27 September, 2020Goal setting

Why is goal setting important?

  • Ben Jenkins
Ben Jenkins
United Kingdom

I've had people ask me why I bother setting goals in the first place, and why go one step further and write about them?

I think it's quite a simple answer.

I find it helpful to write about my goals to absorb them, to help me believe that they're achievable and to hold myself accountable. All of my goals are in a Notion board that I refer to daily. I haven't linked the Notion board here, as some include personal details that I won't be sharing here, but it's organised into categories and a timeline, in priority order.

The categories for my goals are:

  • Financial
  • Mindset / personal development
  • Business
  • Health

Goal overview

Financial

The financial goals are based around target income and profitability. The amounts increase over the calendar quarters before arriving at the goal of £5,000 net income by the end of 2021.

Mindset / personal development

The main goals in this are to stay focused, happy, and use positive language where possible. In the past I'd fail and think 'well, that was shit', and not look at the lessons I had learnt from it.

Lockdown 2020 has been, in terms of personal development, a blessing for me. I have had time to focus on myself, listen to lots of audiobooks, podcasts and spend time networking with people that have had a positive influence on my life.

Business

Pretty self explanatory, this one. These goals are focused around my web design agency, my other web projects and my future e-commerce stores.

Health

I have a track record of saying 'I'll start going to the gym' tomorrow. Five years later and it's still 'tomorrow'. I've recently rejoined the gym, got myself a personal trainer, created myself a nutrition plan and set myself some goals at certain intervals.

Setting the goals themselves

I've ensured that all goals are achievable and realistic.

For example, my initial income goal was to achieve £10,000 net per month, this would require a turnover of around £17,500 due to additional taxes such as VAT.

£17,500 less £1,750 forecasted expenses, less £2,917 output VAT, plus £292 input VAT equates to £13,125 pre-corporation tax. After tax, the profit arrives at £10,631 - I like round numbers, hence the nice starting figure.

The exact turnover required to achieve £10,000 net profit, assuming my assumptions are reasonable, would be £16,460.91. This turnover doesn't seem feasible in the immediate future. Whereas an achievable goal of £5,000 net profit would only require turnover of £6,859 due to no VAT requirement.

Each of my goals has been considered carefully, and I think that all are achievable. Whether I achieve them in the timeframe that I have set is another matter, but they SHOULD be achievable, if I can work them into my daily life properly.

I'll be blogging about the specific goals in upcoming posts.

Hopefully you'll agree that goal setting, and getting them on paper (or Notion in my case) is absolutely worth the effort.

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