Setting & Using SMART Goals

This article is part of my induction for my personal coaching and it sets a great basis for working through Your Profit Club so you can be your own coach.

Setting & Using SMART Goals

Setting and achieving goals is an important part of Pillar 2 on Your Inner Game coaching. In that module, you’ll learn much more about goal setting but wherever you are starting in the Eight Pillars of Business Prosperity, you need to be setting goals from Day 1… and commit to achieving them.

The best goals are SMART.

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Timebound

Make Your Goals Specific

Specific means that it is clear what your commit is.

It is not “I will do more marketing next week.”

It doesn’t mean anything.

If instead you commit to “I will write and send out a direct mail letter to promote my new service”, you are clear what you have to do.

Make Your Goals Measurable

Write your goals in a way that is measurable and commit yourself to a number. This way you have a clear black or white answer on whether you’ve achieved your goal.

These measures can be based on input or output.

An input goal is what you will do – e.g. I will send out 200 direct mail letters.

An output goal is what you will achieve – e.g. I will send out enough direct mail letters to get five appointments booked with potential buyers.

You have a balancing act – you have control over your input actions but it is outputs and results that matter.

You can combine and create a goal like “I will send out 200 direct mail letters and book five appointments.”

Make Your Goal Achievable

Achievable means you don’t set a pie in the sky, unrealistic goal based on wishful thinking.

Your goal represents a personal commitment you believe you can do.

It is good to stretch yourself and be demanding.

Just don’t aim for the impossible and set yourself up for inevitable failure.

Make Sure Your Goal Is Relevant

Relevant means your goal is a stepping stone to your bigger goal, vision or mission. Your short term goals need to be consistent with your longer term goals.

For example, if your big goal is to increase profit by £50,000, then the short term goal of writing and sending out a direct mail letter is relevant.

If you are happy with the profits you make, and your big goal is to reduce the hours you work so you can spend more time with your family, a more relevant goal would be “to take one afternoon off this week and take the children to the zoo.”

Your Goal Must Be Time Bound

Your goal needs a target date for achievement to create the internal pressure inside you to get the job done.

Otherwise you’ll be thinking “I’ll do that tomorrow or the next day”… and tomorrow never comes.

Using SMART Goals In Our Coaching

Each week we will go through a series of assignments to teach you new skills. It is essential these skills are turned into action which improves your business.

Takeaways

These are ideas that you’ll pick up from our work together that you want to put into action but perhaps not immediately.

A good idea needs to be captured even if it’s not right for you to do straight away.

I recommend you keep some kind of list – together with what you learn from funnelling ideas from your own experience – a note book, a Word or Excel file. The form doesn’t matter, just that you keep a record and you review it every month.

Coaching Goals

I will set assignments for you to do to increase your understanding and skills. This gives you a chance to practice or to collect information needed for the next session.

You learn best by doing.

What seems simple.., and even obvious when you are reading… can be much more difficult when you try to use it.

Profit Goals

At the end of each coaching session or each week, I want you to commit to at least one action which will lead to more profit and cash in your business.

Your aim is not only to complete the coaching process but to take what you’ve learnt and apply it to your own situation.

Money follows action. It is attracted by action.

Use “My Goals For The Week”

Each week as you work through the homework, you should use the “My Goals For The Week” sheet to record the takeaways, coaching goals and profit goals.

The first two will come out of the coaching session but the profit goal may be something you have already decided to do. You are now making the commitment to do it.

Keep The “Profit Goal Achievement Report” Up To Date

This is your list of the profit goals for each week and let’s you see how well you are doing.

Record whether you have achieved the goal or not in simple terms of Yes or No. If it’s a No, rate your success/effort made out of ten so you can highlight the bad Nos from the near misses.

For example you may have a goal to “send out 200 sales letters and receive 5 responses by next Monday” (a combination of input and output goals – you control what you do but not the results).

If next Monday you haven’t sent out any letters, you’d score zero as you missed both input and output goals.

If you’ve sent out 100 and received 2 or 3 responses, you’d rate that as a 5.

If you’ve sent out the 200 letters and received 4 responses, you could rate that as an 8 or 9 out of 10. A near miss.

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