Management Perspectives

MYTH 1: It is all about the money
So many people make the mistake of only setting financial goals. They forget about all of the other areas of their life. This is a huge mistake.

We should have many different types of goals in addition to financial ones—social, family, housing, educational, hobby/special interest, spiritual, and yes, even stuff goals. The list could go on from there, but you get the idea. In each of these areas, we should have short-term goals (up to a year to achieve), long-term goals (up to five years to achieve), and retirement goals.

MYTH 2: Quotas and other business-related goals are motivating in and of themselves
Most people make the mistake of starting their goal setting by focusing on their work/business goals first because they consider these to have the most impact on whether they will follow through. This internal discussion usually starts with something like, “I’d like to earn x dollars next year.” Worse, companies often give goals to their sales staff in the form of quotas or targets, without making any attempt to connect these targets to the individual’s most important personal goals. The problem, of course, is that financial targets are just numbers, and not very motivating in and of themselves. In the case of quotas, they are all too often not even numbers the individual employee came up with, but they are nevertheless expected to be motivated to achieve them! We will see better results if we first set our lifestyle goals (see MYTH 1), and then figure out what we need to earn in order to live that lifestyle. This internal discussion is where true motivation comes from. In the case of company quotas, managers should first talk to their sales staff individually about their personal goals. By having this discussion, we will find that the employees have more investment in the idea that the management wants to help them attain their personal goals. They will then be more motivated to help the company achieve its goals!

MYTH 3: Goals do not have to be in writing
Study after study shows that goal setting is more effective when the goals are written down. There is something about actually writing goals down that takes the discussion from being a pipe dream to a dream that drives your actions—something your subconscious mind will believe and work on. I personally believe that we should use pen and paper, rather than writing goals on a computer. My clients and I have found that there is something visceral and motiving about putting pen to paper that makes this kind of written goal feel more real and important.

MYTH 4: Once I write them down, the universe will magically turn my goals into reality
It is not that easy. You still have the responsibility to do the work. I have two suggestions here.

First, in addition to writing down each goal, write out a plan to achieve it. Detail exactly what you need to do to make it happen. That could include activities ranging from making cold calls, to joining a gym, to opening a separate bank account so you can start saving just for that new car. Second, find an accountability partner, someone you share your goals with, someone who will hold you accountable to take action, and for whom you will perform the same role.

For example, my accountability partner and I talk every Tuesday morning. He usually starts by saying that last week I told him I was going to do x, y, and z. He asks if I did all of that. If the answer is no, his next question is: “Why the heck not?” He pushes me to do the things I do not always want to do. He keeps me on track. I do the same for him. I have vowed to never lie to him, and I can tell you that since we have been working together, my goal attainment has gone way up.

Any goal is a good goal
While it can be argued that any goal is better than no goal, we are after goals that make a difference in our lives and in the lives of others. In order for goal setting to be most effective, each goal must pass a test—what I call the SMARTYS (pronounced smarties) test. This acronym is critical if we want to maximise our results. Here is what the letters stand for: S-Specific. Our goals must be as specific as possible. Wanting more money, or a bigger house, is not specific. What amount do we want in the bank account, by when, and why? What size house do we want to live in, and why? Where is it now? The more specific the goal, the better.

M-Measurable. You need to know when you are on track and when you are off. We need to know when we have achieved our goal, so we can set another one! If we cannot measure our progress along the way, we cannot keep score! Do we really want to play a game like that?

A-Achievable. It has been a lifelong dream of mine to travel to outer space, and it is actually possible to hitch a ride with the Russians to the space station. That said, they expect to be paid many millions for the privilege, so I do not think it is really going to happen in my lifetime. That goal may be attainable, but for me, it is not achievable.

R-Realistic. I would also love to be able to play the piano at a high level—to be able to sit down and play Mozart and Beethoven. Right now, though, I am north of sixty years of age, and I am not currently able to play Chopsticks. It is simply not realistic for me to set the goal of becoming a world-class classical pianist, as a short-term, or even a long-term goal. I do not have the time that would be required to put in the practice, nor do I possess any significant musical talent. I might like to do it, but given my circumstances, it is just not realistic. A more realistic goal would be to learn how to play my favourite Beatles song on the piano by the time my next birthday rolls around.

T-Timely. It is very important for us to have a target date for completing each of our goals. Having a schedule helps us figure out whether we are on track. We can even break down our goals into smaller segments, each with shorter time periods. A client of mine wanted to lose 120 pounds. That seemed like an enormous task, but when he broke it down into monthly goals of 10-pound losses, it was much easier for him to believe he could do it all. And he did!

Y-Yours. Too many of us get caught up in the expectations of others. Trainer and author David Sandler once said that we each have a choice: We can be part of our own plan, or a part of someone else’s. This is absolutely true. While it may be important to have family goals, we want to make sure that each goal truly reflects something we want. Do not write down goals just to make someone else happy. It is not at all selfish to have me goals. In fact, it is essential.

S-Stretch. Goal setting is all about stretching, about expanding what we will do, be, and become beyond what would happen if we did not set goals at all. We should push ourselves, at least a little. If we have been going to the gym four days a week for the last five years, setting a goal to go to the gym three days a week is not much of a stretch…or much of a goal.