Now that the new year has arrived, as a business owner, you are most likely working on your strategic plans for the upcoming year. Effective goal setting and strategic planning is essential for the success of any business. It helps you define what you want to achieve, create a plan to get there, and track your progress along the way, as I covered in more detail in this article.
While there are many different goal setting methodologies available, it’s important to remember that all goals should be specific, measurable, achievable, relevant, and time-bound (SMART). Regardless of which methodology you choose, incorporating the SMART components into your goals will help ensure that they are clear and achievable.
Let’s look at a few powerful goal setting methods you may want to consider using to help achieve your goals (including my personal favorite):
1. EOS (Entrepreneurial Operating System)
The EOS (Entrepreneurial Operating System) is a goal setting and management system developed by Gino Wickman. It helps businesses clarify, simplify, and achieve their goals by focusing on six key components: vision, people, data, issues, process, and traction.
One key aspect of the EOS method is the annual planning process, which involves setting clear, measurable goals for the year and breaking them down into quarterly and monthly targets. These quarterly and monthly goals, known as “rocks,” help ensure that you are making progress towards your long-term goals and allow you to adjust your approach as needed.
The EOS method emphasizes the importance of regular check-ins and meetings to ensure that everyone is aligned and focused on achieving their goals. This includes weekly meetings, where team members review their progress and discuss any issues or challenges they are facing. It also includes quarterly reviews, where the team takes a step back and looks at the bigger picture, reviewing progress towards their long-term goals and making any necessary adjustments.
By using the EOS system and breaking down your goals into quarterly rocks, you can create a clear plan for achieving your goals and stay on track to reach them. The regular check-ins and meetings help ensure that everyone is aligned and focused on what’s most important, and the quarterly review helps you take a step back and assess your progress towards your long-term goals.
2. OKR (Objectives and Key Results)
The OKR (Objectives and Key Results) method is a goal setting methodology developed by Intel and used by companies like Google and LinkedIn. It involves setting ambitious, measurable goals (called Objectives) and specific, measurable targets (called Key Results) to track progress towards those goals.
The OKR method helps ensure that goals are aligned with the overall vision and strategy of the organization and that everyone is working towards the same objectives.
One key aspect of the OKR method is setting goals that are challenging, but achievable. This helps ensure that everyone is stretched, but not overwhelmed. It’s also important to make sure that Key Results are measurable and that progress can be tracked. By setting clear, measurable goals and tracking progress regularly, you can ensure that you are making progress towards your objectives.
3. BHAG (Big Hairy Audacious Goal)
The BHAG (Big Hairy Audacious Goal) is a long-term, ambitious goal that inspires and motivates your team. While the BHAG may seem out of reach at first, breaking it down into smaller, achievable goals can help you make progress towards it.
One key aspect of the BHAG method is that it should be inspiring and motivating. It should be something that gets everyone excited and energized about working towards it. It’s also important to make sure that the BHAG is aligned with the overall vision and strategy of the organization. By setting a clear and inspiring long-term goal, you can motivate and engage your team and drive progress towards it.
4. Freedom Planning
The Freedom Planning process is a process I designed for myself and that I use with my private clients to help them achieve their business and personal goals. The process involves using a Yearly, Quarterly, Monthly, Weekly, and Daily Freedom Planner to track your progress towards these goals.
The key to the freedom planning process is that you are not only identifying and measuring your business goals, but you are also identifying and measuring the goals related to your epic life plan and the 8 categories of happiness that I recommend you identify and measure. By setting goals in both business and personal areas, you can ensure that you are making progress towards achieving your ideal life and business.
The Daily Freedom Planner is a key component of the Freedom Planning process. It helps you learn how to focus on the top 2-2 needle movers that are most important each day to make progress towards your long-term goals. By focusing on the needle movers each day and identifying time hacks you can apply to the rest of your list, you can make consistent progress towards your goals.
The Freedom Planning process also emphasizes the importance of regular review and planning. By setting aside time each week and month to review your progress and make adjustments as needed, you can ensure that you are staying on track to achieve your goals.
To learn more about my Freedom Planning process and how it can help you achieve your business and personal goals, you can check out the book “The Vacation Effect for Entrepreneurs” at https://denisegosnell.com/book. For a limited time, you can also book a free roadmap session at https://denisegosnell.com/roadmap and receive a free copy of my Daily Freedom Planner tool as a bonus for completing the roadmap session.
By using the Freedom Planning methodology, you can create a clear plan for achieving your goals and make progress towards your ideal life. It’s great to have plans for your business, but isn’t about time you gave your life goals as much attention and tracking? I think so.
No matter what goal setting methodology you choose to use, whether that be EOS, OKR, BHAG, or my own Freedom Planning process, it’s important to make sure that your goals are specific, measurable, achievable, relevant, and time-bound. By setting clear, achievable goals and tracking your progress regularly, you can ensure that you are making progress towards your objectives and achieving the success you desire. I wish you a fantastic year ahead and hope to contribute further to your growth.