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Setting Personal Objectives for the New Year
The end of one year and the beginning of another brings with it the opportunity and inspiration for many to reflect on their personal situation and plans for the coming year. We all hope to end the new year better than we started in our personal lives. The term “better off” means we can think financially, in terms of happiness and relationships, in terms of our career and lifestyle; in fact in every aspect of our lives.
If we start the year with a positive intention to improve our lives in some way, we have a good chance of doing so. One of the ways we can help ourselves succeed is by setting personal goals for the year ahead. Making New Year’s resolutions has long been a tradition and is an example of goal setting, usually based on improving a personal weakness such as smoking or being overweight. However, New Year’s resolutions are quite often just for fun and not taken seriously. Planning an entire year ahead with a set of goals can be a much more beneficial way to improve yourself throughout the year.
New Year’s resolutions, however, hint at one way of setting personal goals for the year: they tend to address weaknesses. If you have a personal weakness at the beginning of the year and have strengthened it by the end of the year, then you have made progress. So, when you sit down and think about what personal goals to set for yourself, focusing on your weaknesses can be a good place to start.
How to set your personal goals
There is more than one way to formulate personal goals, but I will focus on focusing on a personal weakness. By “focusing” I don’t just mean negative, self-critical thinking about those weaknesses all the time. The goal is to improve by the end of the year, so those weaknesses, or even just one weakness, need to be addressed positively. Ultimately, you want the weakness you’re focusing on to no longer be a weakness by the end of the year. Here are some simple steps to follow.
1. Your first step is to identify an area or areas in your life where you want to make significant improvements. For example, let’s say you have your own business that’s fairly new and you’re just finding your feet.
2. Once you have decided which area of your life you will focus on first, you should think about it in isolation and realistically, with a pen in hand and a blank piece of paper in front of you. Reflect on your experiences since starting the business and identify any weaknesses that have emerged since the start of the business. Write them down in a relaxed way, there is no rush. Once you’re sure you’ve identified the most critical weakness and haven’t missed any, move on to considering your list.
3. Now you should review the list of weaknesses related to your business and prioritize them. If something is really critical, this is your starting point. At this stage, remember that setting goals is not about striving for the impossible; it is self-defeating. If you have a long and daunting list of weaknesses, prioritization is especially important.
For this example, let’s say the most significant weakness of your new business is finance and accounting. This is the reality for many people starting a business, so this is a pretty realistic example. Don’t expect to remove all weaknesses 100% in one year; you should be realistic and approach the stage. Each year you build on your strengths and constantly eliminate your weaknesses. However, you can’t be expected to do it all at once.
4. Now think more about the financial side of the business and write down on a new sheet of paper all the things that bother you. Is it all about finance and accounting? It wouldn’t be unusual either. You might not even be able to tell a debit from a credit, but that’s not surprising. For the average person, double-entry bookkeeping is on the back burner.
5. Assuming everything about finance and accounting is a mystery to you, come up with a plan to fix it. Every smart businessman needs to understand his company’s finances; he is vulnerable if he does not. There are several ways to address this weakness, but you’ll want to improve your accounting knowledge throughout the year. For example, you can set yourself the following goals for the year:
a. Learn the basics of accounting. You can achieve this through a small business accounting book or evening classes. If you have any local small business assistance office, they can point you in the right direction; they may even have regular seminars.
b. Learn about your accounting system or introduce simple accounting software that not only helps you keep accurate records, but also teaches you along the way.
c. Learn to understand profit and loss statements so you can understand how and why your business makes a profit or a loss.
d. Learn how to make cash flow forecasts, which are always critical to your business.
By the end of the year, you should have a better understanding of your company’s finances, and when you go through the same task again next year, you can plan to go higher than you think is necessary or address those weaknesses. you haven’t learned yet.
Finance and accounting is just one example. It can also be marketing or time management or any other aspect of business. The main thing you need to do is assess your most critical weaknesses and address them through your personal goals. This process can be applied to any part of your life that you choose, whether it is related to career, family, personal health or bad habits.
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