5 Mistakes Business Owners Make When Setting Goals

Do you have your goals set for this New Year?

Business goals help you gauge your success and help you stay motivated to reach those goals. Some people think the planning stage is drudgery but even those entrepreneurs who prefer the “fly by the seat of your pants” approach to running their business have specific goals in mind.

Not having goals is equivalent to being on a hamster wheel going nowhere.

Take a few minutes and think about what you want to accomplish in your business and make sure you’re not making any of these mistakes in your goal-setting process:

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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. It might take you two or three years to reach six figures but it’s not impossible.

5. Not working on your goals daily. Every task you undertake should lead you toward your goal. If you’re still doing busy work or behind-the-scenes admin work instead of money-making tasks, consider hiring a virtual assistant. Outsourcing the necessary busywork will free up your time to get creative and focus on your book, next course, or upcoming webinar. Yes, you’ll have to pay your VA but you’ll still end up making more money in the end because you’re solely focused on your money makers.

One more piece of advice: 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?