Goal Setting Done Right
January and goal setting go hand in hand. While any time of year is a good time to set a new goal, the start of a new calendar year often makes it easier to commit to fresh beginnings. Reflecting on the past year can inspire positive changes moving forward.
At WealthCo, we believe strongly in the power of goal setting. That’s why we’ve adopted the Success Enhancer Coaching (SEC) program as part of our performance management philosophy. This in-house designed program helps us work towards both individual and company goals and reinforces our commitment to our team’s growth and success. SEC involves leaders working with team members to establish goals linked to division goals and broader corporate objectives, supported through quarterly reviews and regular touchpoints.
How to See Goals Through to Completion
What is the best way to achieve your goals? There are many goal-setting techniques, and an Amazon search for “books about goal setting” delivers over 8,000 results. Here are five popular goal-setting techniques (brace yourself for some acronyms).
1. S.M.A.R.T. Goals
The S.M.A.R.T. technique is one of the most time-honored and popular goal-setting methods. It has five components:
S – Specific: Define a goal that is precise and unambiguous.
M – Measurable: Ensure there is a mechanism for assessing progress.
A – Actionable or Attainable or Achievable: Develop actionable steps to get started.
R – Realistic or Relevant or Reasonable: Keep the goal rooted in what is reasonably doable to avoid getting overwhelmed.
T – Timely or Time-bound: Set a timeframe to prevent the task from getting stale or falling off the to-do list.
These criteria can boost your confidence and make reaching your goals more manageable.
2. B.H.A.G. Goals
The B.H.A.G. goal-setting technique challenges the (R)ealistic and (R)easonable components of the S.M.A.R.T. framework. B.H.A.G. stands for “Big, Hairy, Audacious Goal” – a lofty target requiring long-term dedication and focus. These are the "moonshots" of your goals, often necessitating outside-the-box thinking to bring them to life.
3. OKR Goals
OKR stands for Objectives and Key Results and is a popular technique among organizations seeking to improve performance. Originating in the 1970s, the idea behind OKRs is to set an objective and then break it down into measurable and achievable key results. This helps keep organizations focused on achieving their goals by providing a clear way to measure progress.
4. Backward Goal Setting
The backward goal-setting technique challenges traditional planning methods. This inventive approach involves creating your end result first and then working backwards to identify the steps needed to reach that goal. By breaking down the big picture into smaller tasks, it becomes easier to prioritize actions and find creative solutions.
5. HARD Goals
From Mark Murphy’s book, Hard Goals: The Secret to Getting from Where You Are to Where You Want to Be, the HARD goal-setting framework involves:
H – Heartfelt: The goal comes from the heart, with an emotional attachment.
A – Animated: Visualizing the achievement.
R – Required: Imbued with a sense of urgency.
D – Difficult: The goal should be challenging to instill a sense of pride upon achievement.
HARD goals stimulate and engage the brain in unique ways, pushing you towards extraordinary achievements.
The Importance of Writing Down Goals
Goal setting is a powerful tool that focuses the mind and is fundamental to success. When we set goals, we actively engage with our ambitions and strive for greater accomplishments. Whatever technique you use, writing down your goals significantly increases your chances of success. One study found a 76% success rate for participants who wrote down their goals compared to 33% for those with unwritten goals.
From our team to yours, we wish you all the best for a healthy, happy, and productive 2023.
The Integrated Advisory community consists of a network of progressive CPA firms, along with best-in-class professional advisors, service, and product specialists, who work together to deliver an elevated and holistic client experience. One that optimizes both their personal and professional lives with an integrated financial strategy designed to help clients reach their goals.