I want to make 3 million dollars in 2017. Or perhaps I want to make $50,000, or $100,000 or $20 million! Yeah – that’s more like it – “I want to make $20 million”. So, is that your goal for 2017? You tell me. Just remember financial goals are the cumulation of activities, and not achieved by simply making a statement. As one of our Massimo Group coaches, Brian French, reminded our members during a national call yesterday – “You can’t DO goals!” That’s right, you can only do activities.
[Tweet “You can’t DO goals. You can only do activities.”]
By now you probably know about S-M-A-R-T goals. These goals are Specific, Measurable, Actionable, Realistic, and Time bound. Michael Hyatt, the bestselling author of the book Platform, expands this to “SMARTER” goals adding the “ER”. Smarter goals are also Exciting and Relevant. Your income goals should be “SMARTER” as you enter the New Year.
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Let’s get back to your financial goal. Starting with the most common statement we hear “I want to make $x”. Again, you can define the X. But is it a SMARTER goal? Let’s break it down:
- Specific: Well yes, stating an exact number you are targeting to earn is specific, but it can be more specific if we understood how you were going to earn the targeted commissions.
- Measurable: Yes, it is certainly measurable. The problem is you can only measure this goal on December 31, 2017, based on the goal as originally stated. What happens on January 1, 2018 when you realize you did not make your goal? You can’t go back, you can’t change the past.
- Actionable: Every goal should start with a verb. For example, “Earn $X”. That’s a nice start. But again, how are you going to “earn” your targeted commission income?
- Realistic: This is where a lot of folks miss the target. For example, “Earn $X”, when you have never earned close to X and your current pipeline does not support substantial growth in your income next year. I love setting high targets, but they are self-defeating if they are unrealistic, and the goal you set on January 1, will fade away before the second quarter.
- Time Bound: It may be obvious that your goal target date is December 31, 2017, but you might as well state it. But again, it’s tough to measure this until 12 months from now.
- Exciting: Like all goals, this goal should absolutely EXCITE you! This should pump you up. If it doesn’t, change it. Imagine the impact it will have on your professional and personal life when (not if) you achieve your financial goal. Visualize how confident, competent and courageous you will be by pursuing and achieving this goal.
- Relevant: It must be relevant to you and your business. Why set a goal if it is not? It must be relevant to your life.
Original Format: “Make $X”.
SMARTER Format: “I will develop and implement a targeted prospecting campaign, encompassing a set number of calls, letters and meetings, and focus on commercial users requiring more than 10,000 square feet of office space. I will secure and close 24 representation assignments, at a minimum of 2 assignments a month, each with an average potential commission of $Y per month. This prospecting campaign will earn me $X in net commissions, in 2017 and allow me to (input your vision here).”
Well if that doesn’t get you excited – check your pulse! Of course you should insert your specialty and focus for your respective business.
As I originally noted, financial goals are the cumulation of activities, and not achieved by simply making a statement. “You can’t DO goals!”, you can only do activities.
If you want to learn more about creating SMARTER goals and creating a foundation for a successful New Year, click here to see our new program: Making 2017 Your Best CRE Year Yet. It’s available for a limited time only.