The Power of Goal Setting for your business

If you are like most people, at the start of each year you’ve probably thought about (and maybe even told others) your resolutions for the new year.  But have you made any New Year’s resolutions for your business?

Resolutions are just another form of goal setting and from my experience setting goals and having a process to track your progress against these goals is one of the most important factors that determines your business and personal success.  But it’s amazing how many people in business don’t set goals and are just happy (or unhappy in a lot of cases) to stumble through the year.

There is an often quoted study that was conducted on Yale University’s class of 1953.  The graduating students were asked how many had written, specific goals for their future.  The answer was just 3%.  Twenty years later, researchers went back to these students and found that this 3% had accumulated more wealth than the remaining 97% combined!  This is a great example of the power of goal setting.

In his book Think & Grow Rich, where Napoleon Hill studied the success principles of over 500 highly successful business people, he also highlights the ability to dream big and set goals as the key factor to success.  A great quote from the book is “Whatever the mind of man can conceive and believe, it can achieve”.

We have to think S.M.A.R.T. and have a G.P.A.

Goals that are S—Specific, M—Measurable, A—Attainable, R—Realistic, T—Time bound

The GPA system is Goal, Plan, Action

S.M.A.R.T System


Clearly defined, identified—the more specific and clear a goal is, the easier it is to make a plan to achieve a goal. If you say you want to increase your sales, well what do you mean by “increase?” Increase your sales by how much? Be specific.


Goals should have reasonable limits and amounts; make sure you measure progress, each week, month and quarter.


Goals should be CHALLENGING and should STRETCH you, but should be ATTAINABLE.



What you can actually do, real, practical, sensible. Trying to accomplish too much too soon, or setting goals that are almost impossible may set you up for failure. Attempting to double your sales is admirable but could be out of reach.


The approximate TIME for achieving the goal. If the goal is not accomplished by the time you originally wanted, then create more time to accomplish the goal. If you didn’t reach your goal in time, then revise your Plan and Action. DO NOT GIVE UP.

The GPA System


GOAL —What you want to accomplish, a desired result. Something significant/important ambitious/strong desire to succeed.

b)  P—PLAN

PLAN —The way, the path, or proposal to reach your goal Must Include Specific Details

We use 90 Day Plans to help us keep on track and figure out the details that will lead us to success.


ACTION —The OUTLINE of ACTUAL STEPS to make your plan a reality

  1. Complete 12 month goals for your business
  2. Break these down into 90 Day Goals
  3. Make sure that each 90 Day Goal has action steps that will help you reach your goal. Delegate tasks to your team
  4. Keep your 90 Day Goals visible. The old saying “out of sight out mind will apply”
  5. Add your 90 Day Goals and tasks into your calendar. This will assist with tracking and keep them visible.
  6. Measure and review your 90 Day Goals weekly, monthly and quarterly.

In reality what gets measured gets done.




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