Goal Setting In Business: Shoot For The Stars And Who Knows Where You’ll End Up!
In Business There Are Good Reasons For Setting Goals – But They May Not Be The Reasons You Think
Have you heard about the study of Harvard MBA graduates from the 1970’s who set goals? Or maybe it was Yale graduates from 1953? Either way, the story goes that the group was followed up a number of years later to see how successful they’d become. Apparently those who set specific goals were more successful than those who didn’t and the 3% who wrote down clear goals had accumulated more wealth than the remaining 97% put together.
A convincing argument that just the process of setting goals is more likely to make us achieve them. Right?
Well… not exactly
It’s emerged more recently that there is no actual evidence that these studies took place. In fact Yale has gone so far as to expressly deny the study.
So… should we set goals – or shouldn’t we?
Like me, you’ve probably done your share of setting goals for your business. Annually, quarterly, preparing plans, projects, strategies. Team away-days, logical frameworks, strategic plans…. There’s a certain appeal and a definitely a certain satisfaction from this – a bit like getting all our pencils sharpened in preparation for the new school term.
But does it actually make our business do better?
Other that teaching us that you can’t believe everything you read on the internet, the urban myth about these graduates has distorted the value of setting goals. It isn’t as simple as ‘set a goal and you will achieve it’. In fact the opposite can be true. Setting goals can be a distraction. Studies show that just visualising the achievement of a goal may mean that you are less likely to achieve it.
Here’s my take…
Yes goal setting in your business is a great thing to be doing. But maybe not for the reasons you think. Your goals may not lead you directly to success in the way we have been told. And maybe that time spent on setting and mapping our goals isn’t the best way to do it.
So what instead?
Here’s the two ways I think you’ll find goal setting most useful to you in your business:
1. To Do Less
Hmm, surely the point of setting goals is so that you can do more? Well no. Part of the process of setting goals is to decide which is the one or the few that are most important to you. And then you don’t need to focus on the others.
Think about it, if you did less, then you could do those few things much better. And wouldn’t that lead to better results?
So prioritise away. Do half what you think you need to be doing. Get rid of some goals. Time is our most precious commodity – save it for the things you really want to achieve.
2. So That Your Team Knows Where They Are Going
By team I mean anyone around you who is involved in your business. This could be an actual team, or your contractors. Or your advisory board. Or just your friends and family.
If everyone around you understands where you are going then they can support you better. They can help you get to where you want to be and they will be right there with you to celebrate when you get there.
Goals are good but I’m not convinced that goals in themselves will get you to where you want to be in your business – certainly not in the way we might think.
So go on, tell me why you set goals in your business and what you get out of the process – leave a comment below or send me a message on twitter @cathypresland
 |
|
Hi Cathy!
Wow, here I thought that study was legit! lol. Interesting…
I’ve been listening to a lot of Brian Tracy’s stuff lately – and he’s BIG on goal setting, writing down your goals daily, etc. So I have been doing it pretty regularly.
I think for me it’s more about figuring out what I really want, though, as opposed to just setting goals. I don’t just write out my arbitrary goals, I actually describe the outcome that I want. And that gets me more excited to achieve it and move toward it. 
I know!
There are studies but I think that one has been so exaggerated that now it is a complete myth (happy to be shown otherwise…).
Definitely not disagreeing with Brian Tracy – he is a giant in this arena. Sounds like you are doing the right thing – focus on what is beyond the goal rather than the goals itself. Live as if it is real now…
Cathy
HI Cathy:
I didn’t know the study was possibly fake either. I like the idea of goal setting to prioritise and I *really* like the idea of working towards the goals you really want to achieve.
I know – and then we are so much more likely to achieve them. Think big but be focused in order to take action towards them.
Cathy
I never thought of creating goals so that I can do less. Hmm..that puts a whole different spin on things. But you’re absoultely right…time is our most precious commodity. Therefore, it’s too important to waste it doing tasks taht have no value.
Great stuff!
I have my goals written down as far as short and long term and tackling them one at a time until they are achieved but this helps me to re prioritize even those lists so I get more of them accomplished.
Interesting note Cathy.
I agree that too many (and or too stretching) goals can be counterpproductive.
Can you provide the source of the studies you mention which show that
“Setting goals can be a distraction. Studies show that just visualising the achievement of a goal may mean that you are less likely to achieve it”
@pclaireaux