Furthermore, effective goal setting involves using frameworks to increase your chances of success. Here, I would recommend the SMART framework. It’s an old method that still works if applied correctly. It states that for your goal to be effective, it must be Specific, Measurable, Achievable, Relevant, and Time-Bound (SMART). Let me explain.
Specific: Your financial goal for 2023 could be to make money. It’s a good plan, but broad and vague. The question is: how much money do you want to make in 2023? Be specific; state an amount. The goal to make Kenya Shillings 10 million this year is clear, precise and gives you a sense of direction.
Measurable: Kenya Shillings 10 million is measurable. It is a clear target. It doesn’t help to say you want to make millions with no scale to measure it. Also, you want to make ten million Kenya shillings, not American dollars. Now, your goal is taking shape.
Achievable: Sometimes, experts argue that this is subjective. But a simple rule of thumb is to set goals that signify your next level. Set goals big enough to stretch or challenge you and reasonable enough not to crush your confidence. That way, you can grow from one achievement to the next. Achievable goals serve as a ladder in the success journey.
Relevant: You want to make Kenya Shillings 10 million this year. Why? What is the end goal? What do you want to achieve with this level of income? What is your driving force? There is nothing wrong with simply wanting a lot of money, however, it helps to be clear on your motivation. Your driving force affects the speed with which you achieve your goal.
Time-Bound: A time frame on your goal creates discipline. It narrows your focus and helps you avoid distractions. A specific goal set to be achieved within a timeframe helps to activate your creativity. The drive to make Kenya Shillings 10 million in six months is not the same as the motivation to make it in 24 months. In the process of goal setting, time could serve as a tool to increase motivation, sharpen strategy, and improve execution.
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