We’ve all heard about the power of setting goals. Everyone has surely seen statistics that connect goal setting to success in both your business life, and your personal life. I’m sure if I asked you today what your goals are, you could rattle off a few wants and hopes without thinking too long.

However, what most people do not realise is that the power of goal setting lies in writing goals down. Committing goals to paper and reviewing them regularly gives you a 95% higher chance of achieving your desired outcomes. Studies have shown that only three to five percent of people in the world have written goals – the same three to five percent who have achieve success in business and earn considerable wealth.

These studies have also found that by retirement, only four per cent of people in the world will have enough accumulated wealth to maintain their income level, and quality of life. As a business owner, it is essential that you develop a plan for your retirement. It is equally essential that you develop a plan for your success.

This blog focuses on the power of goal setting as part of your business success. In a further blog we will look at how to set SMART goals that are rooted in your own personal value system, and supporting techniques to achieve your goals faster.

What are Goals?

Goals are clear targets that are attached to a specific time frame and action plan; they focus your efforts, and drive your motivation in a clear direction. Goals are different from dreams in that they outline a plan of action, while dreams are a conceptual vision of your wish or desired outcome.

Goals require work; work on yourself, work for your business, and work for others. You cannot achieve a goal – no matter how badly you want it – without being prepared to make a considerable effort. If you are readyto invest your time and energy, goals will help you to:

  • Realize a dream or wish for your personal or business life
  • Make a change in your life – add positive, or remove negative
  • Improve your skills and performance ability
  • Start or change a habit – positive or negative

Why Set Goals?

As we’ve already reviewed, setting goals and committing them to paper is the most effective way to cultivate success. The most important reason to set a goal is to attach a clear action plan to a desired outcome.

Goals help focus our time and energy on one (or several) key outcome at a time. Many business owners have hundreds of ideas whirring around in their heads at any one time, on top of daily responsibilities. By writing down and focusing on a few ideas at a time, you can prioritise and concentrate your efforts, avoid being stretched too thin, and produce greater results.

Since goals attach action to outcomes, goals can help to break down big dreams into manageable (and achievable) sections. Creating a multi-goal strategy will put a road map in place to help you get to your desired outcome. If your goal is to start a new business and make six figures a year, there are a number of  steps to achieve before you achieve your end result.

Success doesn’t happen by itself. It is the result of consistent and committed action by an individual who is driven to achieve something.
Success means something different for everyone, so creating goals is a personal endeavor. Goals can be large and small, personal and public, financial and spiritual. It is not the size of the goal that matters; what matters is that you write the goal down and commit to making the effort required to achieve it.

What happens when I achieve a goal?

You should congratulate yourself and your team, of course! By rewarding yourself and your team after every achievement, you not only train your mind to associate hard work with reward, but develop loyalty among your employees.

You should also ask yourself if your achievement can be taken to the next level, or if your goal can be stretched by building on the effort you have already made. Consistently setting new and higher targets will lay the framework for constant improvement and personal and professional growth.