5 Goal-Setting Mistakes Made by Business Owners

Have you set your goals for the New Year?

Business goals help you measure your progress and keep you inspired to achieve them. Even entrepreneurs who tend to wing it and rely on instincts alone to conduct their businesses have particular goals. A lack of goals is comparable to being on a hamster wheel that leads nowhere.

Take a moment to consider what you want to achieve in your business, and make sure you're not committing any of the following goal-setting mistakes:

• Dragging your feet

Don't wait until the first of the year to make plans. Instead, try setting goals every three months; if you feel overwhelmed by the idea, set aside 30 minutes and start writing down your goals.

• Not prioritizing.

You can brainstorm dozens of goals you want to achieve; however, too many will distract you from the most important ones. Business goals are to help you focus and not get distracted, so minimize your goals and prioritize the most important ones at the top of the list.

• Being too vague.

Saying you want to "make more money" is too vague and doesn't allow you to measure if you're on track to reaching that goal. "More money" could mean an extra $100 or $10,000 per month. Be as specific with your goals to track your progress along the way.

• Setting goals that are out of your league.

Sure, you should dream big when envisioning the future you want, but if you set a goal of making six figures this year when you haven't reached the $50K mark, six figures most likely won't happen – at least not this year. Be realistic about your goals and break down those lofty goals into smaller, more achievable goals. It might take you two or three years to reach six figures, but it's not impossible.

• Not working on your goals daily.

Every task you undertake should lead you toward your goal. Consider hiring a virtual assistant if you're still, busy or behind-the-scenes admin work instead of money making tasks. Outsourcing the necessary busywork will free up your time to get creative and focus on your book, next course, or upcoming webinar.

One more piece of advice: You're running a business, not pursuing a hobby. So think like a business person and visualize where you want to see your business in one year. What goals do you need for that to happen? What action steps do you need to take daily to make those goals a reality?