Goals

5 Tips to Setting Goals

When coaching new clients, I always ask if they have specific goals. Almost all say yes. When I ask if they are written almost all say no. TIme and again I am amazed by this. Things are more likely to happen if they’re written. Plenty of verifiable scientific research supports that claim. So why don’t most entrepreneurs write down their goals? Maybe they think they can remember them, or maybe they’ve just never been taught how to write effective goals.

With that in mind, here’s 5 tips to make you more successful at goal setting:

  1. Write your goals down. As mentioned above, you are more likely to complete a goal if it is written. I like to keep my goals on my whiteboard in front of my computer so I have to see them every day.

  2. Break complicated goals down into smaller goals. It is easy to get overwhelmed and intimidated by a big goal. I always have clients break their goals down into manageable action steps that will achieve the goal.

  3. Always have SMART goals. This is an acronym that breaks a goal into:

      • Specific- Be as exact about what you want to accomplish as possible.

      • Measurable- The goal should be written in a way to determine if it has been reached.

      • Actionable- Start your goal with an action.

      • Realistic- It must actually be a goal that you can achieve. It should be a goal that you work hard to achieve but not something that is unrealistic.

      • Time-bound- Be specific (and realistic) in when the goal should be completed.

  4. Have an accountability partner. Whether it’s with your team, a family member, or your coach, talk about your goals, why you have them, your progress, and what is holding you back.

  5. Review your progress. Take the time to review your progress on a weekly basis. This gives you a chance to see what else you need to do to accomplish your goal, as well as celebrating your successes towards the goal.

When you follow these simple tips you’ll see more success in your goal setting as well as goal accomplishments.

If you found this valuable and would like more information contact Joy at joy@lizottecpa.com

What Is Strategic Planning and Why Is It Important ?

SP

SP

What is a Strategic Plan? A strategic plan is simply a game plan of how you will compete in the marketplace. The plan itself essentially lays out where you are now, where you want to be, and how you’re going to get there. Over the next several weeks we’ll walk you through the steps needed to create and execute on a successful plan.

Our process for developing a strategic plan for a customer starts with breaking it down into four phases:

1) determine who the business is serving, how they are competing, and what their strengths and weaknesses are

2) document a clear picture of what the business stands for (your “why”) and what the future will look like (your “vision”)

3) determine a detailed execution plan on how we will reach our vision (3-5 year goals), and

4) begin implementing and monitoring the plan to ensure we’re on the right track.

Why is Strategic Planning Important? Having a well, laid out plan helps you stay on track and not get lost in the day to day operations of your business. Not only does planning help you understand what needs to happen, it can help you identify what doesn’t need to happen. How many times have you made a business decision and later regretted the path it has taken you on? Or you operate on a “Trial and Error” basis to see what develops. With a plan in place you can identify the right opportunities that will help achieve your ultimate long-term success.  

Many small businesses don’t think they need a strategic plan, but they are misguided. In fact, I would say a small business needs a strategic plan more than a large business for several reasons. In a small business the owner is usually working in the business, serving customers, managing employees, handling vendors, and anything else that may be needed. It is easy to get sucked into the day to day, or short term tasks, and forget about the long-term vision. Also, a small business may have limited resources, so it is harder for them to compete in a broad market. It is important for a small business to consider focusing on building a niche market, and having a plan in place to achieve that.

Don’t get overwhelmed by the term “strategic planning”. We’ll show you how to think through the four phases above. Our next blog post will help you work through a business model.

If you want to know more about this topic, email Joy at joy@lizottecpa.com

Who Holds You Accountable?

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group

The first week of each month I meet with my accountability group. I'm lucky to be a part of an awesome group of five other CPA's that are in similar growth stages, share common values, and they get where I'm taking my business. When we decided to form a group we set some basic ground rules:

  1. What happens in our Group stays in our Group

  2. We share our financials every month (how else will we know if someone is just blowing smoke)

  3. Each meeting is moderated so we have a format to follow and a time structure (1.5 hours)

  4. The moderator will bring a topic to each meeting and teach us something new and exciting

  5. We set goals. We defined our overall yearly goals (revenue, staff size, customer base, lifestyle, etc), as well as monthly goals. During each monthly meeting we must discuss what we accomplished, what we didn't, and why. It's a tough group. We definitely call each other out!

Why is this important? It is very easy to get sucked into the day to day operations of your business. If you've always got your nose in the actual work, how will you know when you're on the right track. Or better yet, when you're on the wrong track! Having someone hold you accountable will help you think through what you are trying to accomplish, set goals, reach goals, and provide moral support.

share

share

We offer the same service to our customers. If this sounds like something you need, let us know and we can schedule a chat to go over your thoughts, ideas, and questions. Our coaching and accountability sessions are one on one meetings where we focus solely on your business. We can help you determine where you are, where you want to be, and how to get there!