Are You Setting SMART Goals for Your Business?

Goal setting is the powerful process of thinking about the ideal future of your business, and for motivating yourself to turn your vision of this future into reality.

The process of setting goals helps you decide where you want your business to go. By knowing precisely what you want to achieve, you know where you have to concentrate your efforts. It also helps you quickly spot the distractions that can easily lead you astray.

Every successful corporation did not get there by happenstance, but by setting goals to attain specific objectives. Yet, in the world of small business, many businesses lack focused goals. “Get more business” is a typical reply of small business owners when asked of future plans.

It does not matter if you have 25 employees in your business or flying solo, your business’s success depends on your ability to set and achieve goals. Put your business on the fast-track by setting SMART goals.

Setting SMART goals are essential to your business. Especially if you really want good results at the end of your quest. So if you are in the process of starting a business or revamping your business start your business planning by getting your goals in place, and by following the SMART principle. Goals needs to be Specific, Measurable, Achievable, Relevant and Time bounded.

Specific – When an objective is put in place, you should be very specific about it. Great goals are well-defined and focused. “Obtain 10 new clients for my consulting business.” is more meaningful than “Get more business.”

Measurable – A goal without a measurable outcome is like a sporting event without a scoreboard or scorekeeper. Numbers are an essential. You should be able to measure the progress you are making towards your goal. You should be able to answers questions about quantity such as “how much” and “how many”.

Attainable – Far too often, small businesses can set goals beyond reach. No one has ever built a million dollar business overnight. Investors toss out countless business plans of companies because of outlandish goals. Dream big and aim for the stars but keep one foot firmly based in reality.

Relevant –  Choose goals that matters to you and make the goal relevant to your life’s reality. A life coach’s goal to “Make 10 candle sells by Feb. 28th” may be specific, measurable, attainable, and time-bound, but lacks relevance. A relevant goal can answer yes to these questions:

• Does this seem worthwhile?
• Is this the right time?
• Does this match your other efforts/needs?
• Are you the right person?

Time-bound – Set a time frame. Know when you would want to have your goals and objective materialized. The tendency of not setting a time frame that is realistic is that you will tend to procrastinate doing things. Whether your business goal is to increase revenue by 10% or find 5 new clients, choose a time-frame to accomplish your goal.

Still, like all other things, having SMART goals is not the end of goal setting. Break down your goals into specific objectives and tasks. Lastly it’s important to evaluate and re-evaluate your goals and make adjustments if necessary.

Remember, in the end to think SMART.

Share with us below the goal(s) you have set for your business this year.