Setting S.M.A.R.T. Business Goals
The S.M.A.R.T. goals methodology is beneficial to all businesses no matter their size, as well as being applicable to a variety of industries. S.M.A.R.T. goals mean Specific, Measurable, Achievable, Relevant and Time-bound actions, and by introducing these you’re able to effectively plan and deliver your short and long-term strategic objectives.
This blog breaks down the S.M.A.R.T. acronym, explaining how each one adds focus and clarity to your business’s growth.
S.M.A.R.T. Goal Examples
These vary depending on your requirements at the time, future projections, your desired result, and industry, but some examples could include:
- Boasting your profile through more visits and followers
- Increasing your number of customer reviews
- Increasing profits by a certain percentage
- Offering effective IT support for all staff and customers
- Answering more calls within set KPIs
Your business goals can be anything you want it to be, just make sure they’re S.M.A.R.T.
S – Specific
What is the end result you want that’ll drive your business forward? You may have several actions, which is ok! Each one can be its own specific goal, but you need to break them down further and think about:
- What do you want to achieve? (Include as much detail as possible)
- Why are you doing this? (How will it add value / solve problems)
- What are the individual steps to achieve this?
- Who can help you achieve this?
- What equipment, software etc. do you need to achieve this?
M – Measurable
The only way to monitor whether you’re on the right road is by measuring the actions you set out in the first step (Specific). This can be actioned in different ways from KPIs and data analysis to surveys. Through regular monitoring, you can track your progress, compare to previous periods and make any adjustments along the way.
A – Achievable
Motivation is key when reaching your business goals, so don’t set yourself or your team up to fail. Assessing to see if your goal is achievable can overlap with the Specific step; when you’re confirming if you have everything in place including funding, equipment and specific skill sets.
R – Relevant
By understanding why you’ve set this goal and how it’ll impact the wider business will help you create precise actions for successful results. It also provides a clear direction for anyone involved; helping them understand the target and keep them motivated to succeed. It’s also beneficial to ensure your goals are aligned to your vision and missions, remaining true to your business values.
T – Time-bound
Milestones and deadlines allow you to build a plan that fits in with your day-to-day operations, as well as laying down a roadmap and providing accountability. It also allows you to measure your goal’s status at different points along the way, highlighting any areas of concern such as additional financial support to keep you on track.
Tips for S.M.A.R.T. Business Goals
If you already have a strategic plan set out – great! Take some time to apply the S.M.A.R.T. methodology to each goal and ensure they’re meeting your overall mission. You should also:
- Speak with and involve your team
- Create and share a clear plan
- Regularly review and evaluate
- Amend to stay aligned with your end result
