Setting Goals

Looking to a Tax Planning Attorney for goal-setting advice

The new year is here, so it’s time for that annual pilgrimage of annual goal setting. Most of us make the same mistakes every year when it comes to setting goals. First and foremost, we fail to set a specific, attainable goal. A great example is that many of us tell ourselves that we are going to lose weight. Just saying you are going to “lose weight” isn’t really an attainable goal. Setting a goal of losing 10 pounds is a specific and attainable goal for most of us.

The real question is, why don’t we set specific and attainable goals? The main reason for most of us is that if we set a vague goal, like “lose weight,” and we don’t lose weight, then we can make all sorts of excuses for ourselves when we don’t attain the goal. However, if you set a specific and attainable goal, when you don’t achieve the goal, you can now be honest with yourself as to why you didn’t hit that goal. 

Goal Setting in Business

Many of us do the same vague goal setting in our businesses. We often tell ourselves that we want our business to grow, but we don’t say in what way. A great example of a specific goal is to say, “I want my revenue (or profits) to grow X%.” Once you have your goal set, you then have to ask yourself why is that your goal? If you don’t have a “why,” then statistics show that you have a 90%+ chance of failure. It is our “why” that turns a “should” goal into a must. For example, if your goal is to lose 10 pounds, to make sure you are going to go through with the effort, you have to come up with a solid “why,” so that you will not falter. Maybe the “why” is that you have a planned backpacking trip and you must be in better shape to make the hike. Creating a “why” in your business can be more difficult, but oftentimes you can find your “why” in creating a special place for your family, team, and customers.

Create Key Objectives 

Once you have your “why,” you need to set a deadline and create key objectives within a timeline so that you can meet your intended goal within the timeframe. This tends to work best when you put the key objectives on your calendar. These key objectives are what keep people on point so that if they falter, they can easily recover and get back on track.

Remember, every goal must be specific with a definitive timeline, have a why, and ultimately set key objectives so that your “shoulds” become “musts.” If you don’t have a “must,” then all you are going to do is “should” over and over again. Set a new standard and make 2021 a fantastic year!

Learn from Others 

Learn from other business owners, restaurateurs, bar owners and hoteliers by watching interviews and speaking with others. Someone at an organized law firm, for example, like a tax planning attorney from Silverman Law Office, might have good tips on reaching your financial goals.