The New Year is consistently known as a time for change. Resolutions and targets are set on a hangover from Christmas, from prioritising your health and fitness to furthering yourself professionally. The New Year is also a key time for business owners, ready to grasp the year with motivation and drive.
Whilst resolutions are a thing to be admired, only 9% of them make it to succession throughout the year. That means 91% of resolutions fail, an alarming statistic which highlights the difficulty in achieving your goals. What actually is the recipe for success for those 9% of resolutions that go on to conquer their goals?
We break down the five ways to increase your chances of success in goal-setting and how Nordens can help provide the assistance to smash your targets….
Start Small To Begin With
One of the reasons why people’s New Year resolutions fail is simply that the targets are so big and unattainable. It’s hard for anyone to switch the mentality of achieving something huge in a short space of time. This is especially so after the festive recovery from mince pies and sherry wine. By starting steadily and slowly, you begin to build momentum. In turn make those larger goals start to become more achievable due to the mindset you’ve helped to create.
If you’re a business owner looking to overall grow your business, then perhaps start by setting little targets at first. For example, ‘I want to generate ‘x’ amount of turnover in the first quarter’ or ‘I want to expand the business by hiring ‘x’ amount of people’. This allows you to focus more intently, shifting the attitude and confidence to become a goal-conquering warrior.
Put A Measurement On It
In order for a target to be set, you need to do the simple things first. This starts with setting a deadline or a measurement in order to attain that specific goal. If this isn’t in place, then the goal or target becomes vague and essentially unattainable. This is because you don’t really know when or what will be achieved. It’s all well and good saying something like ‘I want my business to be more profitable’, but what does that mean?
By setting a deadline or measurement, the target instantly becomes more achievable. You can keep track of your progress suitably and make any adjustments necessary.
A Dose Of Reality
Set your goals in accordance with you as a person and how you live and work. It’s very easy to set the target ‘I want to make my first million this year’ but the chances are this isn’t realistic. Set realistic and achievable goals which require hard work and persistence but not a miracle. Consider your time, effort, resources, budgeting and all other components to form a goal which you’ll be able to make. Be realistic and those goals will be closer.
Plan, Prepare & Share
A target or goal without any planning is essentially a hopeful dream. All good things come from planning and preparation. Create a dedicated plan on how and when those targets can be conquered, with flexibility a key aspect. You want to make sure you’re not overselling or underselling yourself, and a good, solid plan will determine this.
As well as this, sharing a goal will instantly increase its chances of success. By sharing your goal with someone you care about, you raise the likelihood to 65%. When that person regularly meets with you to check in, the probability of success further increases to 95%. This is where external accountability plays a huge part and how Nordens can help. By working with our Strategic Advisory department, we’ll regularly check in to see if you’re on track with your targets.
We appreciate that everyone has different goals, timeframes, and budgets to work with. We have a range of options for every business owner. As well as the crucial accountability and external perspective, we will help you turn your vision into a reality by helping your numbers tell the story. We’ll show you the pathway through scenario modelling. This has helped the business owners we work with feel more confident and comfortable in reaching their goals. It will also help you spot and safeguard against any issues which may arise.
If this sounds of interest, then get into contact with our Advisory department to see how we can help you.
Stay Positive & Be Flexible
As in all walks of life, problems and issues arise which weren’t necessarily factored in when you set your goals, targets or resolutions. It’s important to remain positive and flexible no matter where you are with your goals, whether behind or overachieving.
A positive mindset is perhaps the most understated and overlooked component of success, especially when it comes to conquering your goals. If something untoward occurs, assess the situation with calmness and how to get back on track appropriately through the tools at your disposal. You’re in control of your goals and you have the power to make them a success. Be positive in your thinking and be adaptable to change.
Why Are Resolutions/Goal Setting So Important For Development?
Nordens’ Director of Strategic Advisory, Joe Sword, is an expert on goal setting. He believes, “New year is often the time when people start thinking about change. The principle of setting goals is a sound one, and one I would encourage everyone to follow. Often key ingredients are missing which results in the goal or success not being achieved.
Firstly, the goal has to resonate with your passion. You have to really want it and can explain why you want it. This will help you through the good times as well as the bad, including those cold winter months when it is much easier to hit the snooze button and get an extra few minutes sleep.
Secondly, stating the goal is only the start, you must accompany this with action. Human beings by nature fall into the procrastination trap, but what I’ve found is that taking action, even if it isn’t perfect, is usually better than taking no action at all.
Thirdly, the ability to surround yourself with a suitable support network, who hold you accountable for your goals, and the action you take towards them, is crucial. It is vital you are working with other people to give you an unemotional perspective on things. When you are heavily invested in your business or area of specialism, it is very easy to be blinkered. It is challenging, but the best business owners choose this feedback as a necessary tool to progress them towards their goals sooner.
Finally, I would recommend being reasonable and realistic with your expectations. Changing habits is tough, bolting them on to pre-existing habits makes things easier but it will still challenge you. Accept that it is unlikely to go perfectly from the start, do your best to be disciplined as often as possible and you will see results, that is a guarantee. Good luck and I wish everyone a prosperous 2024.”
We hope this has outlined to you the ways to increase the chances of success for your New Year resolutions and goals. At Nordens we offer expert advice and assistance with all of your business needs: from your everyday accounting to Advisory, Tax, Audit and more. If you need support with any of the above or just want to speak to a member of the team, get in touch today.
