As the new year is now upon us, resolutions are being made left and right. For entrepreneurs and business owners, many of these resolutions are actually business goals for the new year. And rightfully so as goal setting can be one of the best ways to transform a business.
However, many businesses will not meet their goals in 2015 because of a few simple mistakes.
Here is my list of the 5 biggest mistakes businesses make in goal setting:
- The goals aren’t formal. If a goal isn’t written down, it probably won’t be accomplished. Writing goals down helps to formalize the language of the goal and create accountability. Formal goals get on an agenda and get accomplished. Informal goals get overlooked.
- They Set Too Many Goals. A large list of goals can be overwhelming. I am a proponent of keeping goals simple. It is difficult to ensure 20 goals are accomplished, but there is no excuse for not accomplishing three of the most beneficial goals.
- Goals Aren’t Prioritized. Just like setting too many goals can be problematic, it is also important to ensure you set the right goals. I remember the first time I set goals for a new year. I probably had 20 things on my wish list. The problem was that they each had different priorities and I ended up finding that the goals I accomplished were the easiest to get done, not the most important. When setting goals, make sure the ones you set are the most important ones to achieve.
- The Goals aren’t SMART. General goals don’t get accomplished. That’s why they should be SMART: Specific, Measurable, Actionable, Realistic, and time-bound. Goals that are this well defined provide a clear objective to act upon.
- They Don’t Own the Goal. Some goals would be nice to achieve, but if no one has passion or excitement in achieving the goal. When setting goals, it is important to know who is going to be responsible for achieving the goal and ensuring they have the energy and commitment to do so.
If you really want to take your business to the next level this year, your goals are one of the best ways to get there. So make sure you don’t find yourself making these major mistakes during your goal setting process.