5 Steps to Effective Goal Setting

In the last two ezines, we discussed the Ideal Client and being a Business Owner/CEO. Today I want to touch on what comes next, and that is effective goal setting. Now that you know who you are doing what to (Ideal Client) and you have on your Business Owner/CEO hat, it’s time to look at what you want to achieve in your business. ?This is best accomplished by setting goals. I’m sure you are all familiar with the acronym S.M.A.R.T. for setting goals. In case you haven’t seen this acronym, here is what it stands for:

S – Specific

M – Measurable

A – Attainable

R – Realistic

T – Time bound

As you look at each of the elements, it should be obvious why they are part of an effective goal. Without all of these elements, it is easy to create a goal that you can not attain. Needless to say, that is self defeating! For example, it is ok to have a vision that your business will be the best of its type, but it is not ok to have a goal that your business will be the best of its type. This goal tells me nothing and provides no plan of action. In other words, it’s missing the how-to piece.

The above illustration shows the proper relationship in effective goal setting. That is, the translation of your vision into actionable items and measureable results. Using the S.M.A.R.T. acronym, let’s take a look at Amanda’s VA business. Amanda wants to be THE “go-to” VA for her Ideal Client (Amanda has already done the work around who her Ideal Client is so she knows who she’s doing what to). One way Amanda can become known as THE “go-to” VA is for her to have a full practice. This becomes one of her goals. Let’s lay out this goal based on the S.M.A.R.T. formula.

Specific – Amanda says she wants 4 clients that provide her with a total of 80 hours/month.
Measurable – Both the number of clients and hours are measureable. There is no guesswork involved. Amanda’s decision will come with how many hours she wants each client to have. Does she want each of the 4 clients to do 20 hours/mo or is looking for 2 40 hour/mo clients, etc.
Attainable – Are the numbers above attainable? In Amanda’s case, yes they are. She wants to work 80 hours/mo and have no more than 4 clients. In her world, these numbers are very attainable and common.
Realistic – While these numbers are attainable and common, are they retainable and common for Amanda? Again, the answer is yes. As a VA, Amanda has the skill set necessary to attract, and maintain, a client load of this size.
Time Bound – Now the only question Amanda needs to answer is by what date does she want to have 4 clients at the 80 hours/mo? She might want to break this goal down and say that in 3 months she will have 2 of these clients doing between 30 and 40 hours/mo, and in 6 months she will have all 4 clients doing the 80 hours/mo.

While these steps may sound simple, many people do not go through all of them when setting goals. Most people do the Specific part of the goal and then wait for something to happen. As we all know, action is what drives the goal. You must be specific about what you want, but you must also be realistic about the time frame. Putting your goals through these 5 steps will assure you that you’ve covered what’s necessary to achieve your goal. Remember, THINK and DO will get you where you want to be. THINK and HOPE keeps you where you are.