Goal Setting

 

WHY IS GOAL-SETTING IMPORTANT?

Many people often find themselves wishing they are happy, successful, wealthy and so on.  These are important goals that can enhance the quality of one’s life.

However, it is not enough to have lofty goals for yourself.  One also needs to have a plan to achieve them.

As you pursue your goals, you may find yourself facing obstacles, interrupted by pressure, risks, criticism and second-guessing yourself.

The importance of goal setting lies in the fact that it gives direction to the journey, while also allowing for flexibility in overcoming obstacles.

The objective of goal setting is to present yourself with a framework of opportunities along with the necessary planning required to pursue those opportunities.

HERE ARE SOME FACTS HIGHLIGHTING THE IMPORTANCE OF GOAL SETTING:

1. GOALS GIVE FOCUS:

The importance of goals is that they help you avoid wasting your energy working in the wrong direction.  Think of goal setting as a funnel that filters out the unnecessary elements. What you’re left with is the focus on your goals. When your mind focuses on your targets, you can channel all your energy into meeting those targets without distractions or confusion.

2. GOALS HELP OVERCOME PROCRASTINATION:

One objective of goal setting is to give yourself a timeline to finish the task you are aiming to complete. The timeline makes you accountable. It’ll likely be at the back of your mind as an automatic reminder; which will help you overcome your temptation to procrastinate. When it comes to long-term goal setting, it is advisable to break them into shorter goals with fixed timelines

3. GOALS HELP MEASURE PROGRESS:

Goal setting means setting benchmarks. The objective of setting goals is essentially to establish several checkpoints. You’re able to measure progress better because of fixed milestones. These checkpoints act as progress trackers and give you confidence. They help you believe you are progressing.

4. GOALS GIVE MOTIVATION:

Goal setting is important because it helps inspire and motivate you. A well-planned goal will increase your willingness to succeed. By establishing the importance of goals in your life, you can give yourself a concrete destination to your journey. And when you have set a destination, your focus naturally snowballs into motivation and you can march forth without second thoughts.

5. GOALS HELP IN SETTING BOUNDARIES:

High motivated people may dream big but achieve small due to their battle with inefficiencies. When you recognize the importance of goals in your life, you also recognize your boundaries. This means steering away from unnecessary distractions. Those with goals also learn to draw healthy boundaries. This is how they are better equipped to dedicate their time and effort to what is truly important.

6. GOALS MAKE TASKS INTERESTING:

The objective of goal setting is to provide you with tangible proof of progress. If you have a goal and are working towards it, even small, mundane tasks will be filled with meaning and purpose for you.  Boost your confidence, happiness and dedication towards your tasks, and make your work more interesting by tying it to a larger goal. The importance of goal setting is that it even makes small achievements count. This keeps you inspired.

7. GOALS HELP BETTERING ONESELF:

One major importance of goal setting is that it helps people become the best versions of themselves.  Goals help one work towards one’s true and fullest potential. Working towards a goal is not easy. This process may test your limits and challenge you to use your talent. But the overall process of setting and achieving goals will encourage you to put your best foot forward. It will enable you to leave your comfort zone and grow, both professionally as well as personally.

Goal Setting: Short, Medium and Long-Term Goals

Long Term Goals = Ultimate Objective

It is easy to get overwhelmed when thinking about our long term goals. The truth is, you can't do anything about long term goals. You can only do something about short term and sometimes medium term goals. If I have a long term goal of $10,000 in the bank, I can't just put $10,000 in the bank. I can however, achieve a short term goal of putting $50 in the bank this week. Many short term goals of $50 in the bank add up to my medium term goal of $1,000 in the bank and many medium term goals of $1,000 will add up to my long term goal of $10,000.

A collection of short term goals join together to achieve a medium term goal. Many medium term goals combine to achieve your ultimate long term goal.

Define short-term goals:

Short term goals are actionable, I can do them now or soon.

Value of short term goals:

The value of a short term goal is that you don't have to wait. You can do it now and take charge of your situation.

Putting your first dollar away to save for a car is an excellent example of a short term goal. Most people could save $1 for a car right now.

Define medium-term goals:

Medium term goals, are goals that are achieved only after a sequence of short term goals have been achieved and which build together to form a long term goal.

