Advertising
Advertising

Last Updated on October 28, 2020

How to Set Long Term Goals and Achieve Success

How to Set Long Term Goals and Achieve Success

Have you ever wondered what you life is going to be like in 5 or 10 years? Will you be doing the same things you are today? Have you taken the time to envision the future through long term goals?

There are only three possibilities for your life in the future:

  1. It will be the same.
  2. It will be worse.
  3. It will be better.

There really is no other choice, so realizing this, which option will you choose?

If you choose option 3, then being able to set long term goals is the best way to ensure that you’ll get to where you want to go.

What Is a Long Term Goal?

A long term goal is what you are planning to achieve in the long-run or in the future.

Where do you want to be in five years[1]?

Everyone has a plan for their life. We all imagine what our future will look like, what we will be doing, how we will be living, and even who we will be living with.

While things rarely work out exactly as planned, it is nonetheless important to set long term goals and work toward them. Without long term goals, we are just wandering aimlessly through life.

The most successful people know the power of goal setting and how to break down larger goals that may take years to achieve into a series of smaller, short-term goals that will keep you focused and motivated.

How to Set (and Reach) Your Long Term Goals

Do you suffer from paralysis by analysis? It’s a common condition that happens when people are faced with a lot of options.

Advertising

When faced with too many options, they become obsessed with choosing the “right” one and never make a decision.

Likewise, when faced with a seemingly overwhelming task, they may never even start because they “just don’t know where to begin.”

Before we get started with some tips to help you, you can check out this video on setting goals for success:

By following these 7 easy steps, you can set and achieve almost any long term goal, no matter how big or small it is.

1. Make Goals, Not Wishes

Who hasn’t thought about winning the lottery or inheriting a lot of money from a rich relative? While there is nothing wrong with daydreaming about these things, they are not goals.

A goal should be something that you can work towards during a period of time, not something that falls into your lap through luck.

A goal is “I want to have a business that makes one million dollars a year within five years,” not “I want to win the mega millions within five years.”

2. Be Specific

Remember when you were young and a grown up would ask, “What do you want to be when you grow up?”

No one ever said I want to work in the medical field or in government. You said I want to be a doctor, the President, or a policeman. These were specific goals that we had as kids, and while most of us didn’t end up astronauts or presidents, we still pictured ourselves in these very specific roles.

When you are setting long term goals for your life and career, it’s important to be as specific as possible. Get into detail about what you want, and think about it in very concrete terms.

Advertising

Instead of saying “In five years, I want to be rich,” think about what that really means to you and what it would look like. Having a more specific goal would be, “In five years I want to own a Ferrari, live in an upscale neighborhood, and be making enough money to take a two week vacation to Europe every year.”

Having specific goals makes measuring your progress more easily. You know you reached you goal to have a Ferrari if you look in the garage and see one. It’s much harder to gauge if you are “rich,” as rich is always a moving target.

3. Write Down Your Goals

A goal that’s not written down is just a wish. Please do not neglect this step!

As humans, we are prone to daydreaming and wishful thinking. We need to take concrete steps to realize our goals.

When you set long term goals, you need to write them down. This single act will take your goal out of the realm of the mind and into the physical (real) world[2].

Just by taking this step, your odds of achieving your goal go up tremendously.

4. Break Down Your Long Term Goal Into Smaller Goals

It can seem overwhelming to say, “In five years, I’ll have a business that makes one million dollars per year.”

How do you get from not having a business at all to having one that makes a million dollars per year? The answer is the same way you’d eat an elephantone bite at a time.

Once you have decided on your long term goals, you’ll then need to break them down into a series of short term goals.

In our business example, you’ll first need to do some research on a business you can start in your spare time. There are a lot of options out there that don’t necessarily take a lot of time or money to get started.

Advertising

Then, you’ll want to get competent in the business by taking training courses and networking with others who are already successful in the business.

Once you have a good foundation, it’s time to get started. Launching the business will be the scariest and most rewarding day of your life, but you’re still not close to making a million dollars per year, so break it down some more.

Your first-year goal may be to earn $50,000. Your second year, you’ll want to earn $150,000. From there, you’ll basically need it to double each year in order to reach one million dollars in five years. 

Each of those years can be broken down into smaller goals until you realize you need to make $149 per day. You can break it down even further to say you need three sales per day to make the $149.

At first, you may have no sales, but by experimenting with various marketing strategies that you learned earlier, the sales will start coming in. Then, it’s just a matter of fine tuning your marketing efforts and building on your successes.

5. Remember Your Long Term Goals

You have set your long term goals and even written them down.

Now, don’t just put them in a drawer. We need to have a constant reminder of why we are doing this. Your long term goals should be displayed somewhere prominent (for you). You don’t need to hang them over the fireplace, but they should be placed where you can see them every day.

