5 Mistakes Business Owners Make When Setting Goals
How can you gauge your success in business? By planning and setting goals. Some entrepreneurs use a “fly by the seat of their pants” approach to running their business without taking the time to plan and set specific goals.
Not having goals is equivalent to being on a hamster wheel going nowhere. This can be a fatal mistake in business. You can ensure your businesses success by taking the time to think about what goals you want to accomplish and make sure you’re not making any of these mistakes in your goal-setting process:
1. Procrastinating. You don’t need to wait until January 1st to set your goals. Try setting quarterly goals instead. If the idea seems overwhelming, set a timer for 30 minutes and start mapping your goals on paper.
2. Not prioritizing. You can probably brainstorm dozens of goals that you want to achieve but having too many will distract you from the most important ones. Business goals are meant to help you focus, not get distracted; so minimize your goals and place the most important ones at the top of the list.
3. Being too vague. Saying you want to “make more money” is too vague and you don’t have any way to measure if you’re reaching that goal. “More money” could mean an extra $100 per month or an extra $10,000 per month. Which would you rather see? Be as specific as possible with your goals so you can track your progress.
4. Setting goals that are too lofty or ambitious. Sure, you should dream big when envisioning the lifestyle you want but if you set a goal of making six figures this year when you haven’t reached the $50K mark, six figures most likely won’t happen – at least not this year. Be realistic about your goals and break down those lofty goals into smaller, more achievable goals. Then break down those smaller goals into actionable steps or new behaviors you want to start practicing daily. You can easily incorporate these new behaviors into your life as tiny habits.
5. Not working on your goals daily. Every task you undertake should lead you toward your goal. You’re running a business, not pursuing a hobby. So think like a business person and visualize where you want to see your business in one year. What goals do you need for that to happen? What action steps do you need to take every day to make those goals a reality? What is one new behavior you would like to start doing on a daily basis that will help you move forward toward one of your goals? Learn how to create new habits quickly and easily. You can use the Tiny Habits® method to reduce stress, improve your physical or emotional health, strengthen relationships and increase your happiness.
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