Be SMART with your business goals

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And so we’re into another year – can’t believe that it’s 2014 already. At this time of year, I review my business and marketing plan from last year; look at what worked well and what didn’t and decide on new objectives and goals for the coming year. But where do you start?

When I worked for a big company in the UK, business planning was all around SMART objectives and this translates well to the small business too. So, what is SMART?

  • S – Specific
  • M – Measurable
  • A – Attainable
  • R – Realistic
  • T – Timely

It’s a good idea to use the measures above to think about your goals – so let’s have a look at them all in turn.

Specific – if your goals are general, you are less likely to achieve them – for example, my New Year’s Resolution usually includes something around losing weight! But as everyone who’s ever tried to lose weight knows, if you just say ‘this year I want to lose weight’, it’s unlikely to happen. However if you make the goals more specific, you are more likely to be successful – for example, goals could be ‘I’m going to join a gym and go three times a week’ and ‘I’m going to join a slimming club and follow a structured diet’. So, in order to be specific, think about:

  • Who is involved?
  • What do I want to achieve?
  • Where – Identify a location
  • When – Establish a time frame
  • Which – Identify requirements and constraints
  • Why – Specific reasons, purpose or benefits of accomplishing the goal

Tape measureMeasurable – to ensure that you attain your goals, they need to be measurable; then you can keep an eye on your progress and you will stay on track and reach your target dates. If you have a website for your business, one goal may be to push it further up search engines, so your business can be more easily found by potential customers.   Questions you could ask yourself could be:

  • How will I know when I’ve achieved a goal?
  • What does success in a particular goal look like?
  • How will you measure the success?

Attainable – Once you have your list of goals, you can start to think about how you can achieve them. Look at each of them in turn and make sure that they are attainable. In the TV programme, ‘Only Fools and Horses’ Del-boy was always saying ‘this time next year – we’ll be millionaires’ – a great goal, but not necessarily attainable…and too generalised!

Think about how you can turn your goals into reality – by writing them down, being specific, may give you further ideas or may highlight opportunities that you may have previously missed.

Realistic – it’s really important that all your goals are realistic. You must be both able and willing to work towards them. You are the only one who can decide what is realistic and achievable for you – some people like to set high targets and goals and get more satisfaction out of the challenge; others prefer to set several smaller goals that will work towards the higher target. It’s up to you which approach you take…but make sure your goals are realistic for you.

ClockTimely – Goals always need to have a timeframe – if you don’t have a timeframe, then there’s no sense of urgency and it’s easy to keep saying ‘I’ll start that tomorrow’…and we all know that tomorrow never comes! If we go back to the weight loss scenario, if you say ‘I want to lose a stone’, but don’t put a time limit on it,  it’ll never happen. But, if you give yourself a date (a realistic and attainable date), for example, ‘I want to lose a stone in three  months’ – it’s more likely that you’ll succeed.

By keeping your objectives/goals SMART, you’ll be able to keep a tight rein on how your business is progressing and achieving what you want it to achieve.

Good luck and if you have any further ideas on the subject, please let me know!

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