Back in 2016 when I completed neuro-linguistic programming (NLP) master practitioner training (I did this to further understand the psychology of business owners, never to be a therapist!), I came across a very useful goal setting tool as part of the curriculum.
It’s called POSSEE.
A strange term… So what does it mean?
P is POSITIVE.
O is OWNERSHIP.
S is SIZE.
S is SPECIFIC.
E is EVIDENCE.
E is ECOLOGY CHECK.
Let’s go through each one…
When you set a goal, state it as a positive intention not a negative intention. In other words, what you will gain versus what you will lose.
Say you want to lose weight. Well, that’s not worded in a positive way. A better wording would be, “I want to become fit and healthy and have a lean, athletic body.”
When you set a goal, what’s your part in it? Anything you want in life requires focus, work, determination and passion. Are you going to take 100% ownership of your goal and be 100% committed to seeing it through, no matter what?
Is the goal realistic? Can you chunk it down to a goal that’s achievable?
For example, if you earn $60,000 a year today and your goal is to earn $100 million by this time next year, is that goal realistic? Probably not.
The goal could instead be to get to $100,000. That’s far more realistic, especially if you buy an existing profitable business. (Buy multiple businesses and $100 million could be a realistic 20-year goal!)
Stating a goal in general terms doesn’t work. You need to get raw, real and ultra-specific.
Back to weight loss. Which is better and more specific? “I want to get fit,” or “I want to weigh no more than 170 pounds with a maximum 14% body fat and a BMI of 18 by Oct. 31, 2020.”
How will you know when you achieve your goal? When you earn $100,000, you will see the money in your bank account (less taxes and expenses).
When you get fit and healthy, you will know your body stats. You will also look and feel great.
If your goal is to buy a business, you either buy one or you don’t. If you do, you’ll be holding your signed purchase agreement and the monthly cash flow will start hitting your personal bank account. That’s the evidence.
This is an interest filter, like a gut check. It’s making sure your goal is the right thing for you and won’t result in any negative ramifications from you achieving it.
- Is it balanced or out of balance?
- Is it healthy or unhealthy?
- Will it enhance my life or does it create limitations?
- Will it empower or disempower me?
- Will it increase resourcefulness or is it unproductive?
- Will it bring out my best or sabotage my efforts?
An ecology check on earning $100,000 could be, “Will it change me as a person? Will I use the money in a positive way — to support my family or contribute to society — or just for power and influence?
An ecology check on becoming smoke-free (see how I positively reframed quitting smoking?) could be realizing that you will gain weight and that will have counter-consequences, which then is another goal for you.
I had a massive ecology check when I sold Ninja Acquisitions to Unconventional Wealth Publishing LLC last year.
My ecology check wasn’t about the money. It was about the time I would have to spend away from my family.
But my family were very supportive because the sale achieved my goal to accelerate the disruption and regulation of the global business buying marketplace.
I now spend 50% of my time in Baltimore working on Dealmaker Wealth Society, and I bring the family over when I can. When I am home, I play full out with them, so the deal passed the ecology check.
I miss my family in the pursuit of my vision, but it’s manageable.
Whatever your goals are in 2020, use the POSSEE tool.
If it’s to buy a business, get ultra-specific on what type of business you want to buy…
What sector is it in? Where is it located? What is its likely size (revenues, profits, customers)? What do you want your role to be in the business (owner-investor or owner-manager)? What skills and experiences can you leverage? How long do you want to own it? Will you buy more than one business? If so, how many?
The more specific you are the more real it becomes. (If you’re looking for more guidance on defining your dream deal specification, check out my newest product Dealmaker Launchpad. For a tiny amount, it will help you prime you to be a killer dealmaker this year!)
Until then, bye for now.
Editor and co-founder, Dealmaker Wealth Society