With the 2013 tax deadline quickly approaching, I’m sure that many of us have made new tax year resolutions;
- I’m going to stay better organized.
- I’m going to keep up my mileage log.
- I’m going to keep track of meal receipts.
- I’m going to stay on top of things, rather than wait until end of the year.
You’re not alone! These resolves are right up there with our New Year’s resolutions “I’m going to work out more next year” or “I’m going to lose weight next year”. But how many of us actually keep these “resolutions” each year? The average life span of a New Year’s resolution is two months…and while they don’t keep statistics on “tax year resolutions”, I’m willing to bet they have a similar fate.
The good news is that you can turn your “resolutions” into well-defined Goals with staying power!
SMART Goal Setting is a well-known & easy to implement strategy for setting achievable goals. The basic premise is this:
S – Specific
M – Measurable
A – Attainable
R – Realistic
T – Timely
Specific – A specific goal has a much higher probability of success. Specific goals answer the Who, What, When, Where, & Why. An improvement on “I’m going to keep up my mileage log” would be, “I am going to keep my mileage log in my car (where), & note mileage after every (when) meeting (what) or trip (what)”.
Measurable – Define the criteria for measuring progress towards each goal. With measurable criteria, you can see progress, which definitely helps to keep you motivated! Rather than resolve to “Keep track of receipts this year,” set your SMART Goal as “I will write the name of each meeting attendee on my receipts & enter all receipts in my tracking software each week.” When you see names & meeting topics on all your receipts, you will see definite progress towards your goal.
Attainable – Start by setting goals that you have complete control over, rather than depending on assistance from others. If you aren’t relying on others, you will not be limited by their schedule or opinion. When you set attainable goals, “I’m going to stay better organized” turns into “I will file all accounts payable with the payment method, so that I can easily answer questions on when & how each payment was made.”
Realistic – Similar to Attainable, Realistic goals must be a plan that you are willing & able to work towards. This isn’t to say that you shouldn’t set your goals high, because sometimes those create the greatest motivation for success!
Timely – Just as the Generally Accepted Accounting Principles insist upon timeliness, your goals should be as well. Define each of your goals with a time limit or boundary. Instead of resolving to not wait until the end of the year to gather all your financial information, set your goal as “I will have all the information for 2013 organized & ready for my accountant by January 31st.” And put that in writing! When you see your goal of January 31st, you’ll be motivated to make it. Better yet, if you need a little more motivation, set your appointment for February 1st & you’ll be sure to be ready!
Contact us today & find out how we can help you define YOUR goals for 2013 & beyond!