Happy New Year!
It’s a time for fresh starts, reflection, and making resolutions to be better in the upcoming year. Many business owners and CEOs use the start of the year to review their strategy and set business resolutions and goals for the next 12 months. But all too often, these New Year’s resolutions fail.
One study found that while nearly half of Americans make New Year’s resolutions, only about 8% are successful in achieving them. This research from the University of Scranton also found that people who say they have the same goals as those who specify them in the form of a resolution have 0 – 4% chance of achieving them.
These statistics suggest that it can be challenging for individuals and businesses to follow through on their resolutions, but that making resolutions will significantly increase the odds of achieving the goals.
So why do business New Year’s resolutions fail? There are a few common reasons:
Unrealistic Goals – It’s easy to get carried away and set yourself ambitious goals that simply can’t be achieved in the time you’ve set yourself. If you set goals that are too ambitious, it’s difficult to stay motivated and make progress
Lack of Focus – When making resolutions, it’s too easy to get distracted by the small things and lose sight of the bigger picture. But equally, don’t make them too broad. For example, a business may resolve to “increase profits,” but without specific and achievable goals, it will be difficult to track progress or determine what actions are needed to achieve that goal.
Poor Planning – Without a detailed plan of action, it’s easy to lose sight of your goals and end up stuck in a rut.
No Accountability – Without someone to hold you accountable, it’s easy to get distracted and lose focus.
Here are my five tips to considerably increase the likelihood of you achieving your business goals for the new year.
- Set realistic goals – When setting goals, it’s important to be realistic and set achievable targets that can be met, rather than overreaching. Don’t overreach or set yourself goals that are impossible to achieve. Set achievable goals that you know you can meet.
- Focus on the big picture – When planning your strategy for the year ahead, it’s important to focus on the big picture and ensure that all of your goals are in line with each other. Don’t get distracted by the small things. Remember that tools like the OKR framework, and setting OMGs to support your overall BHAG, which I’ve written about previously, can really help this strategy planning process.
- Plan, plan, plan – Do your research and plan out what needs to be done in order to achieve your goals, and stick to your plan. Take the time to properly plan out what needs to be done in order to achieve your goals. Break down the steps into smaller chunks, and make sure to plan out a timeline for each goal, prioritizing them to ensure you’re not taking on too much at one time.
The plan should include specific actions that need to be taken, as well as deadlines and benchmarks for measuring progress. Again, refer to such tools as your OKR framework and the OMG / BHAG concepts.
It can also be helpful to involve key stakeholders in the planning process, such as employees or partners, as this can help ensure that everyone is on the same page and working towards the same goals.
- Track progress – Progress tracking is an important part of staying motivated. It’s important to be consistent and committed to the resolutions. This means setting aside time each week to work on your goals and staying focused on the tasks at hand.
Celebrate your accomplishments along the way and make adjustments as needed, bearing in mind that circumstances do change and that adjusting strategy and plans accordingly is not a bad thing.
- Find an accountability partner – Having someone who can motivate, support, encourage and keep you accountable can make a huge difference in terms of achieving your resolutions. This is where having a mentor or a business coach can be invaluable.
In conclusion, while New Year’s resolutions can be a useful tool for businesses to set goals and improve their operations, especially as 2022 has been so tough for many of us, they can be challenging to keep. To increase the chances of success, it is important to set realistic, specific and measurable goals, create a plan, track your progress and be consistent and committed to the resolution, preferably with the help of somebody to hold you accountable.
By following these steps, businesses can increase their chances of achieving their goals and improving their operations in the new year. As author and broadcaster, Vern McLellan said, “What the New Year brings to you will depend a great deal on what you bring to the New Year.”
May it be a most successful one for you all!
Following a career spanning nearly 50 years in the technology industry across three continents, with three decades in CxO roles leading significant, sustained growth in revenue and profitability, I now work with successful owner-led businesses to further enhance their growth, profitability and business value.
If you’d like to discuss your business goals, or anything else related to your business, book a confidential free 30-minute call with me here.
I’d be delighted to talk with you.
#BusinessFitness #Accountability #CEO #Coaching #Excellence #Focus #GoalSetting #Leadership #NewYear #Strategy #Success #Time #2023
If you’d like to learn more, these related posts might help:
- The Power of Accountability in Business Success
- The Power of Accountable Leadership
- OKR – Measuring What Matters
- 1 Thing That Great Leaders Do
- 4 Elements of a Great Business Strategy
- Budgeting Compensation Packages for the New Year in Uncertain Times
- 4 Ways Your Strategy Plans Could Be Derailed Next Year
- CEOs – 6 Important Questions to Ask Yourself Before Next Year
You might also find this to be interesting: New Year’s Resolution Statistics (2022 Updated)