeling confident about it, please reach out to me. I’d love to support you and guide you through my simple, powerful process so you can avoid these common mistakes when setting goals, and feel confident and ready to accomplish and experience all you want in your life and business.