You set your business targets like you’ve been told to, but you just don’t hit them! Why?
Often business owners are told by well-meaning coaches, consultants and advisors (including me) that they need to set goals and targets in their business and personal lives. In business they will be financial goals, production goals, customer satisfaction goals etc. and all kinds of Key Performance Indicators (KPIs). All of that is true of course. However, why do so many fail to achieve their goals?
We know we NEED to do it. We know HOW to do it and we have the RESOURCES to do it. Still nothing happens. Why?
Whilst running one of my workshops many years ago, and getting in to a discussion about this, I realised there were other factors that came in to play to do with mindset, emotion and desire. I explain it with this simple formula!
PM (%) represents your Personal Motivation factor to achieve the goal on a scale of 0 to 100 %. If your personal motivation is up over 80% then there is a very good chance you will achieve your goal.
You calculate your personal motivation factor from 3 things;
D = Desire – your level of Desire for the outcome of achieving the goal (on a scale of 1 to 10 where 10 is high). How much do you really want to achieve the goal? Is there a burning desire within you to get there? Would you climb mountains, swim oceans and overcome all obstacles to get there? A bit of an exaggeration but you know what I mean. Rate yourself 1 to 10
E + B – your Expectation and Belief that you can achieve the goal. Again, on a scale of 1 to 10, how much do you really BELIEVE and EXPECT you can get there. For example, do you have the required KNOWLEDGE, SKILLS, TRAINING, RESOURCES, CONFIDENCE, etc.? Rate yourself 1 to 10.
Now multiply the two ratings and get a percentage personal motivation factor for achieving your goal.
An example will help. Let’s say you set a goal to achieve a business turnover of more than $5 million per annum in three years. You rate your DESIRE at 10 out of 10, but your BELIEF and EXPECTATION is only a 3 out of 10. Then your personal motivation factor, and chances of achieving it are 30%.
Now that you know this, you can do any one of a number of things: delete the goal, lower the goal or INCREASE your BELIEF and EXPECTATION. This latter one is where someone like me comes in to coach, advise and motivate you to get the BELIEF up. This would probably involve planning, training, realistic time-frames, building CONFIDENCE etc. When you know where the problem is, you can work on it.
We set and plan goals with LOGIC but we need EMOTION to motivate us to achieve! As a business owner / leader you have the additional challenge of getting your whole team’s DESIRE, EXPECTATION and BELIEF up. That’s a part of LEADERSHIP!
Want to learn more or get help then get in contact with me. A chat over coffee (if you are paying) can often be the starting point. CONTACT ME