This is the week between Christmas and New Years and everyone is talking about setting goals for 2016 for your home based business. But, does goal setting really work?
My answer is probably going to surprise you…NO! That is, goal setting does not work if you, first, do not have the right mindset. Before you start writing down any goals for the upcoming year, month, week, or day ahead, you need to have a clear mind to be able to do the tasks that are necessary to meet your goals. Without a reason (you know, the “why that makes you cry”), your subconscious mind will not allow you to take massive action.
Setting an Intent to Succeed
The first step towards successful financial planning is setting an intent to complete your plan. What doesn’t get scheduled doesn’t get done. Make a commitment now to complete an annual financial plan by midnight of December 31. I have included a template for you to use when completing this task. If you’ve never done this before, this will really help you get started! Click the image below to download this template for FREE! It’s my end of year gift to you…
You’ll notice on this business plan template that it’s all about long term goals that can be broken down into short term goals. It’s easier to set your mind to realize daily, weekly, and perhaps monthly goals instead of annual goals. You have to have annual goals, but if you’re meeting your goals every day, week, and month, the annual goal will happen no matter what!
According to an article that I read on www.homebusinessmag.com by Eric Lofhom, here are some great suggestions on setting yourself up for success by first “clearing space” both literally and metaphorically:
Supplementary Goals in Other Areas
In order to achieve your marketing and sales goals, you may find it helpful to set goals in other areas of your business or personal life. For example, in your business, you may set a goal of hiring more staff, adopting new automation tools, or developing and releasing new product and service lines.
Achieving personal goals can also help you achieve your business goals. For instance, if you haven’t been sleeping on a regular schedule, setting a goal of getting on a more consistent sleep cycle next year may help make you more productive. Similarly, you can set goals in areas such as your personal finances, health, relationships, and spiritual development.
The Strategy of Creating a Space for Success
A fundamental strategy for annual planning is creating a space for success. You can only have so many things. When something is occupying space, something else cannot occupy the same space. This is true both literally and in the metaphoric sense of occupying mental space or space in your business. If you no longer need something, getting rid of it can free up some space. This creates a space for you to attract something new to your business or other areas of your life.
- What was great about the past year?
- What are you most proud of?
- What were you most surprised by?
- In what ways did you grow?
- What was your biggest success?
- What adversity did you overcome?
- What skills did you develop?
- What goals did you accomplish?
- What was your most challenging sale?
- What were you consistent at?
Finding Your Direction
Once you’ve oriented yourself in your business space, it’s time to review your past year’s performance in order to identify some areas where you can improve. Here are some examples of questions to help you perform this evaluation:
- Based on your annual goals where should your results be right now?
- Did you hit your gross sales number, total units number, or total recruits for the year?
- How was your consistency during the past year?
- How did you do in the area of appointment setting?
- How did you do in the area of follow-up?
- How did you do in the area of consistency?
- How did you do in the area of marketing?
- How did you do in the area of social media?
- How did you do in the area of web marketing?
- How did you do in the area of recruiting?
- How did you do in the area of training?
- How did you do in the area of motivating your team?
- How did you do in the area of making your calls?
- How did you do in the area of time management?
- How did you do in the area of objection handling?
Use this list of questions to develop questions specific to your own industry, business, and product and service lines. You can also ask questions about non-business areas that impact your business. For instance, how many hours of sleep did you average per night this year, and how many hours would you need to achieve optimal energy for top business performance?
Expand on the above list of questions to help you identify areas for strategic improvement. In order for you to achieve your potential in the next year, uncover what areas of your business and other parts of your life that need improvement.
How to Stay on Track During the Day
While all of this goal setting is great and it will help you figure out what you want to accomplish in the next year to five years, having your own home based business can be challenging from the aspect that you don’t have a boss anymore and there’s no structure to your day. The following tips will help you stay focused during the day so that you can accomplish the goals that you set forth in your business plan:
- Structure your day. It’s easy to get distracted during the day (I’m speaking from personal experience here), so calendaring your day really helps. Make business hours for yourself. If you have kids at home, make time for them. Basically, plan your business around your life which is the most beautiful thing about have a home based business! A general rule is to spend the first hour of the day prospecting for new clients. Send your emails, write your letters and make your phone calls first thing so you don’t forget to do it later. Use Outlook or some sort of contact management software to serve as a visual reminder of what you need to accomplish that day. Live and die by your to-do-list. Try to have everything crossed off by the end of the day.
- Motivate yourself. Sit down and set some goals for yourself. You no longer have quarterly reviews or progress reports, so it’s important to keep track of whether or not you’re making progress in your business. It’s one thing to set small goals like completing your to-do-list–you also have to set goals to motivate yourself to succeed. Hopefully by now you’re making as much, if not more, money at your home based business than you were at your former job. If you aren’t, begin by setting a goal to bring in the same amount of income you were, and slowly raise the bar to increase your income by a couple of thousand a month. Once you’ve met a goal, make time to reward yourself by doing something fun, which brings us to the next tip.
- Take time out for good behavior. It’s not uncommon to find yourself working 60- to 70-hour weeks. But the good thing is, if you want to sneak out and see a movie at two in the afternoon, nobody’s going to tell you not to do it. You have that freedom and flexibility as a home business owner. It can be tempting to work all the time when you start seeing how successful your business has become, but know when to relax. You’ve already established a smooth-running business. Take a break every now and then so you don’t get burned out.
- Be a Jack-of-all-trades. There are a lot of roles you play as a home based business owner: You’re the CEO, president, secretary, office manager and tech support. Learn the basic skills of running an office, including how to troubleshoot some rudimentary technical problems. You don’t need to become an expert, but make sure you have a basic understanding of tech support issues, bookkeeping, etc. Otherwise it will become too expensive to have to pay someone to do everything for you.
- Network. Network with other home based business owners in either a formal or informal setting (online and/or offline). This is a good way to find service providers, leads and potential clients. Surrounding yourself with people who also work from home will give you the support you need, and refer you to people who can help you grow your business.
- Consider moving out of your home. For a lot of people, working from home is a launching pad. In the beginning, many business owners work from home in order to keep overhead low. If you have more than one person with different roles working from your home office, you should ideally be working in separate rooms. It can be difficult having two people work side by side, even if those two people are spouses and love each other very much. It’s distracting for anyone to have someone three feet away from you talking on the phone. Be prepared for expansion. At the point when your business becomes so successful that you cannot efficiently work close together, start considering moving your office outside the home.
I hope this helps you and I want to wish you a very Happy New Year and the VERY BEST 2016 filled with lots of fun and a productive business where all of your dreams can be met.
Till next time,
P.S. For more strategies like this one on how to become successful in your home based business, or to take your business to the next level, CLICK HERE to take a test run with the system that many 6 and 7 figure earners in the home based business space are leveraging.