Monica Bradley, founder and owner of Surrey-based award-winning mortgage broker, MB Associates, explains why setting goals is important.
I’m not one for sitting still in life. I’ve always been ambitious, and I believe it’s important to keep making progress. My business is well-established, but I have ambitions to keep growing.
Setting clear goals is really important in my view. Goal setting helps to
focus the mind, guide you towards where you want to be and help you build momentum. If you don’t have a clear, specific goal, how will you know when you’ve achieved success?
In essence, you can’t manage what you don’t measure, and you can’t make improvements in life if you don’t have a clear vision for your future.
Not setting clear goals is one of the main reasons why people don’t achieve their ambitions. Another reason why people don’t succeed is procrastination. Don’t say you’ll do it later. Start now. If your goal seems like a huge task, break it down into manageable steps and get started. As the saying goes, you don’t have to be perfect to start, you just have to start.
I’m always keen to expand my business, but I’m careful to define what that means in practical terms before I act. It’s not enough to just say you want to grow your business.
Specific plan
For instance, my plan for last year was specific. I knew how many extra people I wanted to recruit and precisely how they would help grow the business. I recruited two new mortgage advisers, an administrator, three trainee paraplanners and two new protection advisers.
Taking on extra staff can often be perceived as a risk due to increased costs, but it clearly paid off. Our profits were higher in 2021 than they were in 2020.
If you’re a business owner, or in the process of setting up a new company or side-hustle, set some goals to motivate you.
Think big
Think big and be ambitious. Stretch yourself. The bigger the goal the harder you’ll work to achieve it. Remember we’re all capable of far more than we think. A big goal is more likely to make you more resilient. Over time, you’ll get used to setbacks and will develop the mental skills to overcome them.
When setting your goal, make sure you use the SMART principle, as this will help to keep you focused. This means:
Specific – Make your goal very clear – ‘I want to increase business revenue by 10%’ is far clearer than simply saying: ‘I want to increase business revenue’.
Measurable – Know when you’ve achieved it. What evidence will you need to prove that you’re where you wanted to be?
Achievable – Make sure it’s realistic and achievable in the timeframe you set given your current lifestyle and commitments. For instance, deciding to run a marathon in three months if you only have time to train once a week is not likely to be attainable.
Relevant – Make sure your goal is aligned with your long-term objectives. For instance, my goal to grow my business wouldn’t be suitable for me if I was planning to scale down my work hours and work part-time.
Time-framed – Set a deadline for achieving your goal. This will keep you on track and you can work back from it and set targets that will help you move towards your goal.
Setting financial goals
I always tell my clients to set financial goals. Rather than just arranging mortgages, I’m passionate about educating clients to become financially savvy.
I’ll encourage clients to make small overpayments on their mortgage each month to clear the loan early and pay less in interest. Knowing when your mortgage will be paid off can be very motivational and may encourage you to be more cautious with money.
If you’re a first-time buyer, you can employ a similar tactic. Find out how much you can afford to borrow, then save a specific amount each month towards your deposit. Once you’ve saved enough, you’ll know you’ve reached your goal and you’ll feel empowered.
Here’s a few financial goals you may want to consider setting:
• Saving up three to six months of essential outgoings for an unexpected emergency
• Clearing credit card debt or loans by a certain date
• Saving up for a holiday or spa day by a certain date
• Putting aside a set amount each month towards your retirement
• Achieving financial security – financial protection can help with this. Income protection pays out a tax-free monthly sum if you can’t work due to illness, and life cover pays out a tax-free lump sum if you are diagnosed with a serious illness.
Whatever your goal, make sure you’re passionate about it. If it’s not compelling enough, you won’t stick to your plan. If it’s a goal that excites you, you’ll be inspired to keep going even when obstacles and distractions come your way.
More Information
For help with your mortgage (including how much you can afford to borrow) and advice on financial protection, contact Monica on 020 8652 5240 or email monica@mbassociates.net or visit the website at https://www.mbassociates.net/