Our Process for Setting Goals

Summary

• When setting goals, start by identifying the problem you're solving.
• Next, formulate a hypothesis of what you believe will happen if you take certain actions.
• The hypothesis is like a guess. For example, doubling video output could increase clicks to your site.
• Clearly define both the action you'll take (X) and the expected result (Y) in your goal-setting process.
• Keep the goal-setting simple: problem, hypothesis, action (X), expected outcome (Y).

Video

How To Take Action

I would suggest implementing a straightforward approach to setting goals. Start by pinpointing the exact problem you're trying to solve. For example, you might see that your website isn't getting enough traffic.

Next, come up with a hypothesis. It's your educated guess on what might happen if you take a certain action. Let's say you suspect that making more videos could bring more people to your website.

Now define the action you'll take, which we'll call "X". In this case, X could be 'double the video production'. This means if you usually make one video a week, you push it to two.

Then, figure out what you expect will happen, the "Y". You might anticipate doubling your video production will lead to a 20% increase in website visitors.

Keep it really simple. Write down your problem, your hypothesis, your X (action), and Y (expected outcome). This way, your goal isn't just "get more customers"; it’s "If I double my video output, I'll get a 20% increase in site visitors."

Stick to this plan, measure the results, and adjust if needed. You'll soon find what works best for you, with minimal cost and high value from the actions you take.

Quotes by Alex Hormozi

"What problem are we solving"

– Alex Hormozi

"What's my hypothesis"

– Alex Hormozi

"I believe that if we do X, Y will happen"

– Alex Hormozi

"What is X and what is Y"

– Alex Hormozi

"That's all we do"

– Alex Hormozi

Full Transcript

we have a very simple process for setting goals number one is we say what problem are we solving that's column one column two is what's my hypothesis I believe that if we do X Y will happen so it's just a hypothesis statement because we make these goals but there's always an underlying assumption that we think something's going to happen if we do this I think if I double the amount of videos I put out I'm going to get more clicks to my website that's the hypothesis the goal that we're trying to solve is get more customers my hypothesis is if I double my number of videos that I make I'll get more customers or get more clicks to my site cool column three and column four is what is X and what is y right which is what is the thing I'm going to do and what do I think's going to happen that's all we do what problem are we solving What's the hypothesis what's the X which is the input what's the Y which is the output