The Most Critical Factor in Achieving Your Goals May Surprise You

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The Most Critical Factor in Achieving Your Goals May Surprise You

   

As we head into the last part of the year, many business owners are thinking about what they want for their business in the coming year. Maybe your goals for the new year include creating a recurring revenue stream or finally hiring a General Manager.  Whatever your goals are, the most important thing to do right now is to make a plan and write it down.

A recent study published in the British Journal of Health Psychology showed us something interesting about reaching goals. The researchers wanted to see what impact stimuli would affect participants’ level of exercise. They split people into three groups:

  1. Group one tracked their exercise without any extra motivation.
  2. Group two also tracked their exercise and got motivated by reading about the benefits of staying healthy.
  3. Group three did the same as group two but also wrote down their exercise goals for the week.

Guess what? The people in the third group who wrote down their goals were way more successful. 91% of them stuck to their exercise plan, while only 35% of the motivated group and 36% of the first group did.

Here’s the simple secret: just writing down your goals can make a huge difference. The researchers found that motivation by itself doesn’t do much. It’s when you mix motivation with a clear plan written down on paper that you’re more likely to succeed.

So, as you think about making 2024 a great year for your business, remember this little trick: write down your goals. It might be the key to making your plans a reality.

If you have any questions about this article or would like to speak to one of our advisors, please do not hesitate to contact us or call our office on (08) 6212 7200.

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Chris Mandzufas

Chris Mandzufas

Chris has a diverse range of skills and experience as a result of providing accounting, taxation, advisory board and management consulting services to owners and directors of fast growing businesses.

Chris Smith

Chris Smith has been a member of the Chartered Accountants Australia & New Zealand since 2006, a member of the Tax Institute of Australia since 2013, and a registered Tax Agent since 2018.

Tony Monisse

Tony Monisse

Tony’s key focus is the integration of strategy and financial management. To this end he has developed tools and process that facilitate this integration, including business modelling, target setting and rolling cash flow forecasts.

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