Setting goals is one of the most powerful tools that when used properly will get your firm moving in the right direction.
The best way to set goals is to do quarterly ones. You can do yearly goals as well to get a bigger picture, but a lot can happen in a year. So, it’s best to have a seperate goal for each quarter and at the end of each one you can adjust the next quarterly goal.
Specific - It needs to be clear what you’re trying to achieve.
Measurable - You need to have a metric that you can use to see when you’ve achieved your goal.
Attainable - It has to be possible to achieve. Don’t choose a goal that will set you up for failure.
Relevant - It needs to be a goal that makes sense with what you’re trying to achieve.
Timely - There needs to be an end point that will motivate you to reach your goal.
Point of a Goal
The purpose of a goal is not to hit it, but to aim for it. That will give you direction, without setting a goal that is too small.
Setting Your Goal
Once you set a goal that is high up there, but not impossible, it forces you to rethink ideas you wouldn’t have thought about otherwise.
There’s two types of goals:
What you’re trying to achieve is the desired result of an action you’ll take. The results goal is not guaranteed, but you can always take the action.
You need both goals.
The results goal will give you a number to aim for.
The action goal will give you the required actions needed to achieve your results goal.
The way you set these goals are by working backwards. You first decide what you want your results to be. Then you can think about what actions need to be taken in order to achieve those results. Think about how many new clients you’ll need and then think about what you need to do to get those clients.
When you set your goal you will choose three goals: A good, better and best goal.
Your good goal is the bare minimum of what you would be happy with, a “safe” goal.
Your best goal is what you would want if everything went as planned.
Your better goal will fall somewhere between your good and best goals.
Know Your Goal
Hang your goal on the wall, always keep it in mind. You should know the goal inside out and be on top of the metrics along the way.
Make sure your team knows the goal and the part they play in this. They should know what they’re working towards.
Take The Time To Figure Out Your Goals For Your Firm Growth
The Mind Your Business Podcast by James Wedmore