Things go wrong, and issues and problems arise that no one can see. It’s during these times that remembering your long term goals is important.

6. Reevaluate and Adjust

You should always be looking for ways to improve what you are doing, but it’s especially important in this new internet age. We don’t have to look very far to see how quickly things can change. You must be willing to change course or be left behind.

Advertising

Setting long term goals

    Getting back to your growing business, the marketing that got you to $600,000 per year might not be the marketing that gets you to your long term goal of one million dollars per year.

    Always keep your goal in mind, but always be willing to adjust course to get to it.

    7. Don’t Give up

    Realize and understand that the road to success is never straight. You will inevitably come up against obstacles and barriers to your goals. This is not the time to quit.

    In fact, coping with the obstacle or finding a way around the barrier leads to more success than anticipated. Always remember, the only sure way to fail is to quit.

    You can learn more on how to overcome challenges you may face in this article.

    Final Thoughts

    Fear of failure

    is the number one reason most people will never become as successful as they could be. Change is a scary thing, and it’s not easy for people to get out of their comfort zone. Most people won’t unless they have to or they perceive that the reward is worth the risk.

    By setting long term goals and then breaking them down into smaller goals that are easily achievable, you have created your own personalized road map to success.

    And while that long term goal of making a million dollars a year seems insurmountable, the short term goal of making $149 is easily doable.

    While the road to achieving your goals is never a straight line, and there will always be detours and bumps in the road, embrace these things, as they are all part of the journey.

    More Tips on Setting and Achieving Goals

    Featured photo credit: Bench Accounting via unsplash.com

    Reference

    More by this author

    David Carpenter

    Lifelong entrepreneur and business owner helping others to realize the American Dream of business ownership

    long term goals How to Set Long Term Goals and Achieve Success How to Change Your Life at 60 Years Old and Feel Proud of Yourself 9 Essential Tips for Starting Your Own Business How to Carry Out a Personal SWOT Analysis for a Successful Life How to Become an Entrepreneur (Advice from a Serial Entrepreneur)

    Trending in Smartcut

    1 How to Use the Prioritization Matrix When Every Task is #1 2 5 Steps to Designing Your Life to Maximize Success 3 How to Set Long Term Goals and Achieve Success 4 How Not to Feel Overwhelmed at Work & Take Control of Your Day 5 How to Start Delegating Tasks Effectively (Step-by-Step Guide)

    Read Next

    Advertising
    Advertising
    Advertising

    Last Updated on November 3, 2020

    How to Use the Prioritization Matrix When Every Task is #1

    How to Use the Prioritization Matrix When Every Task is #1

    It takes being productive to get things done correctly and on time. So how do you know which tasks are essential and which can wait? The answer is in the Prioritization Matrix, also known as the Eisenhower Matrix.

    The matrix took its name after Dwight David Eisenhower.

    Eisenhower was a general in the US army and the 34th President of the United States from 1953 to 1961. As a five-star general and a Supreme Commander in the US Army, he drafted the strategy for an Allied invasion of Europe.[1]

    Eisenhower had to make tough decisions every time about which tasks to prioritize out of many he needed to focus on daily. So, he came up with the famous Eisenhower Matrix, or the Prioritization Matrix.

    What Is the Prioritization Matrix?

    The Prioritization Matrix is a tool for rating your tasks based on urgency. It helps you know the critical activities and those tasks that you should bypass and can be useful in project management, small businesses, or personal tasks.

    Eisenhower famously said of the matrix:

    “Most tasks that are urgent are not important, and most tasks that are important are not urgent.”

    This quote became the maxim for Eisenhower in managing his time.

    There are four quadrants in the Prioritization Matrix, which help in comparing choices of what to do first and last, allowing you to prioritize projects and create strategic plan[2].

    Advertising

    Eisenhower Matrix Template

      The quadrants are:

      • Do
      • Schedule
      • Delegate
      • Eliminate

      Do

      Do is the first quadrant in the Prioritization Matrix, and it incorporates important activities. That is, those tasks you need to carry out urgently — crises, deadlines, and issues that need your urgent attention and are highly relevant to your life mission.

      Hw do you know which task falls into this quadrant?

      Start by analyzing your priorities, and then establish if it falls within the ‘do it now’ criteria. If the task is achievable within a day, or within 24 to 48 hours, it’s urgent.

      Another approach you can adopt in prioritizing tasks in this category is to adopt the “eat the frog” principle by Mark Twain. This principle recommends that you do the most urgent activities as soon as you wake up.

      Here’s a practical example.

      Let’s say you need to draft a content strategy and submit a report to your manager. It’s Saturday, and the deadline for submission is Monday. Can we say the activity is urgent? Definitely!

      Schedule

      The second quadrant of the prioritization matrix is Schedule. The Prioritization Matrix classifies tasks in this category as important but not that urgent.

