New Year’s Resolutions are easy to make … and very hard to keep.
In fact, a study a few years ago examined 800 million user-logged activities that showed most people are likely to give up on their New Year’s Resolution by January 19.
“The difficulty of the goal you set isn’t nearly as important as whether or not you develop the kind of habits that allow you to achieve that goal,” wrote Inc. contributing editor Jeff Haden. “Otherwise, you’re just wishing and hoping. Your intentions are great, but unless you develop new habits … your chances for success are basically nonexistent.”
This is important advice for small and medium-sized business owners, as well, who not only need to be goal-setting as the calendar turns from 2022 to 2023 but need to have a framework in which to channel the goals into reality.
“Goals without routines are wishes; routines without goals are aimless,” says the Growth Institute which points businesses towards “Rockefeller Habits” for goal setting.
Of course, not everybody on their couch this Jan. 1, watching the Rose Parade and endless college football games, will put an effort into making resolutions, and some businesses make that same mistake.
“Many organizations fail to understand the importance of goal setting, and as a result, they fail miserably,” says Engagedly.
Goal setting is important for your business because it allows you to take a step back from the daily grind of your enterprise and create a vision for your company’s success.
“In business, we often get so caught up in the day-to-day that we forget to step back and think about the bigger picture,” says business consultant Ann Marie Puig. “We get bogged down in tactics and lose sight of strategy.”
Puig says goal setting is essential to your business strategy.
“Take some time to think about your company’s long-term goals and develop a roadmap for success. This should include short-term and long-term goals, as well as specific action items for each goal. Be sure to involve your team in this process so everyone is on the same page,” says Puig.
Goal setting, far from an isolated exercise at the top of the management chain, is crucial to your employees and work teams with Engagedly citing these seven benefits of goal setting for your business:
There are many different names for goal-setting frameworks in business, but they all have the same aim: to help your company prioritize what needs to be accomplished so that your business can be successful.
Some of the goal-setting frameworks or methodologies you will see include:
o Sand (interruptions)
o Gravel (day-to-day responsibilities)
o Rocks (main priorities)
o Water (everything else!)
o Specific
o Measurable
o Achievable
o Relevant
o Time-bound
o People: Choose the right people for the right roles and set them up for success.
o Strategy: Create a crystal clear strategy that aligns your company goals and methods to create efficiency.
o Execution: Streamline business processes to reach goals.
o Cash: Ensure the cash flow to support business growth.
Business consultant Ken Larson says that whatever goal-setting methodology you choose, it should help your organization:
And the time to set those business goals is now!
“If you don’t already have business goals for 2023, now is the time to start setting them,” says Grow Think. “If you want your business to be successful in 2023, it’s important to set goals and create a plan for achieving them.”
Contact Partners HR today for direction in setting business goals for your company, and other guidance to help make 2023 a success.