Feb 02 2012

Goal Setting for 2012

The Bird’s Eye View: Are You On Track to Your Long-Term Goals?

Over the course of running a business, it’s very easy to lose track of your long-term goals. You get into the business with a crystal clear sense of what you’re trying to do. Then the day-to-day minutia gets in the way. A couple years down the line, you’re just running your business without a clear sense of direction.

Don’t let that happen to you. Every once in a while, take a step back from running your business and look at it from the bird’s eye view. Ask yourself: Am I on track to my long-term goals?

==> Where Do You Want to Be in 10 Years?

Start by figuring out where you want to be in 10 years’ time.

Do you want to have a family? If so, how much security would you need to support them?

Do you want to be a millionaire? If so, do you plan on achieving this through income or through an exit? If it’s the latter, do you have a solid exit strategy?

Do you want enough passive income to not work anymore? If so, do you have a plan on how to create or acquire those income-producing assets?

The time to start planning for your 10-year goals is today. Most of life’s difficult goals don’t happen over the course of a year, but over a decade. Plan for it today if you want to see it happen by then.

==> One Year Goals

All that said, it’s also important that you have a good sense of what your one-year goals are. One-year goals are much more tangible than 10-year goals and you can clearly see whether or not you’re on track.

They can also be more motivating than 10-year goals. If you double your income in one year, that’s a very tangible benefit that you get to enjoy right away, much more so than passive income in 10 years’ time.

Figure out a set of one-year goals that are both challenging and inspiring for you.

==> Develop a Set of Day-to-Day Metrics

If you aren’t watching your metrics, it becomes very easy to stray off course. You can get sucked into solving problem after problem, until you lose sight of the bigger picture.

Instead, develop a set of metrics that’ll tell you whether or not you’re on track to your one-year goal.

These metrics can be in the form of traffic, in the form of sales, in the form of new customers, in the form of email subscriptions or in the form of anything that makes sense to your business.

Ideally, you should have no more than three key metrics.

Watch out for your long-term goals. Don’t forget them and don’t let them get overtaken by day-to-day activities.