Value of medium term goals:

Short term goals can be achieved now, or soon. Long term goals are what we really want but the value of moderate to mid-term goals is that they let us check our progress and evaluate whether we are still heading towards our long term goal and whether our plan or choices need to change.

Saving money is a clear example of a medium term goal. I want to buy a car for $10,000 (long term goal) and I think this will take me 2 years to achieve. My short term goals have been to get a regular job and put $100 a week aside in the bank. I have set an intermediate target on the way to my long term goal of $10,000 of saving $1,200 by the end of the first 3 months. At the end of the first 3 months I check my account and I only have $800 saved. Am I on target? No, but the fact I have failed to achieve my mid-term goal of $1,200 lets me know that things are not working and I need to change my behaviour if I want that sweet ride in two years.

Define long-term goals:

Long term goals, are the final result of all your hard work. It is buying the car or finally paying off the house.

Value of long term goals:

Long term goals are the things that add true meaning to our lives. Getting a dream job, finishing university, paying off a house are all examples of things that fundamentally improve our lives.

Know your long term goals but focus, and act on your short term goals.

Short term goals - A short term goal is one that can be completed quickly. It could be a goal to be achieved in the next 5 minutes, next day or week. Several short term goals add together to achieve a medium term goal. An example of a short term goal is to go for a run today or to read a page of my biology book.

Medium term goals - A medium term goal is one that takes a bit longer. It could be a goal to be achieved in the next 2 weeks, a month or perhaps 6 months. A medium term goal might be to run 10km. The only way to run 10km is to achieve several short term goals of running a shorter distance. A medium term study goal might be, to be able to explain the steps in mitosis.

Long term goals - A long term goal is one that takes quite a bit longer. It could be a goal to be achieved in the next 6 months, a year or perhaps 5, 10 or 20 years. A long term goal might be to run a marathon. The only way to run a marathon is to achieve several medium term goals such as running 10km, 15km, a half marathon, 30km and finally a full marathon. A long term study goal might be to gain TAFE or university entry or to achieve a degree or diploma.

Examples of S.M.A.R.T. Short, Medium and Long Term Goals

·         Examples of short term goals:

o    Study - I will read chapter 2 of my chemistry text book at 5pm today.

o    Fitness - I will run 5km at 8am on Saturday morning.

o    Money - I will purchase a money box at Kmart this afternoon.

·         Examples of medium term goals:

o    Study - I will achieve 70% or higher in my chemistry midterm exam.

o    Fitness - I will run in the Bridges Fun Run on April 4th.

o    Money - I will save $100 in my money box by my birthday.

·         Examples of medium to long term goals:

o    Study - I will receive an A for chemistry this year.

o    Fitness - I will run the City to Surf fun run in August in under 60 minutes.

o    Money - I will save $300 in my money box by the end of the year.

·         Examples of long term goals:

o    Study - I will study chemistry at Harvard in 2024.

o    Fitness - I will break the under 20's record of 38:12 in the City to Surf fun run before I turn 20.

o    Money - I will purchase a car for $10,000 in 2024.

·         Examples of really long term goals:

o    Study - I be a professor of chemistry at Harvard by the time I am 35.

o    Fitness - I will break the open record of 36:04 in the City to Surf fun run before I turn 30.

o    Money - I will own my own house and have it paid off before I turn 45.

WHAT ARE THE FIVE SMART GOALS?

The SMART acronym outlines a strategy for reaching any objective. SMART goals are Specific, Measurable, Achievable, Realistic and anchored within a Time Frame.

1. SMART GOALS ARE SPECIFIC

Saying you “want to earn more” is too vague. Instead, pick a number for how much money you want to earn. Do you want to start making $150,000 per year, $500,000 or even $1 million? Do you want to increase your business profits by 20%? Set a clear number to track your progress against. Having a specific goal is helpful in two ways: you can better visualize your outcome – imagine all those zeroes in your bank account – and you will know without a doubt when you’ve achieved it.

