We’re a couple of weeks into 2023, so we gotta ask: How are those New Year’s resolutions going?

If you’re on track and doing swell, then great! We’ll keep rooting for you. But if you’ve already embraced defeat, you’re not alone.

Research shows that 80% of New Year’s resolutions fail by the start of February. In another poll, 68% of respondents stated that they give up on their resolutions even sooner than that. In fact, only 8% of Americans actually stick to their resolutions all year long — and one in seven never believe they’ll actually see their resolutions through in the first place.

And the reasons for this high rate of failure? Take your pick: Lack of self-discipline, no time to actually commit to resolutions, and peer pressure top the list. And while those are all valid reasons, we’d like to offer another answer to why people are so likely to fail in keeping their resolutions: They’re too vague.

The most common resolutions you’ll hear are “exercising,” “eating healthy,” and “losing weight.” But what do any of those resolutions really mean? How are you meant to achieve them? And how do you know when you’ve actually accomplished them?

So, to solve this problem, we need to stop seeing our resolutions as resolutions and start seeing them as goals. As entrepreneurs and business leaders, we’re familiar with the goal-setting frameworks we use to envision success in our companies. It doesn’t matter whether you use SMART goals, objectives and key results (OKRs), or some other framework — they help us come up with actionable steps we need to take to reach the goals that we set for our businesses.

We need to use that same approach to the personal resolutions we set ourselves — and we’ve got a guide to help you and your team do just that.

But first: Why are personal goals important for entrepreneurs?

Think about the goals you have set for your business for the next 12 months. Whether it’s a number of customers you want to reach, a level of revenue you’d love to hit, or an employee size you want to achieve, these goals give you a purpose to aim for. They help you determine what level of success you’re at with your business — and the same applies to personal goals.

When we set personal goals, we’re designing a version of ourselves that we would call “successful.” And if you’re an entrepreneur or business leader, that pursuit of success is probably ingrained in your DNA. And there’s nothing wrong with going after the best version of ourselves.

Plus, goal-setting has been known to improve task performance. And studies show that it can also mobilize energy to perform and motivate us to act with a higher level of effort.

When we set personal goals, we are working toward a happier and healthier version of ourselves — and that person can add even more value to the success and growth of your business ventures.

Ready to set some goals for the year? Then block off the next couple of hours in your calendar, and let’s get started:

Step 1: Look back at last year and practice gratitude.

At the start of every year, Trainual CEO Chris Ronzio holds a goal-setting workshop for any employee who wants help setting their personal and professional goals. Adapted from Darren Hardy’s “Living Your Best Year Ever,” the workshop is designed to help employees come up with a short list of actionable goals that they can actually accomplish.

And it always starts by looking back at what happened last year.

Start by creating a list of all your accomplishments from last year — they can be big, small, life-changing, or mundane. Think about what you were most proud of accomplishing and where you took your biggest risks.

By doing this reflection, you get a chance to think about what you did last year that you can bring into this year — and what you are planning to do differently.

Before we jump into the nitty gritty details of designing our goals, it’s important to think about what we are grateful for in our lives. Not only is it a great way to remind ourselves of who our goals can benefit beyond ourselves, but this practice can also help us shape how we might want to go about accomplishing our goals.

For example, one of the gratitude categories is about your “unique talents” — AKA, the skills or traits that you’re proud to possess and practice. They can include personality traits like optimism and empathy or skills like logical thinking and perseverance.

After reflecting on your unique talents, you may end up naturally shaping your goals’ actionable steps to make the most of your skills.

Step 2: List everything you want to do. Everything.

Entrepreneurs and business owners everywhere will be familiar with this problem: the never-ending list of things you have to do. And that list is only matched by the list of things that you want to do.

Now is your chance to get it down on paper, on your computer, in your Notes app — whatever works for you! Make a list of every goal you could possibly have. Don’t limit yourself — write down any goal, big or small, that comes to mind. To make it easier for you, focus on these eight categories as you write them out:

Business.

Here are some thought starters: major projects, key performance indicators (KPIs), promotion, team development, mentorship, etc.

Financial.

Here are some thought starters: savings and retirement accounts, investments, eliminating debt, buying a home, etc.

Physical.

Here are some thought starters: an ideal weight, increasing stamina, scheduling an annual doctor’s exam, competing in a 5K, etc.

Mental.

Here are some thought starters: read for 30 minutes every day, start meditating, join a supportive organization, work-life balance, etc.

Family.

Here are some thought starters: start a weekly date night with your partner or spouse, plan special family outings, spend time with your children, etc.

Spiritual.

Here are some thought starters: join spiritual groups, practice your religion more faithfully, live as an example of your moral values, etc.

Lifestyle.

Here are some thought starters: travel, hobbies, luxuries, languages, who you want to meet, etc.

Relationships.

Here are some thought starters: spend time with your friends, relationships to limit or eliminate, writing letters or cards to your distant friends, etc.

Step 3: Choose your top 10 goals.

Look back at your long list and choose 10 goals that you’re committing to completing this year. Ideally, the ten that you choose will be the ones you most want to accomplish — but make sure they’re realistic and achievable. The last thing you want is to set yourself up for failure before you even start.

Once you’ve documented your 10 goals, you’ll need to go a step further. To do that, you’re going to emulate Daymond John, the CEO of FUBU and a host of ABC’s Shark Tank. Daymond follows a goal-setting technique popularized by Napoleon Hill in his book “Think and Grow Rich” to visualize goals and set himself up with the extra motivation to accomplish them.

When documenting his goals, Daymond answers the following questions:

• What do you want to accomplish?
• By what date?
• How will you do it?
• What result should you achieve weekly to stay on track?
• What does the end result look like?
• What does the goal provide for you?

By writing your goals out like a business plan, you have actionable steps, a way to track your progress, and an end date in sight. Plus, it will help you envision why this goal is so important to accomplish — providing even more motivation to follow through.

Step 4: Set up accountability.

You’ve picked out the goals that you’re going to accomplish in 2023. Now comes the hard part — doing the work to achieve your goals.

“Life is very simple to understand — extremely hard to execute.”
<blockquoteauthor>Daymond John, the CEO of FUBU and a host on ABC’s Shark Tank<blockquoteauthor>

Start by putting your goals somewhere you’ll see them all the time. Chris has his 10 goals written on a whiteboard in his home office. Daymond keeps his list by his bedside, so he can read them every night before he goes to sleep and every morning once he wakes up.

You can keep them in your office, your kitchen, or even your bathroom. Avoid having them documented in an app on your phone — your goal list needs to be visible so they can stay relevant in your mind.

If you really want them on your phone, consider taking a screenshot of your list and setting it as the background of your lock screen. Then you’ll definitely see it all the time.

Also, consider designing your goals with other people or joining an accountability group. Participating in these groups is a helpful way to achieve your goals, make positive life changes, and, as the name suggests, improve accountability. Research shows that accountability groups increase motivation and productivity and positively impact task performance.

It’s a major reason why Chris offers a goal-setting workshop versus individual coaching. The workshop brings together a community of people who have a shared purpose: achieving their goals. They can support each other and keep themselves accountable.

And now, the rest falls on you. You’ve set yourself up for success as well as you can. Keep yourself accountable with weekly progress reports, and don’t be afraid if you fall behind on some of your goals.

As business leaders, we understand that life happens and priorities shift. Falling short of your goal isn’t necessarily a bad thing as long as you’re on the right track. Your goals will still be there — all you have to do is make progress, as slow as it may be.