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Many of us know the importance of setting goals, but what is really important is making sure they are SMART goals. SMART Goals ensure you have clearly defined objectives in your business. Having this clarity can provide motivation and focus to help you succeed.
Here is what SMART means:
Specific – describe exactly what needs to be achieved.
- What needs to be accomplished?
- Who is responsible for it?
- What steps need to be taken to achieve it?
Measurable – include a metric with a target that indicates success (systems in place to do this)
- What metrics can you use to measure your progress? How will you know when your goal is accomplished?
- If the goal is going to take a while to complete, consider including some milestones that you can include to ensure progress is as expected throughout. Use your metrics to check in on this progress.
- How are you going to measure your metrics – do you have a system to easily check in?
Achievable – set a challenge, but a realistic target
- Is this something you/your team can reasonably accomplish?
- Consider the tools, funds, skills and people needed – is it feasible?
- Your goal should inspire motivation, not cause panic.
- Consider what external factors are at play – you do not want a goal that is reliant on external factors occurring. Keep it within your circle of control
Relevant – it must align with the overarching plan and vision
- Why are you setting this goal?
- Is it worthwhile?
- Is this the right time to be doing this?
- Is it in line with our longer-term plans/objectives?
Time-bound – set a deadline for achieving the goal
- When will this start? And when does it end?
- Consider milestones to break it down and enable you/your team to meet shorter deadlines and check in on achievement. What should have been achieved within 4 weeks/3 months?
Off the back of setting these SMART goals, you need to list the actions to achieve these goals. Many people make the mistake of making their goals actions. The goal should be your end point – actions are the activities to help you achieve that end point. With your action plan, make sure to give responsibility to a person to complete it, and a deadline. This will help you reach your milestones, and eventually your goals.
If you’ve found this blog on SMART goals helpful, why not take a look at our blog post, 7 Tips for an Effective Business Plan?
