The beginning of a new year often inspires people to set goals and make positive changes in their lives. However, sticking to these resolutions can be challenging, both on a personal level and in business. Sagehill Community Futures, an organization working with rural entrepreneurs in Saskatchewan, emphasizes the importance of setting clear, achievable, and specific goals. According to Office Coordinator Jenny Glessman, vague goals such as wanting to “grow my business” are less likely to be achieved than specific goals like “increasing business growth by 20% this year.” Glessman also stresses the importance of tracking goals and setting deadlines to ensure progress.
Marvin Ryder, an associate professor at the DeGroote School of Business, suggests that more people should make New Year’s resolutions related to their personal finances. His top recommendations include reducing debt and maximizing savings through tax-free accounts like the TFSA. Ryder points out that even small contributions, such as $7,000 annually, can grow significantly over time and provide tax-free gains. He also advises individuals to be mindful of their spending habits, especially with the ease of electronic purchases using smartphones. Similar to Glessman’s advice, Ryder emphasizes the importance of setting clear financial goals and tracking progress to ensure success.
One common pitfall of New Year’s resolutions is setting vague or ambiguous goals that are difficult to measure. Glessman and Ryder both emphasize the need for specificity in goal-setting, whether in personal pursuits or in business endeavors. By setting clear, achievable, and measurable goals, individuals are more likely to stay motivated and track their progress over time. Glessman advises against simply setting goals and leaving them on a shelf, as regular monitoring and adjustments are essential for success.
In addition to financial goals, Ryder suggests that individuals consider making resolutions related to their personal well-being and growth. This could include goals such as improving physical health, learning a new skill, or focusing on mental wellness. By incorporating a holistic approach to goal-setting, individuals can work towards a more balanced and fulfilling life. Setting goals in various areas of life can help individuals stay motivated and engaged in their personal development throughout the year.
As we enter a new year, it is important to reflect on the past year’s accomplishments and challenges, and to consider areas for growth and improvement. Setting specific, achievable goals in personal finances, business, and personal well-being can help individuals stay focused and motivated throughout the year. By tracking progress, adjusting goals as needed, and staying committed to positive changes, individuals can make the most of the fresh start that a new year brings. Whether it’s reducing debt, increasing business growth, or focusing on holistic well-being, setting clear goals and taking consistent action can lead to a successful year ahead.
