Submission #1: S.M.A.R.T. Goal Setting

Submitted by Tad Stevens, Cpethink.com LTD

I’ve been thinking about this all month and the thing that keeps coming back to me is a letter I got from a business associate a couple of years ago about goal setting.  In my opinion we spend more time trying to change the things we have little control over and not near enough time trying to change the things we have more control over, meaning ourselves.  It’s served me better than any business idea I have ever found:

Hi Brokers,

Hopefully most of you remember – and implemented the quick discussion I had in our broker training on the power of goal setting in both our personal and business lives.  I shared with you a story of how I, as a young and somewhat irresponsible guy, went from being so poor and disorganized in life I had to borrow money to buy cigarettes, to owning a home, driving my dream car and even kicking the smoking habit within a matter of 2-3 years. The only thing that changed in my life was I learned the power and practice of goal setting. No additional education, no venture capital, no breakthrough inventions, no winning lottery tickets – I just learned how to set goals.

In Mark McCormack’s book, “What They Don’t Teach You at Harvard Business School” he discusses a study conducted of Harvard MBA grads between 1979 and 1989. In 1979 graduates were asked if they had set clear, written goals for their future. 84% had not, 13% said they did but surprisingly, only 3% had actually written them down. Ten years later they went back to these grads and found that the 13% with non-written goals were earning on average twice as much as those who had no goals at all. The amazing part is the 3% that had true written goals were earning on average 10 times as much as the average from the entire remaining 97%! It’s pretty clear that goal setting made the difference, not intelligence.

Write down your goals! When setting (AND WRITING DOWN) your goals always follow the S.M.A.R.T. system. Here’s an explanation…

S for Specific
Your goals need to be specific. “Make a ton of money” or “have more free time” are not specific goals and won’t push you into action. Specific goals are “Make $250,000 this year” and “attend 10 of my son’s little league games this season”.

M for Measurable
No point in setting goals if you can’t measure them. If your goal is to make $250,000 in 2010 then you know that by July 1 you should have made $125,000 or you could be off track and need to kick it into high gear. If you can’t measure your progress with your goals then success or failure may be open to speculation. We either hit or miss our goals – no in between.

A for Attainable
Your goals need to be worthwhile and possible otherwise you won’t be motivated to pursue them. I’d love to make a billion dollars a year but despite being a fairly confident and optimistic guy I know that’s hardly an attainable goal. Set ambitious goals but always remember it’s a whole lot more motivating and gratifying to over perform on your goals than it is to fall short.

R T for Realistic Timetable
Goals have to have a deadline otherwise they won’t motivate or inspire commitment. It’s hard to really be motivated to take action on something we want to achieve someday. It’s much easier to take action on something we want to achieve by the end of the month or year. Give yourself a fair time frame to achieve your goals otherwise you will set yourself up to fail but also remember that most humans are not wired to think more than a few years out. 1, 3 and 5 year goals are what I generally try to set.

End Goals vs Means Goals

There are basically two types of goals… end goals and means goals. End goals are your ultimate goals, for example, earn $250,000 in 2010. That goal should be set, but to really kick yourself into action you’ll also want to create “means” goals. (as in a means to an end). What goals will you need to set on a daily, weekly and monthly basis to achieve that $250,000? How many leads, sales calls, candidate introductions, etc. will it take to achieve my ends goal? In addition to writing out these goals, take an extra few minutes to also write down how it will make you feel when you achieve your end goal. How will it make you feel if you don’t achieve it. Leverage your fear of failure to motive you and visualize your success.

In my 20 or so years of striving to be a successful entrepreneur I have read books, attended seminars and sought advice from so many of the greats. While the general styles and focus of these people may vary, I have never read one of their books or attended one of their seminars where true goal setting was not a key focus. If you have not already done so – go get yourself a plain spiral notebook and a pen and get busy setting your goals.

I guarantee it will change your life.

Thanks,

Marc Stephens

Advertisements

About Dan Gallo

I'm a small business lifer, starting/running businesses since I sold seeds door-to-door as a kid in The Bronx. I've played guitar and enjoyed baseball since I was 5 (born a NY Yankees fan). Just prior to marrying Kim in 1983 I became a Christian. We have two sons; Daniel's a musician & social media expert with a smart, insightful sense of humor, and Adam who recently graduated from Brooklyn College double majoring in Creative Writing/Literature and Anthropology. Adam now works in the non-profit sector. Since 2002 one thing we love to do together is go on service/missions trips to Belize. We've collectively spent 60+ weeks in Belize with this missions organization http://twaw.org. I started my 1st company in January 1985, and been self-employed ever since. I sold my last company, Mentor Communications Group, in '04. After 2 years w/ the acquiring company I started The Allasso Group, LLC doing Small Business Consulting, Fund Raising/Capital Raise-up Campaigns, Sales Strategy, Outsourced Sales Agency work, & Digital Marketing Programs (Social Media, SEM, etc.) since April 2006. Notable projects: Hired as Small Business Advocate and Social Media Director for IBM's "Supplier-Connection" - Feb '11-Dec '13. Hired as COO to help turn-around late stage start-up software company myVRM. Jul12-Dec '13 Hired as CEO of CoupleWise.com, a Digital Health2.0 app, to write business plan, raise seed capital, & completely redesign and relaunch the app. Aug '16 I won a Finalist spot for MassChallenge UK's 2016 fall cohort in London from Sept thru Nov. Started Oct15 - Current. I enjoy helping turn-around struggling small businesses, and launching new business ventures. Feel free to contact me with opportunities.
This entry was posted in August 2011 Contest. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s