Financial Goal Setting for Entrepreneurs
Sep 10, 2019
I’m sure you’ve heard the saying “failing to plan is planning to fail” - it’s a catchy phrase that says you should set goals! We all know we should set goals, yet lots of entrepreneurs are flying blind without a clear list of goals.
Why Goal Setting is Important
Most people get into their cars with a destination in mind. You don’t see people driving down the street wondering whether to go straight, turn left or turn right.
That would be crazy, right?
But this is what so many entrepreneurs do: they drive around aimlessly, thinking “I need to make money.”
Making money is important but being a successful entrepreneur is about so much more.
It’s what you plan to do with money that matters. And you’re much more likely to succeed if you have a clear plan that addresses your 'how’ and your 'why’.
Your plans can come together easily if you take the time to set effective goals.
Setting goals and pursuing them gives you purpose and direction. With direction, you can move forward with confidence, and actually get to where you want to go.
To put it another way, having goals stops you from wandering through life without purpose. It also helps you to not become a slave to other people’s agendas.
The 3 Levels of Goals
To become a master goal-achiever, there are three levels of goals that you should pursue:
Level 1 Goals:
A Level 1 goal is a goal that deals with something you're already very familiar with. You know how to do it. There isn't a huge amount of fear attached to that.
Level 2 Goals:
A Level 2 goal is something that you feel pretty sure you can achieve, even though you haven't done it before. You assess the information around you to decide it's achievable. Level 2 goals may feel a little scarier than level 1 goals, but you’re still okay with them.
Level 3 Goals:
A level three goal is something you really want, but it’s very scary at the same time. This is where the excitement comes from! Often with a Level 3 goal, we have no idea how to approach it, because we’ve never done anything like it before!
A Healthy Mix of Goals
Having a combination of the three levels of goals is the best way to achieve your big Level 3 goal. Achieving Level 1 goals will give you the confidence & motivation to go after your Level 2 and Level 3 goals.
Although Level 3 goals bring the biggest rewards, my tip is to have no more than one or two Level 3 goals. Too many Level 3 goals gets very overwhelming. Things can feel way too big, and it becomes paralysing.
Too many Level 1 goals, though, feels like a boring To-Do List. You lose your motivation.
Having too many Level 2 goals can become a bit of a trap. It might feel comfortable and cause you to stay at that level without going after any Level 3 goals.
You’ll get the best results by having a healthy mix of all three levels of goals.
Finding the Right Balance For You
Take a moment (preferably right now) to write down your goals: business, personal, health and travel goals. Create a simple list.
Once you’ve written down everything you can think of, assign a level to each of those goals: Level 1, Level 2, or Level 3.
If your list is too heavy in one area, decide which goals are the most important and push the rest out to the future. It can also help to break down some of your larger goals into bite-sized chunks.
Once you’ve set yourself a clear list of Level 1, 2 and 3 goals, it’s time to take action and start hitting some milestones.
If you want some honest feedback on your goals and some tips for hitting your goals quickly, head over to my calendar and book in a call with me. You’ll probably get there on your own, but you’ll do it in record time with my help.
To your success,
p.s. Whenever you're ready to experience a massive money mindset breakthrough, here's how I can help you:
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