Forget Your New Year’s Resolutions and Focus on These SMART Goals Instead

It usually doesn’t take long for New Year’s resolutions to be broken. That makes sense since most of the goals that people set at the beginning of the new year are vague, unrealistic, and unspecific. According to NBCNews about 80% of New Year’s resolutions fail by the second week of February every year!

So what should you replace these unrealistic resolutions with?

Whether your goals are personal or business-related. Whether you want to lose a few pounds or start your own business, have a look at the at the absolute best way to set and reach your goals. Replace your New Year’s resolutions with SMART Goals!

SMART goals were created in 1981 as a tool to help improve the chances of actually accomplishing a goal. They help set you up for success by pushing you further with your vision, by giving  you a sense of direction, and by helping you organize your goals & objectives, whether they are personal or business-related, so you have a better chance of reaching them.

So, what are SMART goals? SMART is an acronym for Specific, Measurable, Attainable, Relevant, and Time-Based.

Specific
Be specific about what you want to accomplish. Focus on the who, what, and where of your goal. Make sure it’s not vague.  For instance, “More sales” is not a SMART goal. Instead, try something more specific like “increase sales conversions from our live webinar”.

Measurable
Measure what really matters to you. Make sure your goals have an objective indicator of success. This provides a tangible way to measure progress. For instance, if we add an objective performance indicator to our example from above, it would read : “improve sales conversion rates from our live webinar by 20%”. Measuring progress allows you to track your goals and stay focused

Attainable
Make your goals realistic and attainable. Using our example, if the current conversion rate from the live webinar is 14%, attaining a goal of 20% sounds reasonable. Think about whether you  have the necessary skills to accomplish this goal. If you think you don’t, find people who do.

Relevant
Focus your goals on what would be impactful to you. If improving the sales conversions from your live webinar means more people will have access to your life-changing product, it becomes meaningful and impactful. It also helps grow the business. These are all meaningful results.

Time-Based

Set a reasonable deadline for your SMART goals. Back to our example, “ By June 1, 2021 I will improve sales conversion rates from our live webinar by 20%”.

It’s ok to revisit your SMART goals every few months and adjust them. You’ll learn what works and what doesn’t as you move forward. SMART goals can be fluid, as long as they are not forgotten. So before you beat yourself up for failing to keep your New Year’s resolutions, replace them with SMART goals

Over the last few years, SMART goals has become the ideal yardstick for goal setting. There are now templates and tools tools to help create SMART goals. Do a Google search for a template that you like, and can work with, and see what you can find.  And remember, before you beat yourself up for failing to keep your New Year’s resolutions, replace them with SMART goals.

Onwards & Upwards,

Sean

 

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About the Author

Dr. Sean Wise

Dr. Sean Wise is a best-selling author, venture capitalist and founder of more than half a dozen new ventures. He has spent two decades in the venture capital industry, specializing in supporting high growth ventures at the seed stage. Dr. Wise helped launch Dragons’ Den, the hit reality show, now in 27 countries, and known as Shark Tank in the USA. After 5 seasons with the show, he moved in front of the camera with his own show on the Oprah Winfrey Network, called The Naked Entrepreneur. He publishes extensively on entrepreneurship. His work has appeared on or in: CNN Financial, The New York Times, Profit Magazine, Fox News and the Globe and Mail. Dr. Wise has written 5 books, including 1 textbook, and published dozens of articles on entrepreneurship and venture capital.

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