by Katherine Macey
Last week when you set your goals, you made them measurable. (How else can you know if you’ve achieved them or not?) Most goals have several actions that will lead to the successful outcome. We could put it like this:
Action1 + Action2 + Action3 = Result
For instance, perhaps you have a goal for a certain amount of income per month. Let’s take a simple example; a coach wants to make $40,000 per month. In order to do that, let’s say they need 32 clients a month. Their client load has 20 ongoing clients per month, so they need 12 new clients a month, or 3 a week. If their enrollment process (call/seminar/ lead generation) has a conversion rate of 25%, they need to speak to 48 new people a month to get those 12 new clients in a month.
So at this point, there are several possible strategies to meet the goal. Increase the client rate, increase the number of ongoing clients, increase their conversion rate, or increase the number of new people they are speaking to each month. Implementing any of these strategies will help to achieve the goal.
Change Action 1 + Change Action 2 + Change Action 3 = Change in Result
However, attempting to change everything at once will usually end in a worse result. It’s too much to focus on. So choose one strategy to work on at any given time. Determining the strategy that will have the biggest impact will give the coach the key metric to focus on.
In our example, since the coach is currently only speaking to 20 new people a month, they decide to focus on increasing the number of new people they speak to a month. So they track the number of new people they speak to and focus on increasing that number.
Which ever metrics you decide to track, make it easy to record the data and to retrieve reports as you progress towards your goal. If you need suggestions on what metrics are important, or how best to track them, give us a call.
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by Katherine Macey
Okay, so you set some new goals last week. Can you do them? Are they realistic? An important question to think about is: do you have enough time and money to do what you want to do? Here are some guidelines that will help set a household budget:
- Live within your means.
- Save first, spend afterward.
- Invest wisely – know how your dollars are being put to work – they might as well be doing something good in the world.
- Know how much you spend on necessities vs. discretionary items.
- Plan for everyday expenses and one-off expenses as well as allowing for unexpected expenses.
- Treat the numbers objectively. It’s better to pay off a high interest credit card first than a low interest one.
- If your expenses are higher than your income you have two options – reduce the amount you are spending and increase the amount you are earning.
- If you choose to carry debt, understand the consequences up front.
- Use banking software (if available) to track your spending so you have an accurate picture of what you spend, not just a guess.
Right now you are looking at the whole year, but of course things can change. Reassess your household budget mid-year if needed, or if big changes happen in your life, such as a new job, raise, or large unexpected expense.
Feel free to adjust your goals as needed!
by Katherine Macey
Once you have a vision for your company, giving you a long term view into the future, it’s time to set some goals, milestones and next action steps.
Let’s start by looking at how these all fit together. Think of your vision as the view of Earth from space. You see the whole thing, but without any details. Next, your goals, are like flying in a commercial airplane at 35,000 feet. You see the general lay of the land and still see the horizon, but still not many details. Your milestones are like flying in a two-seater plane at 10,000 feet. You just see the horizon, but most of your sight is filled with the features on the land. Your next action steps are at ground level. You’re very focused on the details, on what’s right in front of you.
So set goals with the vision in mind, set milestones with the goal in mind and set action steps with the milestone in mind.
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by Katherine Macey
What was the last thing you did that was worth remembering?
If you’re struggling to come up with something recent, perhaps it’s time to reconsider how you are going through life. Usually it takes some action on your part to make something memorable happen. So let’s start with this question, “What would I like to remember at the end of the year?” Now lets get to how to create goals to make that a reality.
If you feel overwhelmed looking at your life as a whole, use a wheel of life to look at different areas of your life and what to create in each area of life. Use the pdf as a guide.
wheel-of-life-example-and-blank
Start with how things are now. Mark on the wheel how satisfied you are with how much time you are spending in each category. Notice that this can vary for each person. So for one person, spending time with family is very important. They spend about 30 hours a week with family, but still want more. They feel 85% satisfied with the time they are spending with family. Another person finds family time less important, so even though they only spend about 5 hours a week catching up with family, they are 100% happy with the time they spend with their family. So it’s not about how much time you spend in any one area, it’s how satisfied you are with that amount of time. Your aim is to be 100% happy with the amount of time you are spending in each of the categories.
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by Katherine Macey
A vision provides a road map for your company, gives it direction and purpose. For some people, their vision of their company is to make millions of dollars, and that’s it. They’re going to make money however they can. If that’s you, I’m not writing this for you. Or if it’s you and you’re interested in a different perspective, read on.
I believe each of us is destined to fulfill a certain role in life. It’s different for each person, and we are probably only satisfied when we discover our role and are fulfilling that role. There are lots of books and courses one can use to help you on your journey to discovering your purpose. When you align your company’s vision with your personal vision, magic happens. It’s all a matter of perspective and satisfaction. And you can still make millions of dollars. Being clear about your vision for the company and having it aligned with your personal vision virtually eliminates procrastination. Having a powerful vision helps you get past the inevitable stumbling blocks along the way.
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