Goal setting. It’s the term that gets tossed around in nearly every business meeting, motivational seminar and self-help book. You’ve probably heard it a thousand times – “Set goals for success!”
However, here’s the catch: goal setting is more than just making a list of things you hope will happen.
If it were that simple, we’d all be cruising through the new year, ticking off boxes on our dream lists.
But when done right?
It can be the difference between stagnation and real growth. Too often, businesses need to set clearer OR more realistic goals, hoping for the best with a clear plan for how to get there.
The truth is that simply setting goals isn’t enough.
What matters is how those goals are structured and whether they align with the business’ true trajectory.
The key to effective goal setting lies in creating goals that are:
- rooted in data,
- aligned with the bigger picture and
- designed to drive long-term success.
So, if you’re wondering how to take your business from simply setting goals to actually achieving them, let’s talk about how to make that happen.
Let’s start with a business goal review – what’s working and what’s not?
Before setting new goals, it’s important to take stock of where you are. Reviewing the previous year, what worked well and what didn’t – sets the stage for informed goal setting. This is where many businesses go wrong. They rush into the next set of goals without taking a hard look at past performance.
At LMS Advisory, we recommend a simple framework to assess your current situation:
- What should we start doing?
- What should we stop doing?
- What should we double down on?
- What have we been missing out on?
This isn’t just a theoretical exercise – it’s about grounding your goals in what’s happening within your business right now.
We help our clients evaluate their systems, processes and results, challenging assumptions and pointing out areas for improvement. By the time you set new goals, you’ll have a clear picture of what’s possible and a roadmap for how to get there.
How to turn your business ideas into action
It’s easy to get excited about all the possibilities for the next year, but the key to achieving those big dreams is to make them specific, measurable and grounded.
Once you’ve reviewed your current position, it’s time to set your GOALS.
But let’s get something straight:
don’t just set goals for the sake of it.
Too many businesses set lofty targets without a clear path to achieve them. Sure, “I want to make $1.5 million this year” is a nice goal, but what does it really mean for your business? And how do you plan to get there?
Here’s where we introduce the SMART framework, which we use to structure goals that are both achievable and ambitious:
- Specific: Define the exact goal. What exactly do you want to achieve?
- Measurable: How will you track progress? What metrics will tell you you’re on the right path?
- Achievable: Is the goal realistic, given your current resources and capabilities?
- Relevant: Does this goal align with the bigger picture for your business?
- Time-bound: What’s your timeline for achieving this goal? Setting a deadline creates urgency.
While it’s great to have a clear idea of what you want, you need the right data and metrics to measure progress and a clear system for tracking those milestones. Without these, goals can easily become wishful thinking rather than a growth plan.
It’s time to rethink what you think you know.
When we work with clients, we often find that they’re too comfortable in their ways. They’ve been doing things a certain way for years and while it’s worked to some degree, it’s no longer moving the needle in the way it should.
It’s easy to fall into the trap of sticking with what’s worked in the past, but sometimes, what’s familiar isn’t always the best way forward.
As you set your goals for the new year, take a step back and challenge those assumptions. Ask yourself:
- What’s working now, but could work better?
- What processes or strategies have become outdated?
- What are we afraid to change but really should?
By questioning your usual methods and thinking outside the box, you’ll uncover fresh opportunities and avoid falling into the same patterns that might be holding you back.
It’s all about pushing yourself and your business beyond your comfort zone to discover new growth potential.
Set stretch goals to keep your team motivated
While it’s important to set realistic goals, it’s equally important to stretch your ambitions. Setting big, ambitious goals that push your limits can be a game-changer for motivation.
Stretch goals – seemingly almost out of reach, can give your team something exciting to strive for. Even if you don’t hit them perfectly, the journey toward those high targets can:
- spark creativity,
- fuel enthusiasm and
- build momentum.
The idea of stretch goals can be intimidating, but when done correctly, they can lead to incredible breakthroughs.
Let’s say you’ve set a goal to increase revenue by 20%.
- What happens if you aim for 30% instead?
- Even if you fall short of the 30% target, you’ve still made significant progress beyond the original goal.
It’s essential to note that stretch goals should not be demotivating.
The key is to frame them as challenges rather than failures. For example, if your business exceeds its stretch goals, the team should be rewarded – think token of appreciation or performance-based bonuses. Celebrating these wins, even small ones, helps keep the momentum going!
Make sure your goals match your budget and strategy
It’s easy to set goals that sound great in theory, but if they don’t align with your budget and overall strategy, they can quickly become out of reach. That’s where setting the budget comes in.
Think of your budget as the fuel that powers your goals and your strategy as the map that gets you there. Without both, it’s like driving a car without gas or direction.
So, before locking in those big goals, please take a moment to make sure your financial plan and strategy support them. This way, you’re not just aiming for something exciting – you’re making sure you’ve got everything in place to make it happen.
Remember, a goal without a budget is just a dream.
The budget is the roadmap that turns your vision into reality.
Here at LMS Advisory, we help clients understand the financial implications of their goals and create budgets that support them.
We make sure you and your business have the financial support needed to hit your targets.
Why you don’t have to tackle goal setting alone
Goal setting doesn’t end once the target and budget are in place. In fact, regular reviews are essential for success. Your business environment will change and so should your goals.
So, we recommend quarterly check-ins to review progress, identify new challenges and adjust goals as necessary.
- Are you on track?
- Have new opportunities emerged?
- Are there any roadblocks you hadn’t anticipated?
It’s important to continually assess whether
your goals are still relevant and achievable.
Finally, it’s worth noting that goal setting is not something you should do alone. Having a trusted advisor by your side can make all the difference. At LMS Advisory, we partner with you to set and achieve goals and provide the accountability and guidance needed to stay on track.
If you haven’t already, it’s time to sit down with us and have an honest conversation about where your business is and where you want to be. These gap meetings are essential for understanding how far you’ve come and how much further you need to go.
So, if you need help getting started, our team is ready to assist!
