From Profit Margins to Parenting: My Approach to Goal-Setting in Business and Family

In my journey of parenting and entrepreneurship, I've come to realize that the goals we set in our family life deserve the same attention and rigor as those we set in our professional lives. But even though I set goals, it doesn’t always go according to plan. Take our Thanksgiving trip to Austin, for example. It was supposed to be a simple family visit, but as life would have it, I was juggling the roles of dad, son, husband, and entrepreneur all at once. While my wife was tied up on a call, I thought I could handle the kids at the park and still be back in time for a Zoom meeting. Well, the short story is that it didn’t go as planned. The kids thought jumping into a fountain would be more fun than the out-of-this-world playground near Auditorium Shores, and before I knew it, they were soaked, lunch for 15 family members was late, and I was leading a Team Huddle with the sounds of two toddlers having the time of their lives in the background. It was chaotic, but these are the moments that make this dad’s entrepreneurial life so fulfilling. They remind me that while goals give you a direction, you can't control every twist and turn along the journey.

Setting Goals at Work

Setting measurable, timebound, defined goals is commonplace. You can refer back to some of my favorite frameworks like Big Rocks, OKRs, and EOS from my last post. For folks in the wine and food business, setting clear, measurable goals such as achieving a particular gross margin or expanding our retail presence is vital. In my company, Balanced Business Group, we use OKRs to measure and track our success. One of our key objectives is to "deliver timely and accurate financial information." To ensure we meet this goal, we track our key results, such as the number of unreconciled bank transactions, to measure timeliness. This approach not only keeps us focused but also provides a clear metric for success, helping us navigate through the complexities of business with a sense of direction and purpose.

Setting Goals at Home

At home, our goal-setting is no less serious than at work. My wife and I set OKRs every year, focusing on three areas: building an amazing relationship, creating awesome kids, and building our family's wealth. For instance, the year our first child was born, we set an objective that was tough to even think about: ensuring she'd be taken care of if something happened to us. It led to key results like writing a will, getting life insurance, and naming a legal guardian. It's serious stuff, but setting these goals together, even the tough ones, strengthens our bond and keeps us focused on what really matters – our family's future.

Lesson

Building a business and nurturing a family – it's a mission that consumes every drop of energy, demanding clear vision and unwavering dedication. The most significant lesson I've learned is that creating a home and family requires the same level of intentionality and rigor as building a business. It's about understanding that every minute, every decision, counts.

To my fellow entrepreneurs and parents, I know the journey isn't easy. It's a path filled with challenges, laughter, and learning. If you're looking for guidance on setting strategic goals for your business or seeking advice on balancing these principles at home, let's connect. Reach out to BBG for professional insights, or drop me a line for a more personal conversation. We're in this together.