5 Goal-Setting Mistakes You’re Making As A Small Business Owner

With 2022 literally only a few days away, now is the perfect time to reflect on your business and set some SMART goals for the upcoming year. Business goals help you to stay motivated and allow you to objectively gauge your success as a small business owner.

As you go through the process of reviewing your logistics and marking out projections, keep in mind these 5 goal-setting mistakes that small business owners make so that you’re aware of potential pitfalls.

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1. Setting Unrealistic Goals

Yes, you should dream big in your business but you need to first take a look at your current numbers in order to project realistic growth into the coming year. If you’re just pulling a random number out of nowhere simply because it looks good on paper, then you’re setting yourself up for failure. 

Stop overestimating your goals and counter it with smaller, more achievable SMART goals.

You’re probably familiar with SMART goals by now, but if not, here’s what it stands for:

S – Specific
M – Measurable
A – Achievable
R – Relevant
T – Time-Bound

SMART goals are a way of formatting your goals so that you know exactly what you need to do, and when you need to do that by. They help you set realistic goals that are attainable and will move you along in the business journey. 

Stuck on how to start, check out our FREE webinar on goal setting!

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2. Focusing On The Wrong Goals For Your Business

We liken this to chasing those vanity numbers on social media…

Have you ever set a particular goal because someone else (or the media) told you that it would make you happy and successful? Yeah, we’ve been there too.

Well, surprise surprise, it’s also one of the biggest mistakes that entrepreneurs and small business owners make when setting their business goals.

Instead of getting distracted with goals that look good, ask yourself honestly if those figures will actually move the needle in your business. Take a hard look at what drives revenue and begin to tailor your goals towards that.

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3. No Performance Management Process

The thing about smart goal setting is that you have to set aside time to review how that process is going. If you simply set a goal at the beginning of the year and hope that you land on your target by the end of the year, but do absolutely no tracking in between, then you’re probably going to miss the mark.

Make sure that you set aside time in your schedule every few months (or at minimum, every half-year) to review your goals, review your metrics, and adjust your strategies.

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4. Not Working On Your Goals Daily

It’s one thing to set SMART business goals, but to actually achieve them, you need to take targeted actions every single day that move you towards them. When you set large goals, make sure you break them down into smaller, more achievable goals and then create an action plan that will help you reach them.

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5. Losing Motivation When The Feel Good Wears Off

Writing goals is always a feel-good experience. It feels like you’re doing something productive. It feels like you’re achieving something. But once you’re done with jotting these goals down, are you able to commit and stay motivated for long enough to actually follow through with them?

Stay accountable by setting mantras and envisioning your goals every single day. Be disciplined in taking actions towards those goals and we promise you, success is right around the corner.

For those who are serious about taking their business to the next level, take it a step further by joining a community of like-minded individuals or working with a business coach. Our Side Hustler to CEO coaching program is reopening for enrollment in 2022 and is the perfect opportunity to push yourself to grow.

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Well, what are you waiting for? Now that you’re aware of these 5 goal-setting mistakes that small business owners make, let’s get to setting those business goals and resolutions for the new year! If you need any support, feel free to reach out as always. Cheers to an ambitious and profitable 2022!