Anytime you set a goal, whether its personal or professional, it should always be SMART. This means it should be specific, measurable, attainable, relevant, and time-based. Here is a closer look at which each of these terms mean.
If a goal is vague, such as ‘make more money’, there’s a good chance you won’t achieve it because it doesn’t leave you with much direction. Making a goal very specific such as, ‘I want to increase my overall savings this year by 2%’ gives you a clear course and will help you create a plan to get you there.
Having a goal without some form of measurement for success is like having a basketball game without a way to keep score. While you may have a general idea of what’s going on, there’s no way to track exactly how you’re doing. Use a concrete timeline and be constantly checking to see if you are on track.
While saying that you want to build a billion-dollar business is a great dream, it’s probably not attainable right off the bat. Start with small, shorter-term goals that you can reach quickly. As you continue to progress, you can start setting bigger and longer-term goals.
Any goals you make need to be something that relates to your current financial situation or something that is a potential in the future. For example, any short-term goals you make need to align with your longer-term life plans.
If a goal just goes on forever without a set endpoint, the chances of you reaching it are pretty slim. When first setting your goal, ensure you have a firm timeline in place and have checkpoints to make sure that you are on track along the way.