Studies have shown that about 80% of New Year’s resolutions fail (Source: Forbes). Even though we are setting the goals, we need to find a much more effective way to achieve them. In today’s episode, we’re going to discuss how we can set better goals we can actually achieve.
Here are the key takeaways from this episode:
- Those who set goals are 10 times more successful than those who don’t.
- To create better goals we should set goals that will move the needle.
- Our goals should be specific and measurable.
- We should make our goals public and find an accountability partner.
- We should create positive rewards and negative consequences.
- We should set goals we are in control of and remember that we don’t need to do everything alone.
Creating Better Resolutions
A Harvard Business study found that those who have goals are 10 times more successful than those without goals and those with written goals are three times more successful than those with unwritten goals. Goals push us forward, but if the goal is just in our head, the chance of us achieving that goal is very small.
Last year, one of my New Year’s resolutions was to post an episode for the Monetization Nation show every day for an entire year. We’ll have completed one year of content at the end of January, and so far I have managed to post every day with the help of my team.
Here are some of the things that I’ve learned to help me achieve my goals:
1. Choose Goals That Will Move the Needle
We should set goals that are really going to move the needle. Instead of setting a lot of small goals, we should set a smaller number of really big goals. What are the goals that, if achieved, would cause a large transformation that I’m looking for in my life?
2. Create Specific and Measurable Goals
The goals we create need to be very specific. For example, with my show, I knew exactly what I needed to do to publish a blog, a podcast, and/or a video every single day. If our goals aren’t specific or measurable, it’s very difficult to achieve.
3. Make Your Goals Public
We should make our big goals public. I published my goal on my show as an episode, shared it with friends and family, and posted it on my social channels. When I did this, I felt a lot more accountable to get it done and to keep my word for all of those people.
4. Create Positive Rewards and Negative Consequences
The next thing I learned is to set positive rewards and/or negative consequences. If I achieved the goal, I rewarded myself but if I didn’t, I had to do something I didn’t want to do. I decided that for every day I didn’t post an episode on Monetization Nation, I had to donate $100 to one of my revival sports teams.
When my video producer thought that I had missed a day, he held me accountable and asked me if I had donated the $100. I explained to him that we really had published, but that’s just an example of the accountability I had set in there.
5. Set Goals You’re in Control of
The goals that I set need to be for things that are within my control. If I am dependent upon somebody else, then I need to set my goal for the things that are within my control, otherwise they may never get done.
6. Have an Accountability Partner
I’ve also learned about the power of accountability partners. As I just mentioned with our video producer, I had a team of people along the way that were my accountability partners and were helping me make sure I was doing what I committed to do. Even recently, I got a coach that I meet regularly who is holding me accountable for my goals.
7. Don’t Do it Alone
To achieve my goals, I don’t have to do them all myself. I can set up a network of people who can help me when I need it. For example, I’m not the person who publishes the actual Monetization Nation episodes; I have a wonderful team member who schedules and posts the episodes for me. That allows me to batch the episodes and do a lot in a day.
This was particularly helpful when my father-in-law became ill with COVID-19. My wife and I drove down to Arizona and we spent a period of time with family. It would have been harder for me to create some of the episodes during this time, but because we had recorded so much in advance I was still able to reach the goal. Reaching your goals doesn’t always mean you have to be the one to do every piece of it.
8. Be Merciful
I also learned to be merciful. If we miss a day or don’t reach a goal, we don’t have to be hard on ourselves. We need to simply do the best that we can.
One of the days right after my father-in-law passed away, I had a live stream scheduled and I was not able to do it. In fact, I wasn’t able to do two live streams in a row. However, I was still able to meet my goal because we had recorded enough content to still publish on those days.
When we set our goals, we may want to account for the unexpected or hard days in the year. We can have a fallback system if you’re trying to do something every day or create a period of grace.
New Year’s Resolutions For Your Business
The challenge for this episode is to set meaningful goals this year for your organization. In addition to the tips above, I also wanted to give you some specific goals you might consider that are really going to move your needle. Here are four goals:
- Look at publishing more video content. Video is a huge trend that’s changing the business landscape. How can you use a webinar? How can you put a promotional video on your website? How can you use video in your follow up emails? How can you get more testimonial videos onto your website?
- Consider implementing more credibility marketing. This might mean increasing the number of video testimonials on your website or setting a goal to gain a certain amount of reviews on TripAdvisor or Amazon.
- Train your employees on great customer service. Is there room to provide more exceptional customer service than what you’re doing now? This is a great way to establish long term relationships with customers.
- Create or improve a recurring revenue stream. Do we already have a product or service that is giving us a sustainable recurring stream of income? If not, maybe there’s an opportunity where we can add it.
Let’s set some goals for this year that can really move the needle. Let’s make them public. Let’s make them specific and measurable. Let’s have negative consequences if we don’t achieve them and positive rewards if we do. Let’s have accountability partners. Let’s pick things that are within our control.
Thanks for joining me for this episode and I wish you success this year in achieving your New Year’s resolutions.