January 24, 2024

Strategic Planning and Goal Setting: A Recipe for Success

Are you someone who believes in making resolutions or setting goals? Personally, I’m not a big fan of setting New Year’s Resolutions. The issue with resolutions is that they often tend to be radical or unrealistic, making them difficult to sustain. When we commit to going to the gym every day or making drastic changes to our eating habits, they can quickly become impractical. Consequently, a bad day can lead to the abandonment of our resolutions, leaving us feeling like failures.

While resolutions might not be my preferred method, I am a firm believer in the power of planning and goal setting. Benjamin Franklin’s quote, “If you fail to plan, then you plan to fail,” resonates with many of us. As we delve into the second month of the year, it’s crucial to assess where our business stands and plan for the future–Futureproof your business.

A crucial step in this process is conducting a Year In Review. Amid the daily challenges of being a business owner, it’s easy to lose track of our progress. Taking the time to reflect on the past year helps us gain insights into our business and life development. Asking questions such as our greatest accomplishments, favorite aspects of our business, successful marketing efforts, and whether we met sales targets enables us to make informed decisions.

This review shouldn’t be confined to the calendar year; it can be conducted whenever necessary. Evaluating what is or isn’t working allows us to make adjustments, contributing to future success. Additionally, it’s essential to celebrate personal and professional accomplishments. Recognizing our achievements is vital, especially when running our own businesses.

To enhance this reflective process, consider incorporating a focus on your “desired feelings” and how you want things to feel. This approach I learned in the Desire Map, simplifies decision-making by aligning with your desired emotions, making it easier to discern between saying “No, thank you” and “Hell, YES!” After the review, shift your focus to planning the upcoming year. Creating a comprehensive plan and forecast ensures a strong start to the year. It’s advisable to reassess goals and targets at the year’s end,considering industry changes and other variables.

When setting goals for the year, employ the SMART criteria—Specific, Measurable, Attainable, Relevant, and Time-Based. This framework provides structure and focus, making goals more achievable. For example, if your goal is to grow your business, a SMART goal would involve improving the average sale by 5%, measured by tracking sales data and implementing merchandising strategies. Sharing your goals with trusted individuals, whether mentors, accountability groups, peers, or superiors, adds an extra layer of accountability and support. While fear of judgment or failure may hinder us from sharing our goals, the benefits of receiving valuable input and building a network of support outweigh these concerns.

Strategic planning and goal setting are invaluable tools for success. By incorporating reflection, SMART goals, and sharing our aspirations, we pave the way for a more intentional and prosperous future. Are you ready to start planning and set some goals? Reach out and connect to book a call!


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