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I have mentioned this on here a few times, but I thought maybe it could help someone if I wrote out my process for goal setting. I realize there are 100's of methods people use, but the important thing is to do it and make it a consistent habit. As I say to my coaching clients, if you live your life without goals, its like playing basketball without a net - you just run around in circles playing with your balls.
Every year around the end of December or first of January I take a trip - alone. Sometimes it is a camping trip, sometimes I just go somewhere for the weekend, and sometimes I coincide it with a business trip but stay an extra 2-3 days. But the important thing for me, is to go alone. I need the time to reflect and think without the 'noise' and distractions. Whenever you take a trip with friends or family, there is always compromise like when do we eat, where, what do we do at 1pm, etc. When you are alone, you can eat when you are hungry, and go for a walk when you need a break and go have a beer when you are thirsty. No compromise. I find this tremendously important for my annual reflection and goal setting.
First, I reflect on my previous year. Since I always write my goals down, I take my notes from the previous year to analyze how I did. Honestly, I am pretty disappointed with myself if I accomplish all of my goals each year. This means I set the bar too low. It is important to set your goals high enough to make them a challenge, but low enough they are attainable. If I set my goal to have a $1B company in one year, it wouldn't even register in my brain because it isn't attainable. But if I made $200k last year, I don't set my goal for the next year to earn $205k. Its just too easy and I am not pushing myself hard enough. More likely I would set it at $250k or maybe $300k.
Next I take out a notepad and mark each page with one of 4 categories; personal, business, family, and financial. On each page, I write like on the left and dislike on the right. I use this to brainstorm the things I like and dislike in each category. This step is pretty abstract. Just like in a normal brainstorming session, I don't limit what I write, anything goes as it helps me focus my thoughts. For example in business, I only like to work with clients I like. While this may seem silly, my business is a consulting model (not my investment partnership) and I just don't want to waste time talking to those I don't like. In the past my motto was 'money is money' but not anymore. I want clients for life and I don't want to dislike them. In my last business, I grew to dislike my clients which was one the main reasons I sold the company. Life's too short to not like it.
From here I take each page again and marke them into 4 categories; personal, business, family, and financial. Now I write out my goals under each category. Again, I write everything down. This time I get a bit more specific and write out things I want to do or have. But again, I write it all down with no limitations. It could be as simple as I want a new pair of cell phone. Anything.
Next I take the previous list and rate them from most important to least important. I may have 30 things in each of 4 categories so this gets rather time consuming, but basically it works something like this, when I get to the point it becomes difficult to decide, I just compare one thing to the next and ask "if I only accomplish one thing this year, which of these 2 things has the most lasting impact on my life long term?" This usually makes the decison for me.
The next step is quite easy. I take the top 3-5 goals in each category and put them in my journal book (this goes with me everywhere) and I also keep them in my computer. It is amazing how writing your goals down can solidify them in your mind. It is even more amazing to me how few people do this. I also go one step further and at least once per week, I pull out my journal and read my goals. This way, I never lose sight of the goals. My mind is constantly focused on them. This does something in your brain that opens your mind to opportunities you may otherwise not see. If you aren't focused on your goals, you can miss signs that point you on the right path. Of course this is pretty obvious, but if you don't formalize your goals, it means you don't really have them. Until you formalize them, they are just dreams.
I am sure most of you on this forum do, but you are clearly different or you wouldn't be on here, but most people don't do this. It is time consuming. It is hard work. It requires much deep thought. It can be expensive if you take a trip to Vegas every year for your goal setting session. But try find me someone who has accomplished great success without setting goals. I doubt you can. Even if you can, I can show you 100 that do.
PS. I participate in a forum of 8 other entrepreneurs and we meet once per month. This is somewhat similar to what Napolean Hill calls a mastermind group, or also similar to an advisory board. This year our forum decided to track each members goals to create accountability amongst our members. This too is a great too. If for no other reason, it moves you to action through your own guilt, but whatever works. Personally I have been goal setting and writing them out for 16 years, so I didn't really need the accountability, but this can be very helpful as well.
