Why Your Business Goals Might Actually Be Redundant

The first principle of my blog is Creating Ecosystems of success and two of its key focuses are Financial Literacy/Money and Business/Entrepreneurship. Goal setting is important for anything you want to achieve. In some instances though, goals can be a hindrance. The following post discusses how to set reasonable goals for your business and is entitled, Why Your Business Goals Might Actually Be Redundant.

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Almost everybody talks about the effectiveness of setting goals. Everybody says how goals can help to keep you focused, help you to achieve more, and be beneficial in a plethora of other ways. However, that’s only really if you’re setting goals the right way and taking the correct approach. For those who aren’t pros at goal setting, they can actually be more of a hindrance than a help. That’s right; in some cases, setting goals can actually slow you down and stop you from achieving what you want to achieve. Let’s talk more about this below!

Focusing Solely On Reaching A Goal
When your team is focusing solely on achieving a goal, they may not be performing other tasks.
In short, your focus can become too narrow when you are focused on a goal, and you might even find that you sacrifice one goal for another goal. Something has got to give when you’re hyper focused on achieving a goal. More often than not, you will experience issues in other parts of your business. While you can get help from companies like WGroup IT Management consulting if you’re finding you haven’t got time for other aspects of running your business, you will still need to be realistic and balanced about what you are able to achieve.

Goals Can Be Limiting
Most people don’t realize that goals can be limiting, too. People tend to relax and take a break once goals are achieved, which often means they have overexerted themselves and won’t be motivated to do regular work for a while. People can get so used to having a goal that they don’t do much when they don’t have one to work towards.

Goal Setting Can Cause Bad Behaviour
Goal setting can actually encourage people to lie and cheat. For example, it isn’t unheard of for businesses to create falsified earnings to reach goals. This can cause no end of issues for the company.

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When Do Goals Work?
Goals can work when you know exactly what you want to happen, and you’re not too concerned about secondary behaviours. You’ll also need to figure out whether unethical behaviour is a big risk or not. Always set goals with caution, and discuss the steps needed to be taken. Do what you can to prevent unethical behaviour. Research has shown that having individuals do an activity because they find the work rewarding in and of itself is much more effective than doing it because they have been given a goal. In fact, being given that goals can undermine this intrinsic value of work.

Most business owners don’t realize the negative effect that goal setting can have on their business and the people within it. However, now that you are aware of when goals can go wrong and when they can actually work, you may be able to set more effective goals when you need them and get more done in the long run.

How will you set goals moving forward? Let us know!

Your Five-Year Plan

Two of the principles of my blog are “Creating Ecosystems of Success” and “Long-Term Thinking and Delayed Gratification”. A key to being successful is looking into the future, setting goals and planning the steps towards achieving those goals. The following contributed post is thus entitled; Your Five-Year Plan.

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Do you often find yourself just going through the motions of your life, without any clear goals or targets? Just living life day to day, without purpose or focus? Many of us do. Then, a few years down the line, we look back at what we’ve achieved and find that nothing has changed. We still have debts, we still live in the same place, our relationship hasn’t developed or grown, we’re no closer to getting what we really want from our life, and our career has stalled.

Well, this happens when we don’t have a plan. You’re never going to hit your goals if you don’t have any. You get one life, you should be making the most of it. A five-year master plan can help you to do this. Five years is a great period of time. A lot can change in five years. Think about who you were five years ago, what you enjoyed doing, who your friends were. Now, look at your life today. In five years, we grow, we change, we start to enjoy different things, we meet a lot of people. You might eat differently, look after yourself more or less, and even go to bed at a different time. Five years is long enough to make massive changes and achieve a lot, but not too long that you can’t look ahead with focus and determination. So, here’s a look at how to create a five-year master plan to help you to develop and get what you want from life, as well as some ideas of things that you should include.

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The Benefits of a Five-Year Plan

If you are the kind of person that just lives day to day, you might not see the point of a five-year plan. But, it can have some definite benefits. It gives you focus. Instead of a general idea of what you want to do with your life, you’ll have clear and well-defined goals for all areas. Five-years means that you’ve still got time to be spontaneous and do what you want, as long as you get back to your plan and continue working towards your aims. It also helps you to prioritize, to stay on track, to keep motivated and to say no to things that would take you off course.

Merely sitting down and writing goals forces you to think about what you want and reflect on your choices so far. You are also statistically more likely to achieve things if you’ve written them down. Something about writing down a target makes it real and gives you a greater focus to achieve it.

How to Create One

Sit down and think about your life so far. Think about what your dreams were when you were younger, and if you still want the same things now. Then, write yourself a Wishlist. Think of your ultimate goals and dreams, no matter how outlandish they might seem. Write them all down. Even those that might take longer than five years to achieve.

Then, ask yourself why you want these things? Will hitting these goals make you happy or improve your quality of life? Try to picture your life if you reach these targets? Take some time to imagine your ideal life. Now, look at your list again, do you need to add or remove anything?

Now you’ve got the what’s and the why’s. It’s time to think about the how’s. This is potentially the most crucial part of your master plan. Without plans, your goals are vague and unreachable. Ask yourself what you can do to meet your targets, or to get significantly closer to them. Write these down too. Now, let’s take a look at some of the things that you might want to include.

Money

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Money is often a big part of our future plans, and your goals might depend heavily on your current financial situation and what you want from your future. If you need to borrow to help you achieve other goals, this is the website to help. If you need to save, or pay off debts, work out how much you need to save each year.

You might have something specific that you’d like to achieve financially, perhaps saving enough to start a business, or to buy a house. Or, you might want to improve your credit score and pay off your debts. Five years is long enough to make massive changes to your financial situation. Think about your goals and take the time to make a household budget to match.

Relationships

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Your relationships will also depend on where you are now and what you want in the future. If you are in a relationship, marriage and children might be in your near future. If not, you might want to think about meeting the right person and starting down the road to settling down.

Wherever you are romantically, there will be other relationships that you need to nurture. Make giving your friendships plenty of love and attention a goal. You might also want to rekindle old relationships, mend family feuds or meet new friends and expand your circle.

Career

Your career is a big one. Getting your career right can improve your financial situation and allow you to take more time for your relationships. Do you have any burning ambitions? Do you want to start your own business, or would you like to dive into a career change? If you are happy where you are now, you might just want to aim for a promotion or try to learn more about your industry to become more confident at work.

Health and Fitness

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Our health is something we often neglect when making plans for the future. Especially when we are young and healthy. But, it shouldn’t be. Your health and fitness are essential to a happy and long life. But, your goals don’t need to be huge. They might just be to carry on what you are doing or to make small improvements to your diet. Think about small, realistic changes that you can make that will improve your health and fitness.

Break it Down

Now you’ve got your five-year targets, you should think about breaking them down. A five-year master plan is fantastic, but it can be hard to stay focused when something is so far away. So, break it down and make plans for the year ahead. Thin about what you can do in the next 12 months to help you to reach your goals.