      They are long-term objectives and tasks with no immediate deadline. Those tasks could include meditation, journaling, studying, family time, and exercising.

      You can plan out activities in this quadrant for some other period. For instance, you should exercise for good health, but you can allocate time to do it.

      Advertising

      Schedule these activities in such a way that they don’t transfer to the “Do” or “Urgent” quadrant. Ensure you have sufficient time to carry them out.

      Delegate

      The third quadrant of the prioritization matrix is Delegate.

      These tasks are not important to you but are quite urgent for others. This is where teamwork comes into play.

      You can technically perform tasks in this category, but it makes sense to delegate them. Delegating tasks will ensure you have more time to pursue activities in your first two quadrants.

      You should also monitor the tasks you have delegated. It will only amount to a sheer waste of time if you don’t have a tracking system for delegated tasks.

      Eliminate

      The last quadrant highlights your productivity killers. They are tasks that are not important to your goals and not urgent. The only way to boost your productivity is to eliminate them.

      Some examples are constantly checking your phone, watching movies, or playing video games.

      They could also be bad habits that you need to identify and delete from your daily and weekly schedule.

      Successful people have learned how to prioritize and stick to what’s important. They have learned to find a better person for a task or eliminate less significant tasks.

      Let’s consider two inspiring personalities that have designed their prioritization system.

      Advertising

      Warren Buffet developed a two-list prioritization model to determine which task deserves his best attention. The bottom line is bypassing things that are important and useful but not top of the priorities.

      Mark Ford, a business advisor, marketer, self-made millionaire, and author devised his strategy:

      “Start work on the most crucial priority, take a break, work on the second most important task, take a break, then sort out the less important activities and any tasks he received from other individuals by afternoon.” [3]

      How to Use The Prioritization Matrix

      Using the Prioritization Matrix can be tricky if you’re new at it, but by following a few simple steps, you can learn to utilize it in the best way possible.

      1. List and Rank Your Priorities

      Highlight all the tasks you need to carry out in a day. Then, classify them with weighted criteria based on urgency and importance.

      Identify any activity that requires prompt action. I’m referring to a task that if you don’t complete that day, it could produce a grave consequence. For instance, if you don’t submit your content strategy, other content writers cannot work. It means you need to check for high-priority dependencies.

      2. Define the Value

      The next step is to examine the importance and assess which of them impacts your business or organization the most. As a rule of thumb, you can check which tasks possess higher priority over others. For instance, you need to attend to client’s requirements before you take care of any internal work.

      You can also estimate value by examining how the task impacts the people and customers in the organization. In a nutshell, the more impact a task has on people or the organization, the higher the priority.

      3. Take out the Most Challenging Task

      Procrastination is not a symptom of laziness, but avoidance is. The truth is that you will typically avoid tasks you don’t want to do. The former CEO of Goldman Sachs, Lloyd Blankfein, once said he would take out the most dreaded task first thing when he got to the office.

      Brian Tracy called these tasks the frogs you need to eat. That will remove the nagging dread, which mounts pressure on you when you postpone necessary tasks[4]. This is where the Prioritization Matrix can help; eat the “Do” frogs immediately.

      Advertising

      If you need help overcoming procrastination, check out this article.

      4. Know What’s Important to You

      As long as you are in this cosmos, you will always encounter different choices that may be contradictory to your goals. For instance, a fantastic promotion that requires excessive travel will isolate you from important relationships. If you are not priority-conscious, you may accept it, even though your family is your priority.

      Therefore, it makes sense to identify what is important to you and to prepare yourself not to compromise those important things for immediate pleasure or gain.

      Yogi Berra captioned it this way:

      “If you do not know your destination, you might end up somewhere else.”

      5. Establish Regular “No Work” Time

      YouTube CEO Susan Wojcicki established a rule not to check her emails between 6 pm and 9 pm. According to a CNN Business report, she was the first woman to request maternity leave when Google just got started. She prioritizes dinner time with her family despite being the CEO of YouTube[5].

      Is it possible to cut out time for our relationships and interests outside of work?

      Of course, and that’s why you need to set out your “no work” time. This approach will enable you to renew your energy levels for the next task. Also, you will be in the best position to introspect as you are not in your usual work zone.

      6. Know When to Stop

      You can achieve everything on your list sometimes. After you have prioritized your workload and assessed your estimates, remove the remaining tasks from your priority list and focus on your most urgent and important tasks.

      Conclusion

      It’s not enough to be successful at work. Ensure you make out time for your family and an important relationship in your life.

      Getting started and finding time may be tricky, but with some practice using the Prioritization Matrix, you’ll find that you are more productive and better able to divide your time between the things that are important to you.

      More Tips on Prioritizing

      Featured photo credit: William Iven via unsplash.com

      Reference

      Read Next