Setting your objectives for the year ahead

The start of the year new year often heralds a time of optimism and looking ahead with positivity. This year it does feel different with the global situation, however, we can all start to see some light at the end of the tunnel with news of the mass vaccination programmes around the world.

Usually at this time of the year, most people embark on their New Year's resolution which is generally to get active or healthy. It is for this very reason that ordinarily health clubs and gyms see a huge surge in subscriptions and customer numbers. However, with most non-essential businesses closed at the start of this year, things certainly seem different.

Rather than focus on the actual objective, which we realise is unique to every individual, we wanted to explore the whole methodology around setting objectives and how to give you the best possible chance to exceed those objectives by the turn of the year.

What is an objective?

An objective is a goal or target that you are hoping to achieve, usually within a certain period of time, such as 12 months. It allows you to focus your mind, energy and effort on a specific purpose. Now, most people tend to set multiple objectives such as starting a new business, getting a new job, becoming more healthy etc, and there’s no right or wrong objective.

The key thing to remember with every objective is to make sure it’s unique to you and sufficiently motivates you to move towards that goal. Often, people fail to achieve their objectives because they set either objectives that are either too difficult or too easy to achieve.

For example, if you set a very testing goal that is almost impossible to achieve, over the long term it will start to drain your motivation. This is why people usually fail to stick to their fitness goals as it takes dedication and commitment over a sustained period of time to achieve most health related goals.

On the other end of the spectrum, you have very simplistic goals that are not very hard to attain. These types of goals are problematic as they don’t push you outside your comfort zone to achieve success.

Regardless of whether your goal is centred around a professional or personal objective, it should provide motivation, drive and sense of fulfilment when achieved.

Should you set SMART objectives?
Most people have heard of SMART objectives that are specific, measurable, achievable, relevant and time defined. Each one of these elements are crucial in developing and evaluating successful objectives.

If we take the “S” for specific, it is vitally important that any objective you set is specific. If an objective is not specific it becomes difficult to measure and ultimately achieve. The whole exercise of setting an objective is to channel your mind and effort on achieving that goal. That’s why the objective needs to be focused on a specific goal such as launching a new business or earning a certain amount of money.

The “M” relates to measurable and allows you to assess your progress in relation to your objective. For example, if your goal is to start a new digital based business by June 2021, your goal is measurable because you can look back in 6 months and see if you achieved this target. Making sure your goals are measurable makes it easier to understand whether a goal has been achieved or not.

The “A” stands for achievable and focuses on ensuring the objective is realistic as well as actually having the buy in from the person responsible for meeting the objective. All too often when it comes to objectives in a professional environment, the goal is decided by a manager or organisation with little input from the employee. This results in a lack of ownership from the very person tasked with completing the objective.

Moving on, the “R” stands for relevant and ensures the objective has some meaning for you as an individual or for the company, if in a professional capacity. For example, if your goal is to become a business owner in 2021, this is relevant to you as it has a direct impact on your life. Similarly, if in a corporate environment, your objective might be to upskill in a particular area, this will be relevant to the needs of your organisation.

Finally, we have the letter “T” that stands for time bound. This is a crucial element of objective setting as it places a sense of urgency for when the goal should be achieved. If you do not place a time frame on achievement and left the goal open-ended, there is less of an incentive to achieve your objective. In addition, it makes it hard to chart your progress and achievement if there is no end date to your objective.

Does accountability help you deliver your objectives?
In our opinion, accountability is really important when trying to meet and even exceed your objectives. Sure, you should have the inner drive and motivation to achieve your goals, but being accountable adds a different dimension.

One of the most common examples of accountability is having an actual accountability partner. This person can be either a manager, colleague, friend, loved one or even a coach. The point is, the accountability partner should be someone that holds you responsible for achievement.

In an age where we can all get easily distracted, heaving an accountability partner will almost force you to take action which is a good thing as it moves you closer to success. Here at iOB Business, we have specifically started working with a professional business coach to deliver ‘Business Growth Sessions’ to our partners as a way of adding some accountability into their success.

Do you really need to set objectives?
This is a question we hear all the time when it comes to business, do you really need to set objectives. Having been in business for a while now, I can personally see the importance of setting objectives and then working towards them.

If you fail to set objectives, both professionally and personally, how can you develop and actually measure your performance. Having clear objectives will help you focus your time, energy and resources on the ‘bigger picture’ which can only positively impact your life.

For example, if you want to achieve work/life fulfilment and start your own business this year, having goals and objectives will show you what steps you need to take in order to make your aspiration a reality.

While objectives are all well and good, they need to be followed with action. This is where you actually need to take the steps and do the work to achieve your objectives within a defined period of time, otherwise those objectives are just hollow words.

Summary
As we have seen throughout this blog, the new year is a great time to start setting objectives for yourself for the next 12 months. By selecting objectives that are SMART and adding an accountability partner as well as hard work to the mix, you can achieve anything you set your mind to.

To find out more about how you can take control of your future in 2021 and launch a Digital Agency, please contact a member of our team.

Until next time, take care.