Not only smart, but S.M.A.R.T – these are goals that will take your business to new heights.
Goal-setting is an essential part of building your business. Without goals, you’ll either stagnate or head off in the wrong direction – every entrepreneur knows that. We share one of the most effective ways to set goals that are Specific, Measurable, Attainable, Realistic, Timely (SMART).
Specific
The more specific your goal can be, the more likely it is that you will achieve it. In order to determine if your goal is specific enough, you need to answer the four ‘W’ questions:
Who? Who is involved?
What? What exactly do I want to accomplish?
When? What is the time frame?
Why? What are the specific reasons or benefits?
For example, a general (vague) goal would be: Grow the business.
A specific goal would be: Grow my business from two employees to ten employees, all with plenty of work to keep them busy and more than enough money to cover their salaries, by this time next year, so that we can take on bigger clients.
Measurable
Now that you know what your specific goal is, you can choose a way to measure success. If you don’t know what success looks like, how will you know when you’ve reached it? Put concrete numbers to your goals, and keep your team focused on those targeted results as a way to motivate them.
Attainable
It’s essential to keep your goals manageable and attainable, so that you don’t lose heart and feel like a failure. Finding out from your industry what realistic growth expectations look like can help you determine what an attainable goal would be. An attainable goal is one that you believe you can reach, with some work, and one that you have the necessary means to accomplish.
Relevant
When setting business goals, it’s essential to take the market and economy into account. Achievable goals are grounded in reality, after all, and the business climate is going to play a big part in that. Also be sure that your goals are relevant to you, right now. You’re only going to be inspired to achieve them if they are what you want for yourself and your business – not what someone else wants.
Timely
If you don’t set yourself a deadline, you’re never going to reach it. It might sound silly to spell it out like that, but many new businesses set goals without a concrete date in mind, which makes it difficult both to know when the goal is reached, and to determine how to pace yourself to get there. Deadlines are essential.
Setting SMART goals can make the business of achieving goals much more manageable… Have you set any SMART goals lately?