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How to Set Business Goals for the New Year

As you prepare to close out 2020, don’t ignore an important task: setting business goals for the new year. The first step in success is planning, and now is the perfect time to begin thinking about how you can take your successes into the next year and turn your struggles into strengths.

Here’s what you need to know about setting goals for your business.

Assess Your Success

Before beginning to set your business goals for next year, take a moment to reflect on your successes, the ways you’ve grown and the skills you’ve gained in 2020. In the fast-paced world of wealth management, a desire to learn and grow is critical. Ask yourself these questions:

  • What do I know today that I didn’t know this time last year?
  • What is one process I made better over the last 12 months?
  • What am I most proud of accomplishing?
  • Who have I connected with for the first time this year?

At Farm Bureau Wealth Management, financial advisors have access to a support team and coaches who are continually helping them hone their skills and build on their successes.

Pinpoint Your Struggles

What areas of your performance this year are you less than proud of? Try to identify the cause; were you stretched too thin? Did you lack some necessary information? Reflecting on not only what you struggled with but also why will help you think of changes to implement for next year.

Don’t try to overdo it; instead of choosing 5 new tactics to implement, try to find something that caused challenges for you multiple times throughout the year and focus on addressing that one thing. You’ll be more likely to stick with it and by this time next year can move that struggle into your list of successes.

If the root cause of your professional challenges were outside of your control, such as a poor work environment or a lack of support, consider changing your situation to one that will enable your success.

Make Goals – And a Plan to Achieve Them

Now that you’ve evaluated where you’re coming from, think of where you want to go. Is there an opportunity to further build on one of your successes? Do you want to spend time correcting some of the struggles you had this year? Now’s the time to brainstorm goals that will help you succeed in 2021.

When you have an idea of what you want to achieve, start thinking of ways that you will make that a reality. Being prepared with specific tactics you can implement will help you ensure that your goals are SMART (specific, measurable, attainable, relevant and time-based). For example, instead of saying “Bring on more new clients,” a SMART goal supported by implementation tactics would evaluate the number of new clients you had last year, take into account any new practices you plan to execute and set an achievable number of new clients for 2021. Not only does this give you something tangible to shoot for, it gives a true measuring stick for success.

Call on Management

If you don’t already have a plan for an end-of-the-year meeting with your supervisor, ask to schedule one to discuss your goals for the new year. They may have a new perspective on where you excelled in the past twelve months and how you can improve for next year. You can also discuss your goals for 2021, which not only shows initiative but also creates a higher level of accountability. They may also have access to resources you weren’t aware of that can help you succeed.

Regularly having these conversations opens up the door to discussions about the future of your career and can give you a feel for some longer-term goals you can be working toward.

Take Action

Many good intentions never get off the ground. Once you have determined your goals and created and a plan, promise yourself that you will take one action every day pursuant to a goal. It may even help to break your plan down beyond general implementation ideas to tactics you can take on a daily, weekly and monthly basis to ensure you are making progress.

Set up checkpoints throughout the year so you can track your performance. If you notice you’re falling behind early, you are far more likely to take the necessary steps to get back on track versus waiting until you’re so far behind that you can’t achieve your goal.

Consider Farm Bureau Wealth Management

Your current firm may not provide you with the support and opportunities you need to achieve your goals — whether those goals are for this year or five years into the future. You deserve to work with a company that is invested in your growth and success. Talk to a Regional Manager about joining Farm Bureau Wealth Management.