This website uses cookies to improve your experience navigating our site. By continuing to browse, you are agreeing to our use of cookies.

OK, I understand

A Business Guru's Guide to 2018 Goal Setting (Part 2!)

Small Business

What will your small business achieve in 2018? What will your business do this year, and what will it stop doing?  These questions are the starting point when it comes to setting and reaching your goals. But… does goal-setting actually work? And what’s the best way to go about this?

Fiona Killackey of My Daily Business Coach has the answers!

Off the back of her goal-setting chats with six of Australia’s fave creative’s last week, our Small Business Columnist offers up her tips for devising and optimising your own 2018 goals, below!

15th January, 2018

Inside a recent workshop with My Daily Business Coach x Natasha Morgan. Photo – Danny Wootton.

From a recent workshop with My Daily Business Coach x Natasha Morgan. Photo – Danny Wootton.

From a recent workshop with My Daily Business Coach x Natasha Morgan. Photo – Danny Wootton.

From a recent workshop with My Daily Business Coach x Natasha Morgan. Photo – Danny Wootton.

From a recent workshop with My Daily Business Coach x Natasha Morgan. Photo – Danny Wootton.

From a recent workshop with My Daily Business Coach x Natasha Morgan. Photo – Danny Wootton.

From a recent workshop with My Daily Business Coach x Natasha Morgan. Photo – Danny Wootton.

Fiona Killackey
Monday 15th January 2018

‘Setting a goal without a deadline is a procrastination party in the making.’ – Fiona Killackey.

Tips for Goal Setting in 2018

1. Review What Was

Before jumping head first in 2018, it’s important to take a moment to review the year just gone. Ask yourself what worked? What didn’t? Who or what left you energised? Who or what left you depleted of enthusiasm? You can’t set (or get) goals until you know where you are today, and that means taking time to review what happened yesterday. (Need help? Download this PDF to start the process).

2. Everything in Moderation

When it comes to goal setting, less is more. I ask my clients to drill down to just three main goals for the year. These should be things that really impact your business (and your life, as they’re so intertwined!) not only in 2018, but for 2020, 2022 etc. I find when business owners set more than three main goals, they tend to lose focus and then welcome overwhelm and despair into their worlds. If you initially have more than three goals, look at how you might group them. For example “increase products sold” and “increase revenue” can be grouped under “increase revenue” with products sold simply a tactic to hit your main goal.

3. Get SMART & Understand Your Levers

Setting a goal without a deadline is a procrastination party in the making. Aim to make your goals specific. You can do this using the famous SMART method or simply use the equation (made famous by Sean Covey) from X to Y by date. For example, instead of saying, ‘I want to make more money’ you may say, ‘I want to move from making $400K per year in January 2018 to making $600K by January 2019’.

This allows you to then work backwards, setting up smaller goals/check-in dates along the year. Next, understand which levers you can influence that will have a direct impact on goal getting. These should be things you can track weekly, monthly or even daily, so that you’re not left at the end of the year with an incomplete goal and no way to go back and fix things. For example, if you sell products, a lever may be dedicated retention marketing activity on a weekly basis (i.e. setting up a loyalty program, creating automated emails to people who bought X sku every three months to replenish, or engaging with key stockists on a regular basis to push up order frequency and volume).

4. Map It Out

One of the most important steps in goal setting (and getting) is to plan things out. Review your goals, your levers (and their frequency) and the key dates for your business (i.e. Fashion Weeks, Trade Fairs etc.) and map this into a three, six or 12-month plan (using Asana, Google Sheets, Trello, a basic Excel sheet or even a paper diary). For example, if you have a revenue goal of $500K for the year, that works out to be a weekly revenue goal of $9,615. You might then adjust this figure for seasons (such as 50% in the Oct – Dec quarter if you’re in retail) then look at which levers you’ll be using to hit these weekly or monthly goals.

By identifying each goal’s smaller steps/tasks and mapping these into a calendar, you begin to structure your year, identify any potential bottlenecks and plan out your weekly, monthly and quarterly activity.

5. Pivot with Purpose

While I’m a huge advocate for planning and goal setting, I understand life can change and priorities shift. Pivoting is possible, so long as it’s done with purpose. Don’t get so paralysed by goals that they become the enemy. They should be helping, not hindering, your progression as a small business owner. By ensuring you’re checking in regularly with your goal getting plan, you can identify where you may need to tweak (or remove) items to bring you closer to where you, and your business, need to be.

