Happy New Year! What are your traditions each January? Do you reflect on the past year? Do you set annual personal and professional goals for the coming year?
For many years, I’ve had my Vistage members write an annual goal letter to themselves as if it were the end of the coming year and they’ve achieved all of their professional and personal goals. They then share their letters with their Vistage group in January and hold one another accountable to those goals throughout the year.
By writing the letter as if the goals have already been accomplished, we are able to bring positive emotions into the equation and envision success. And by sharing those goals with others, there is increased motivation and encouragement to achieve them.
If you are interested in trying this approach, I’ve included the instructions I shared with my Vistage groups below. Please let me know what you think!
Vistage Annual Goal Letter Instructions – Updated for 2020
For our January meeting, your annual goals should be written in the form of a letter to yourself as if it is the last day of the upcoming year. The intent is to look back over the year and experience the feeling of being able to accomplish ALL your goals for the year. As many of you know, visualizing something can help you achieve it. As in the past, please add a BHAG to the top of the letter. The BHAG (“Big, Hairy, Audacious Goal” in Jim Collins’ books “Good to Great” and “Built to Last”) is defined by Collins as a huge and daunting goal, like a big mountain to climb. It is clear, compelling, and people “get it” right away. It falls within the space where 3 circles intersect – something you can be deeply passionate about, something you can be best in the world at, and something that would increase profitability/drive your economic engine. In the book “Good to Great”, Collins mentions Boeing’s BHAG of becoming the best in the world at commercial jet manufacturing even though at the time, they were not even in the commercial jet market. Please note that the BHAG is not likely something that can be accomplished in the upcoming year. It is a north star toward which you will strive. Be sure to include a target year for your BHAG.
It is important to make your goals SMART: Specific, Measurable, Achievable (but stretch!), Results-Oriented, and Time-Specific. Here are some additional guidelines to follow:
- The letter should be dated as of December 31, 2020.
- Make sure your name is on your letter – an easy way to accomplish this is to start with Dear _______.
- The goal letter should cover the entire year and be written in past tense. Remember, the intent is to experience that sense of accomplishment!
- Your goal letter should include both business and personal goals, and you should have at least 3 of each for each quarter of the year.
- Many goals will have milestones that are measurable interim targets toward the larger overall goal. Whenever possible, align those milestones with the quarters during the year to make your quarterly updates easier. (We will again be reporting on our progress to the group each quarter.) Make sure to include specific dates for those milestones and goals in the letter.
- Once you have established your goals and milestones, review your goal letter to ensure that you have at least 3 business and 3 personal goals or reportable milestones for each quarter of the year. (It is common for people to have more goals in the first quarter or last quarter of the year, and neglect the second and third quarters. Remember that the goal letter is for the entire year.)
- Try to avoid vague terms such as “more”, “fewer”, etc., and replace them with specific, measurable targets. (People often set goals such as “spend more time with my family”. You can make it more specific and quantifiable by changing it to say “have dinner 3 nights per week with my family.”)
- Look back over your goals from the previous year. Were some of the goals unrealistic? Were some too easy to achieve? The intent is to set goals that make you push yourself, but not to set impossible goals that will result in you wanting to give up and stop trying.
- After reviewing your goals from the previous year, should some be carried over into this year with new deadlines?
- What could be a game-changer for you or for your business in the coming year, whether it’s something you initiate (such as a potential Blue Ocean Strategy), or whether it is something that may happen due to external forces (such as competition, new technology, or legislation)? Make sure your goals address this potential game-changer.
- What is the most important thing for do this year toward your BHAG? Make sure you have goals that help you keep that BHAG in focus.
Now start working on those goals and visualize your way to success!