2. SMART GOALS ARE MEASURABLE

SMART goal setting involves tracking your progress. If your goal isn’t measurable, you can’t objectively say you’ve achieved it. In our example, the specific goal is already measurable: You can check the numbers as the year goes on to see if you’ve reached $150,000. You can also make other goals measurable. For example, instead of “learn how to play golf,” your measurable goal might be “reduce my handicap from 25 to 20.” This allows you to see your development. How are you matching up to your goal? Are you on track to succeed?

3. SMART GOALS ARE ACHIEVABLE

Setting an achievable goal means choosing an objective that, while it requires you to push yourself, is also attainable. If you pick a goal that you know is outrageous – say you’re currently earning $30,000 and want to earn $5 million next year – you’re most likely going to come up short of your goal. When you create a goal that’s too lofty, it can seem impossible, and you may eventually give up. Use SMART goal setting to ensure you can achieve tangible progress and avoid setting yourself up for failure with out-of-reach goals.

4. SMART GOALS ARE REALISTIC

Extraordinary goals get extraordinary results, so you want to be bold. However, for effective SMART goal setting, you also want to ensure that your goal is realistic. Realistic goals are those that you are willing and able to work toward that can be achieved by improving your current habits. As business guru Jay Abraham reminds us, “You’ve got to know what you’re trying to do, why you’re trying to do it and what your skill sets are.” Your goals aren’t meaningful if they aren’t based in your reality right now. Whether you’re setting business goals or setting personal ones, Abrahams’ words ring true.

What is it you will need to do to reach your monetary goals? Whether you need to make more sales, get promoted to management or take the lead on a big client, make sure your goal is something you will have the time and energy for. While setbacks can be a catalyst for change and re-energize you, if your goal is not realistic, you will find it difficult to get back on track.

5. SMART GOALS ARE SET IN A TIME FRAME

The final principle in the definition of the SMART goals is setting a clear time frame in which you can achieve your goal. Give yourself a reasonable amount of time to accomplish your goal. Do you think you can start earning your desired salary in six months, one year or two years? Having a clear time frame is essential for checking your progress along the way to reaching your goal. If you don’t reach your goal within the time frame, then it’s time to reassess: Was your goal achievable and realistic? Was your time frame too short? Or did you just not give it your all? When you employ the SMART goals acronym to map out what you want, there’s nothing wrong with re-setting your goals as long as you have clarity on why you didn’t meet them.

HOW TO ACHIEVE SMART GOALS

Now that we’ve defined what SMART goals are, let’s look at a few tips for achieving them.

START SMALL

Instead of tackling your most urgent or loftiest goal (like making a fortune or finding a life partner), pick something small to start with, like learning to become more organized or learning to cook. Chunk down your goals into smaller, actionable items and prioritize which actions you’ll take next. This will help you create a Massive Action Plan that leads to success. Creating smaller steps on your way to massive results will help you focus your energy. This level of clarity puts power behind your goals, giving you the opportunity to measure your progress at frequent intervals and take new actions.

WRITE IT DOWN

According to a study conducted at the Dominican University in California, those who write down their goals are 42% more likely to achieve them. Whether you write your SMART goals in a journal, enter them into an app or type them into a Word document, make sure they are documented. Then run through the checklist of ensuring your goals are following the SMART outline: Are you phrasing the goal to be specific, measurable, attainable and realistic within a time frame?

CHECK-IN REGULARLY

How long will it take you to reach your SMART goals? How do you know if you’re falling off track? Regular check-ins allow you to evaluate your progress and course-correct when necessary. If you’re not bee-lining toward your goal, you need to know exactly when you made that left turn. Check-in early and often to catch any changes in your progress, which will give you a chance to transform the setback into a success. 

DON’T LET FEAR HOLD YOU BACK

If you’re not making the progress you’d like, take a look at what’s holding you back. Are you hesitant because your goal or approach is unreasonable, or are you reticent because of a deep-seated fear of failure? Finding the source of your hesitation is absolutely critical, since overcoming our fears is pivotal to goal mastery as well as personal and professional development.

EMBRACE THE MIND-BODY CONNECTION

The good news is that hunger for a goal actually frees you from your fear of failure, even if the goal seems intimidating. Rather than being bound by your insecurities, you can embrace mind-body practices to master your emotions and achieve your peak state. In this way, SMART goal setting is part and parcel to self-discovery and, in turn, to achieving outcomes you never thought possible.