For many people, it's that time of year again when setting goals is top of mind. But with so many methods, strategies, tricks and tools, just figuring out how to approach your New Year's resolutions can be a lofty goal in itself. Here are how three billionaires approach goal-setting, and what you can learn from them.

Bill Gates uses the OKR method

Billionaire and co-founder of Microsoft Bill Gates takes a very specific and measured route to goal-setting. He uses what's called the OKR method — a project management system first championed by the late Intel CEO Andy Grove, who was one of Gates' favorite business leaders, and further developed by venture capitalist John Doerr. It's also a method used by successful companies like Google. OKR calls for first setting objectives (the "O" in OKR), meaning what you want to accomplish; they should be significant, action-oriented and aspirational. Then you identify key results ("KR") that help you meet your objectives. Key results should be specific, measurable and verifiable. For example, you might set a goal of becoming the best dog-walker in New York City. To accomplish that, a key result might be to secure 10 new clients by the end of March 2019. The objective steers you in the right direction, while the key result is a measurable achievement along the way. According to Gates, "Having a good mission is not enough. You need a concrete objective, and you need to know how you're going to get there." Gates recalls using OKR when he was running Microsoft and starting the Bill & Melinda Gates Foundation: "[M]y time was limited, and [we] had to make things very efficient," Gates says in Doerr's book "Measure What Matters." "The goals process was a big part of that."

Richard Branson writes it all down

Billionaire and Virgin Group founder Richard Branson is known for his big, out-of-the-box ideas. To help make his ideas a reality, Branson writes things down. "It's time to get your New Year's resolutions down on paper. The simple act of writing it down will help you stick to it," Branson says in a post on his blog. "Share your goals with your family and friends but ultimately it's down to you to make your resolution happen."



Indeed, research underscores the importance of physically writing down your goals: It's been reported that you become 42 percent more likely to achieve your goals and dreams if you write them down on a regular basis. Branson also recommends having short-and long-term goals, as he says it's motivational to rack up small successes while working toward loftier resolutions. "If you set daily goals and work through your list every day, you can mark off every completed task with a satisfying tick," Branson says. "This helps keep you motivated to aim for the big targets."

Ray Dalio knows to focus