Goal Setting for the New Year

Goal Setting for the New Year

As the new year picks up steam from the holiday lull it is important to start planning the steps necessary to be successful. Goal setting is a powerful tool to achieving success! (I was going to say “achieving goals” but if you don’t have any goals then you can’t reach them!) That leads to the next question: Why set goals?

Goal Setting for the New Year

Picture yourself trying to shoot an arrow at a bulls eye target with your eyes closed. Can you do it? Maybe. However, most probably not! Same thing goes for success! If you can’t see it, how can you achieve it? The best way to achieve success is to define it by setting goals.

How far out should you set goals?

Depends on how big your goals are. At a minimum you should set goals for the next year. I prefer to set goals over a three year period. I then break them down to annual goals, quarterly goals and weekly goals.

Goal Setting Strategies

For our company we use the holiday lull in business to begin planning for the new year. The first step is to have a brain storming session with the key players in the company. Typically, that would be department heads. In this session we throw out every conceivable goals that we want to accomplish. Generally, we come up with 30 to 40 goals.
Out of these goals we identify 4 to 5 major goals for the next one to three years. We then organize the remaining goals underneath the major ones with targeted completion dates. Next, we identify quarterly milestones for each goal leading up to completion. Finally, we assign these goals to departments or functions in the organization.
Once completed we have a road map to success. However, this in itself is not enough. The last step in goal setting is to assign these goals to individuals within the organization. Their performance evaluations and bonuses are then tied to how effective they are in achieving the company goals.

Does this goal setting process work?

We have been using it for ten years. Each year we are setting higher and higher goals for the organization. Do we achieve them all? No, we do not. But if we achieve 50% we are much farther along than without them. Remember; if you don’t aim for a target, then you won’t hit it!
Goal setting with your CEO is a great way to earn trust and address each other’s needs. Learn how you can be the best wingman with our free How to be a Wingman guide!
goal setting
[box]Strategic CFO Lab Member Extra
Access your Projections Execution Plan in SCFO Lab. The step-by-step plan to get ahead of your cash flow.
Click here to access your Execution Plan. Not a Lab Member?
Click here to learn more about SCFO Labs[/box]
goal setting


CPA’s are Specialized

The Difference in CPAs Looking back at my career I don’t know how many times I have introduced myself to someone and they ask, “Are you a CPA?” and I say yes. Then they tell me “you must be very busy with tax season” and I look at them with a bit of awe and

Read More »

How to Improve Your Resume

The concept of resumes might seem difficult to grasp at times. After all, you’re set with the task of conveying all of your life’s accomplishments and skills in a single sheet of paper. Creating a good resume is an essential skill necessary to be successful in the workforce. A good resume can be the difference

Read More »

Buyer Bargaining Power (one of Porter’s Five Forces)

See also: Porter’s Five Forces of Competition Threat of New Entrants Intensity of Rivalry Threat of Substitutes Supplier Power Supplier Power Analysis Buyer Power Definition Porter’s Five Forces of buyer bargaining power refers to the pressure consumers can exert on businesses to get them to provide higher quality products, better customer service, and lower prices.

Read More »


Financial Leadership Workshop

MARCH 28TH-31ST 2022

Share on facebook
Share on twitter
Share on linkedin


Strategic CFO™ Financial Leadership Workshop
The Art of the CFO®


June 13th - 16th 2022