Do you have 30 minutes? Set your annual goals!
“I don’t have time to set my annual goals!”
Have you been procrastinating in setting your goals for 2023? Is one of your goals not to procrastinate in 2023? Setting goals can seem like a very involved exercise and one that you don't have time for. But would you travel to somewhere new without your GPS? Probably not, although you could ask for directions along the way like in "The Amazing Race" (guys don't ask for directions, do they?).
Here is a process to outline your goals for 2023 in 30 minutes or less. You would not want to take 30 minutes to form your goals for an entire year, but sometimes putting things in writing gets the juices and ideas flowing. Once you're in a better state of focus, you'll find it will be easier to imagine yourself a year from now, doing your annual look-back review and having that feeling of accomplishment that you met the bulk of your goals and are ready to tackle 2024 and beyond. Your words will flow, and your goals will become more detailed, then more refined, and the action steps needed to attain the goal will become clear.
The process for setting goals is not hard, just systematic
Do an internet search on "setting goals," and you'll find millions of results. There is no secret formula to goal setting. In reading biographies of successful individuals, though, they use a consistent framework that is both reflective and requires action.
Don’t think small when it comes to goal setting
The goal setting approach of the successful
Here is a systematic process for setting goals:
1. Write down goals in key areas. Three goals in each of these focus points will give you a year filled with focus, fulfillment, momentum, and excellent results:
1. Spiritual goals
2. Family goals
3. Health goals
2. Contributions (serving others with time and talents)
3. Financial goals
4. Career success
Next, lay out a plan to take action in each area:
1. Define the action steps you'll need to attain those goals
2. Commit yourself to action
3. Review your highest priority goals every day
4. Review and re-prioritize goals every week – have weekly, quarterly and semi-annual targets
5. Assess your success each week, refocus or zero in on an area if needed
6. Modify goals if needed as your year progresses
7. Do this same process more generally for longer-term goals – 3, 5, 10, 20, and 25-year goals
The list is written for individual goal setting but can be equally effective in setting business goals. For example, all businesses have spiritual and family aspects; they're just labeled "company philosophy" and "team."
It is never too late to plan and pursue your goals
Perhaps you diligently set your goals to start fresh on January 1. But maybe it's now March; is it too late? Of course not. January 1 is an arbitrary date on the calendar. You can start the goal-setting process anytime. The path to success lies not only in the execution of your plan but regular, frequent reviews of your plan and course adjustments as necessary to keep you on track.
About Russ Hissom - Article Author
Russ Hissom, CPA is a principal of Utility Accounting & Rates Specialists a firm that provides power and utilities rate, expert witness, and consulting services, and online/on-demand courses on accounting, rates, FERC/RUS construction accounting, financial analysis, and business process improvement services. Russ was a partner in a national accounting and consulting firm for 20 years. He works with electric investor-owned and public power utilities, electric cooperatives, broadband providers, and gas, water, and wastewater utilities. His goal is to share industry best practices to help your business perform effectively and efficiently and meet the challenges of the changing power and utilities industry.
Find out more about Utility Accounting & Rates Specialists here, or you can reach Russ at russ.hissom@utilityeducation.com.
The material in this article is for informational purposes only and should not be taken as legal or accounting advice provided by Utility Accounting & Rates Specialists. You should seek formal advice on this topic from your accounting or legal advisor.