Goal Setting for the New Year
Every new year, I find myself doing two things: taking stock of what I’ve learned over the past twelve months, and dreaming about what I want to make happen next. As a business owner, I know goals aren’t just about ticking boxes—they’re about creating a roadmap for how you want your business (and life) to evolve. And trust me, business owners need clear direction just as much as the rest of the world—maybe even more.
Personally, I set my personal goals in January and business/financial goals around July. The beauty of the aussie financial year being different to the calendar year makes breaking goals up easier. But whether you’re planning for your personal life or for your business, the fundamentals of goal setting are universal.
“If you are not moving forward, you are moving backward.”
― Mikhail Gorbachev
I keep this quote in mind whenever I feel my momentum slipping. Progress doesn’t need to be massive leaps every single day; it just needs to be consistent forward motion that adds up over time.
Choosing the Right Goals
As business owners, we typically juggle a hundred ideas at once. It helps to organise them into categories. Personally, I look at these key areas:
- Health: From regular workouts to better meal planning. You can’t grow a thriving business if you’re running on empty.
- Personal Development: Learning new skills, embracing habits that boost productivity, or picking up hobbies that help you recharge.
- Relationships: Balancing your commitment to your business with time for family, and friends.
- Business: Growing the business, improving products or services, or strengthening team culture.
- Finance: Managing cash flow, budgeting effectively, or investing in new growth opportunities.
Not all areas have to be tackled at once—believe me, I’ve tried! Choose one or two where you really want to make a difference first.
Start with Reflection
Before you dive into the “what,” take a moment for the “why.” Ask yourself:
- Where am I now?
Are you feeling confident in your business strategy? Are you satisfied with your life outside of work?
- What do I want to achieve?
Let your ideas flow. Don’t criticise them before you’ve even written them down.
- Why do I want this?
Your “why” is the heart of your motivation. Maybe you want to hire a general manager to lighten your workload and spend more time with family. Or you want to pick up a new fitness routine because you’ve noticed late nights and stress taking their toll. Whatever it is, make sure you connect it to a purpose that matters to you.
I’ve found it helps to mull these questions over a few days rather than rushing to answer them all at once. The goals that keep popping up in your mind are usually the ones that really resonate.
What Goals to Set?
Once you’ve clarified where you’re at and why you want change, you can start shaping goals that feel achievable and exciting. Go for goals that align with both your life vision and your entrepreneurial spirit—something that gives you that spark every morning.
Avoid the All-or-Nothing Trap
One of the hardest lessons I’ve learnt is to ditch the “all-or-nothing” approach. If you slip up—skip a workout, overspend one weekend, or lose a client—don’t write off the entire plan. Perfection isn’t the target – steady progress is.
James Clear, in Atomic Habits, puts it perfectly:
“You do not rise to the level of your goals. You fall to the level of your systems.”
If you haven’t read Atomic Habits, I highly recommend it! If books aren’t your thing – check it out on Audible to listen to while driving.
Use SMART Goals to Stay on Track
A tried-and-true method you’ve probably heard of – or at least one of the adaptations is the SMART framework:
- Specific
Instead of “I want to make more money,” say “I want to increase my monthly revenue by 20% by attracting three new clients in the next quarter.”
- Measurable
Whether it’s workout sessions completed or new invoices generated, track your progress so you can see how far you’ve come.
- Achievable
Set challenging but realistic targets. Piling on impossible goals only leads to frustration. (This doesn’t mean you cant’ be ambitious – see the BHAG Principle below)
- Relevant
Make sure each goal is aligned with both your personal values and your long-term business vision.
- Time-bound
Give yourself a deadline. It keeps you accountable and gives you a sense of urgency.
Goals as Stepping Stones: The BHAG Principle
Not every goal is your ultimate finish line. Often, goals are stepping stones towards something bolder—a “Big Hairy Audacious Goal” (BHAG), as Jim Collins calls it. Maybe your BHAG is to open a second location in a new city or to create a franchise model for your business.
Breaking down these huge, exciting visions into smaller milestones is key. Each sub-goal keeps you moving forward and lets you celebrate wins along the way. Trust me, when you’re aiming for something that big, those little victories are what keep you motivated.
Moving Forward & The New Year Mindset
The start of a new year gives us a blank page. It’s a psychological boost that encourages us to take a fresh look at our ambitions. Set your goals, but also remember to be flexible. Life changes. Businesses pivot. Your needs, interests, and market realities can shift—sometimes overnight (remember Covid?). Adjust your goals as you learn and grow.
Here’s to a new year filled with forward momentum, one goal at a time!