Every year around the end of December or first of January I take a trip - alone. Sometimes it is a camping trip, sometimes I just go somewhere for the weekend, and sometimes I coincide it with a business trip but stay an extra 2-3 days. But the important thing for me, is to go alone. I need the time to reflect and think without the 'noise' and distractions. Whenever you take a trip with friends or family, there is always compromise like when do we eat, where, what do we do at 1pm, etc. When you are alone, you can eat when you are hungry, and go for a walk when you need a break and go have a beer when you are thirsty. No compromise. I find this tremendously important for my annual reflection and goal setting.
First, I reflect on my previous year. Since I always write my goals down, I take my notes from the previous year to analyze how I did. Honestly, I am pretty disappointed with myself if I accomplish all of my goals each year. This means I set the bar too low. It is important to set your goals high enough to make them a challenge, but low enough they are attainable. If I set my goal to have a $1B company in one year, it wouldn't even register in my brain because it isn't attainable. But if I made $200k last year, I don't set my goal for the next year to earn $205k. Its just too easy and I am not pushing myself hard enough. More likely I would set it at $250k or maybe $300k.
Next I take out a notepad and mark each page with one of 4 categories; personal, business, family, and financial. On each page, I write like on the left and dislike on the right. I use this to brainstorm the things I like and dislike in each category. This step is pretty abstract. Just like in a normal brainstorming session, I don't limit what I write, anything goes as it helps me focus my thoughts. For example in business, I only like to work with clients I like. While this may seem silly, my business is a consulting model (not my investment partnership) and I just don't want to waste time talking to those I don't like. In the past my motto was 'money is money' but not anymore. I want clients for life and I don't want to dislike them. In my last business, I grew to dislike my clients which was one the main reasons I sold the company. Life's too short to not like it.
From here I take each page again and marke them into 4 categories; personal, business, family, and financial. Now I write out my goals under each category. Again, I write everything down. This time I get a bit more specific and write out things I want to do or have. But again, I write it all down with no limitations. It could be as simple as I want a new pair of cell phone. Anything.
Next I take the previous list and rate them from most important to least important. I may have 30 things in each of 4 categories so this gets rather time consuming, but basically it works something like this, when I get to the point it becomes difficult to decide, I just compare one thing to the next and ask "if I only accomplish one thing this year, which of these 2 things has the most lasting impact on my life long term?" This usually makes the decison for me.
The next step is quite easy. I take the top 3-5 goals in each category and put them in my journal book (this goes with me everywhere) and I also keep them in my computer. It is amazing how writing your goals down can solidify them in your mind. It is even more amazing to me how few people do this. I also go one step further and at least once per week, I pull out my journal and read my goals. This way, I never lose sight of the goals. My mind is constantly focused on them. This does something in your brain that opens your mind to opportunities you may otherwise not see. If you aren't focused on your goals, you can miss signs that point you on the right path. Of course this is pretty obvious, but if you don't formalize your goals, it means you don't really have them. Until you formalize them, they are just dreams.
I am sure most of you on this forum do, but you are clearly different or you wouldn't be on here, but most people don't do this. It is time consuming. It is hard work. It requires much deep thought. It can be expensive if you take a trip to Vegas every year for your goal setting session. But try find me someone who has accomplished great success without setting goals. I doubt you can. Even if you can, I can show you 100 that do.
PS. I participate in a forum of 8 other entrepreneurs and we meet once per month. This is somewhat similar to what Napolean Hill calls a mastermind group, or also similar to an advisory board. This year our forum decided to track each members goals to create accountability amongst our members. This too is a great too. If for no other reason, it moves you to action through your own guilt, but whatever works. Personally I have been goal setting and writing them out for 16 years, so I didn't really need the accountability, but this can be very helpful as well.
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