Fiona Killackey is a business consultant and the founder of My Daily Business Coach, a consultancy that helps creative small business owners (and their teams) understand, create, analyse and improve their marketing, content and overall business. Stay tuned for her tips for better business goal setting next week!

Fiona is also running a full-day workshop on Marketing for Your Small Business Saturday March 4th with Natasha Morgan. Tickets available here .

View Comments

Similar Stories

Small Business

Going Global · Georgia Perry

Our last Small Biz column for the year offers global inspiration for local small business.
Fiona Killackey

Quoted

New Year's Resolutions of an Editor/Stylist · Lucy Feagins

Our Editor/Founder/Boss Lady shares three of her 2018 goals.

Small Business

Goal Setting with 6 of Australia's Fave Creatives · Part 1

A bunch of brilliant local creatives and entrepreneurs talk 2017 highlights, aims for 2018, and big-picture planning.
Fiona Killackey

This Week

Christmas Countdown

Bookish Gifts For Christmas With Thames & Hudson - And 30% Off!

Today, we’re perusing the bookshelves at Thames & Hudson… who are offering a staggering 30% off all of our Top Picks for TDF Readers!

News

Museum-Quality Art Pieces At An Affordable Price!

LUMAS Gallery’s Melbourne outpost makes limited art editions and photographic artworks more accessible for all.
Sponsored

Sustainable Homes

A Dream Off-Grid Retreat

The Elemental House in High Camp by Ben Callery Architects is a cosy weekender, designed with sustainability in mind.
Lucy Feagins
  19 hours ago

Christmas Countdown

Local Wines, Craft Beers and Gift Packs At Blackhearts & Sparrows - With 10% Off!

We've perused the shelves of our favourite local wine supplier, to create our very own (discounted!) Xmas gift guide for you!

Art

Saint Cloche Hosts Final Exhibition For 2019, ‘Paradiso’

The Paddington art gallery closes the year with their annual group show!
Amelia Barnes
  11 hours ago

News

Share The Cheer With ‘Cake + Kindness’ Christmas Edition!

The wonderful Merchant Road Events, La Marzocco Home and Market Lane Coffee are coming together December 7 for a bake sale that supports wom...
Miriam McGarry

Art

The Art Of Abstraction With Emma Currie

In the lead up to our Art&Artefact exhibition, we visit the studio of one incredibly talented emerging Melbourne painter.

Dream Job

Beatrice Preston Zly, Product Packaging Designer at Aēsop

The RMIT graduate shares how hard work, passion and preparation helped her land her dream job at the iconic Australian brand!

Giveaway

Our Sustainable Summer Edit + Giveaway!

WIN our edit of summer essentials, made from organic, sustainable, biodegradable materials, recycled plastic, and even ocean waste! In partn...

News

Blooming With Love In This Silent Auction

Join Cecilia Fox, Katie Marx and Georgie Boy in raising funds for beloved creative Shonel Bryant of Nomad Styling, who is embarking on treat...
Miriam McGarry

Shopping

Level Up Your Bathroom With Baina Organic Cotton Towels

These modern, organic cotton towels make us want to ditch every weird towel in our linen closets.
Miriam McGarry

News

The Ko's Christmas Market In Geelong

A one-stop Christmas shopping event in Geelong on December 13 and 14th, complete with fashion, jewellery, gardening, ceramics, food, music,
Sasha Aarons

Architecture

A Sculptural Home Inspired By The Hepburn Landscape

A distinctive Corten-clad house designed by Robert Nichol and Sons, just outside Hepburn, Victoria.
Amelia Barnes

Creative People

Get Your Goals In Check, With These Original Artworks By Beci Orpin x kikki.K

kikki K has teamed up with the legendary Melbourne artist to create three original artworks based on new year's goals. Here's how you can wi...

Stays

A Magically Restorative Waterfront Getaway In Tasmania

Once a dilapidated shack, Captains Rest is now one of the most in-demand boutique accommodations in Tassie!
Amelia Barnes

Similar Stories

Small Business

Going Global · Georgia Perry

Our last Small Biz column for the year offers global inspiration for local small business.
Fiona Killackey

Quoted

New Year's Resolutions of an Editor/Stylist · Lucy Feagins

Our Editor/Founder/Boss Lady shares three of her 2018 goals.

Small Business

Goal Setting with 6 of Australia's Fave Creatives · Part 1

A bunch of brilliant local creatives and entrepreneurs talk 2017 highlights, aims for 2018, and big-picture planning.
Fiona Killackey