The New Year's Resolution Syndrome: Setting Realistic Business Goals

Much like the onset of a new year often brings with it the promise of fresh starts and renewed motivation the same holds true when starting a new business or project. This doesn’t just affect us at the beginning of the new year though. As entrepreneurs you can fall into this trap in any season.

New Year’s Resolution Syndrome refers to the tendency to set ambitious goals or resolutions at the beginning of the year, quarterly, or when starting a new business, only to see them fade as time progresses. Just as we might vow to hit the gym five times a week or read 50 books in a year, businesses often set overly ambitious goals that can lead to disappointment or burnout. Here's how you can avoid the New Year's Resolution Syndrome and set realistic, attainable business goals.

1. Align Goals with Your Business Strategy

Instead of setting goals just for the sake of having them, ensure your goals align with your overall business strategy and make sure that you are playing your own game. Goals that complement your long-term vision and mission will be more meaningful and realistic to uphold. For example, a fashion brand aiming to be more sustainable might set goals around reducing waste in their supply chain.

2. Set SMART Goals

SMART goals – Specific, Measurable, Achievable, Relevant, Time-bound – have proven to be effective in both personal and professional settings. An example of a SMART goal is increasing website traffic by 20% in six months through a targeted content marketing strategy. That goal is more powerful and likely attainable than  a vague goal of simply "increasing website traffic."

3. Break Down Goals

Breaking down large goals into smaller, manageable tasks can make them less daunting and more achievable. For instance, if your goal is to acquire 1000 new customers in a year, break it down into quarterly or monthly targets. This allows you to keep track of your progress and adjust your strategies if necessary.

4. Involve Your Team

Goals shouldn't be set in silo. Involve your team in the goal-setting process. Their input will not only bring diverse perspectives but also instill a sense of ownership and commitment toward achieving the goals. After all, in many cases, your team will be the ones on the frontlines, working to make these goals a reality.

5. Regularly Review and Adjust Goals

Goals are not set in stone. Market conditions change, new competitors emerge, and unforeseen circumstances arise. Regularly reviewing and adjusting your goals allows you to adapt to these changes and keeps your business agile.

6. Celebrate Achievements

Finally, make sure to celebrate when you achieve your goals. Recognizing your achievements fosters a positive work environment and motivates your team to strive to get closer to the things you all want.

Setting realistic business goals is more than just avoiding the New Year's Resolution Syndrome. It's about creating a culture of continuous improvement, strategic alignment, and commitment to growth. So this year, instead of falling into the trap of overly ambitious goals, take a step back, align your goals with your business strategy, and set your business on the path to real, sustainable growth.

Pause and reflect:

• Can you give an example of a time when you or your business fell into the "New Year's Resolution Syndrome"? How did it affect your progress or morale?

• How does aligning business goals with the overall strategy affect the motivation and dedication of the team?

• What are some of the advantages and disadvantages of using the SMART goal-setting framework? 

• How might breaking down large goals into smaller tasks affect your team's ability to tackle those goals? 

• What are some strategies to keep the team engaged and motivated in the process of working toward the set goals?

• Can there be negative consequences to setting too many or overly ambitious business goals? How can they be mitigated?