When setting goals, we must consider the financial benefits, resources and costs involved. Therefore, setting ECONOMIC Goals is the “E” in the SMART-EST goal-setting framework.
Will your goals help your career or your company grow and thrive financially? These types of goals are definitely important! In an ethical, growth-minded company, everyone will benefit from these goals! As a company expands and profitability increases, employees should be rewarded for hitting these goals. Beyond the potential to expand their careers and skills, they should also be rewarded tangibly for helping the company thrive. A great company will budget appropriately to reward its staff for hitting big financial and growth goals. Whether it’s a big pizza party or a formal bonus, we all love the tangible and timely reward for hitting a goal!
Personal goals are no different! You need to have a way to reward yourself when you hit a goal! Build the reward into your goal at the beginning and make sure you budget for the reward when you hit it!
So beyond the celebration/reward budget, what other costs do we need to consider in goal setting? Will you need a bigger budget to accomplish your goal(s)? If so, do you have it, or do you have a reasonable chance of securing additional funds? Are there other costs such as hiring a contractor to help with certain aspects of your goal? Is there a significant time cost that will take you away from normal responsibilities in life or your job? If so, make sure you estimate and write down all the potential costs. If needed, get approval or agreement for the needed funds/resources before you finalize your goal!
Also, consider the unknown or hidden costs. You may be very motivated or have a motivated team that will work overtime to accomplish goals. However, there is a limit to how hard and long we can work before our performance suffers. If you are setting business and career-related goals, these goals should be attainable in NORMAL business hours for the most part. If you have a big important business goal and everyone is working overtime to achieve it, ensure recovery time is built in once the goal is achieved. When working on personal goals outside of work hours, make sure you assess how much time you have after meeting family/community responsibilities. If your plate is already full, you may have to say “NO” to any non-essential responsibilities. Don’t accrue the hidden cost of exhaustion and burnout!
Finally, especially in new businesses or big personal goals, be creative in working with what you have. In a scenario like this, you may need to use outside resources to accomplish bigger goals. Don’t be intimidated to set big goals because of a lack of funding. Consider using free and low-cost resources (including friends/family!) to help you achieve your goals. Don’t be afraid to ask for help, especially if you are just starting your career or business. You may be surprised at how many people would love to help you!
Need some help working on your goals? Check out our Master Class Courses page for our goal-setting courses starting on January 17th!
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