Goal Mapping in Business
Being able to set a business plan is great. Being able to map out personal goals is also great! How about we combine the two?
As someone who is self-employed as an independent financial adviser, running my own property business, and Mum to two girls, the line between business and personal is so frequently blurred.
Let’s be honest, especially in those first few years, the finances are a heavy weight and a focus. This can take away the passion in what we’re doing. So let’s set those financial foundations so we can focus on the passion points of our day to day, week to week, month to month, etc.
My name is Indigo Smith. I’m an independent financial adviser. I’ve been in the industry for 15 years so far, working at big corporates, start ups and mutuals. Goal mapping in a structured way came to me about 10 years ago. I had a goal of buying so many investment purchases by the time I turned 40. I’ve still got a little ways to go on that achievement, but the goal mapping session that really holds so firmly in my mind is the one I attended with my daughter. She was 7 years old at the time. I’d always planned that when she was old enough, we’d start going on more cultural holidays. Don’t get me wrong, I’ve loved our trips to West Wales; the gorgeous beaches, food, zoos and friendly people, but I’ve always wanted to explore the world.
Life is a tightrope balancing act of being sensible and planning effectively for the future, and living for the now.
In that goal mapping session, hearing my daughter say that SHE wanted to be an explorer, and try new foods and experiences too... Well, that blew my mind. Our next trips were to Paris and Rome, where we explored the history, the culture, the food. Pizza is still her favourite food, and funnily enough, a pizza restaurant in Paris where they gave us pens to draw on their walls was a trip highlight. We attempted to draw a Welsh dragon. It looked more like a wheelie bin so apologies Pink Flamingo, Paris, for making our mark in such a hilariously bad way!
Structuring our goals as a team, a partnership, really aligned our thinking, and we were able to stick to and reaffirm our measurables on a regular basis.
So, let’s do a little exercise.
First of all, on an otherwise blank sheet of paper, please write:
This is Real Life.
Fill this page with writings or drawings of what your day to day looks like right now. What time are you waking up? What are you doing to fill your cup? Is there any self-care in there? What joys and challenges are you facing? Just keep going until the page is full.
Next, we’re going to flip things around. The next page title is:
This Really is Real Life.
Fill this page with what your perfect day will look like, a year from now, having done the work you want to do to upgrade your life. What’s your routine? What joys and self-care opportunities do you have? Who are your strongest relationships with? Think positively about what this day looks like.
Goal Setting
When we’re setting goals, it’s important to be specific. For example, it would be better to say, I currently manage a 5k in 40 minutes, and my goal is to get that down to 30 minutes, so that I can join other running clubs and build my network of like-minded individuals further, rather than I want to run faster.
While it’s key to not neglect your nutrition and health, it’s better to be able to achieve your goals, by setting and working on one at a time. The best time frame also is twelve weeks, or three months. This is to do with your lateral prefrontal cortex and comprehension of time. If your goal is a BIG one and genuinely can’t be achieved within twelve weeks, then break it down into small chunks.
Goal Pursuit
When we’re pursuing our goals, it’s important to have set measurables. So, for example, if I want to run a 5k in thirty minutes, and I’m planning to work through this goal over the next twelve weeks, then I would set myself three exercises per week, which contribute to my leg strength and stamina. I would also want to track my progress weekly, and ideally be at a 5k in thirty-five minutes after the first six weeks, so halfway through my timetable. By having those measurables in place, I can easily dip back into the plan if I’m off track with a holiday or illness for example.
The middle problem is also a natural block in goal achievement. This is where we lose momentum towards the middle of the block of time. Be that the middle of the week, the middle of the hour, or the middle of the goal pursuit timeframe (eg twelve weeks). What we should try to do, to move through this, is chunk it up. Chunking the problem into small pieces. So instead of an hour, consider three lots of twenty minutes. What are you going to do in the first twenty minutes? Then take a short break, look out the window, or towards the horizon, and then refocus for the second twenty minutes, and another break and onto the final twenty minutes.
Financial Foundationals
As a financial adviser, it’s really important to consider my client’s short, medium and long term goals, no matter what stage of the life cycle I’m joining them at. Business owners have lots of things they need to consider to set themselves up well for the day to day, and all the way into the future of retirement.
A lot of this will depend on your company structure. My first port of call would be making sure you’re free of bad debt (credit cards, personal loans, etc) and have an emergency fund of 3-6 months income in an easy access Cash ISA. Protection policies covering your income and your mortgage are also key.
Let’s also get set up for retirement with a General Investment Account, a Stocks and Shares ISA and a Pension. Make sure you’re paid up with your Class 2 and Class 4 National Insurance contributions also as a state pension is still a useful part of a retirement plan.
There’s a whole smorgasbord of financial products in between, which vary greatly depending on your circumstances, needs, aspirations, financial risk appetite and capacity for financial loss. As an independent financial adviser, I’d get to know you so that you leave our meetings feeling connected to and informed about the process for setting up the tailored financial plan I advise on.
My next goal mapping workshops are taking place in Cardiff from January onwards. Please keep an eye on my socials for more information on the next workshop, as well as hints, tips and encouragement on your goal setting and pursuit.
Please note, the value of pensions and investments and the income they produce can go down as well as up and you may not get back the full amount that you originally invested.
This blog is for information only and does not constitute advice.
Arcus Wealth is a trading name of Corbel Partners Limited which is authorised and regulated by the Financial Conduct Authority.
Registered in England and Wales. Registered offices address is 750 Mandarin Court, Warrington, WA1 1GG. Registered Number: 05280582.
For more information on the neuroscience of goal setting and pursuit, please listen to Andrew Huberman on the Huberman Lab podcast – Goals Toolkit: How to Set & Achieve Your Goals.
Written by Indigo Smith, signed off by Corbel compliance team. References included in article.