The New Year is typically when most people create resolutions and new goals personally and professionally. As business owners, setting goals is essential to helping us plan for the future. That means setting goals is crucial for the success and growth of your business. However, it’s not enough to have goals – they need to be SMART goals.
SMART is an acronym for Specific, Measurable, Achievable, Relevant, and Time-bound. By following these guidelines, you can create clear, focused, and achievable goals, increasing your chances of success.
Here’s a breakdown of each step in the SMART goal-setting process:
- Specific: Your goals should be specific and clearly defined. This means being clear about what you want to accomplish and how you will do it. For example, instead of setting a goal to “increase sales,” you might set a goal to “increase sales by 20% by implementing a new marketing campaign.”
- Measurable: Your goals should be measurable. Making them measurable lets you track your progress and know when you’ve achieved them. This means including quantifiable metrics in your goals, such as “increase sales by 20%” or “attract 100 new customers.”
- Achievable: Your goals should be achievable, meaning they are realistic and within reach. While it’s essential to aim high and challenge yourself, if you set unrealistic goals, it can lead to frustration and disappointment.
- Relevant: Your goals should be relevant to your business and its long-term goals. They should align with your values, mission, and vision and be in line with your current resources and capabilities.
- Time-bound: Your goals should have a specific timeline; this provides a sense of urgency and motivates you to take action. This can be a specific date or a set period of time, such as “increase sales by 20% within the next six months.”
By creating SMART goals for your business, you’ll set yourself up for success and progress toward achieving your long-term objectives. Remember to review and revise your goals regularly to remain relevant and aligned with your business needs.
This Hubspot article will walk you through the steps to creating SMART goals and provide you with a free template.