It is important to set goals for your business. Why? They give you something to strive for, allow you to track your business performance and measure growth, and help motivate your team
By setting SMART (specific, measurable, achievable, relevant and time-bound) goals you can control the direction your business takes so you achieve your larger business goals.
Setting SMART goals
SMART goals are actionable. Structure your business goals using the following points:
1. Make them Specific. Make sure your goals are specific. These are more likely achievable than setting goals using vague statements (for example, change “I want business turnover to increase” to “I want business turnover to increase by $10,000 in the next year”). Think about:
a. Why the goal is important.
b. What you want to accomplish.
c. Who you need to involve.
d. How you will achieve it,
e. When you will work on the goal.
2. Measurable goals. By setting measurable goals, you can track your progress which then allows you to know when you meet that goal. You can use data such how much money you save or an increase of customers. Or you may want customer feedback using surveys. Think about:
a. How you will know when you achieve each goal.
b. What you want to achieve.
c. What metrics to use to measure your progress.
3. Realistically Achievable. Each goal needs to be realistically achievable based on your time, resources and money. If it is not, try changing the goal to something you can actually achieve. Consider:
a. What it will take to achieve the goal.
b. Whether you or your team have the right skills.
c. The resources you need.
d. If you have the right resources. If not, how you can access the right resources.
e. What external factors could stop you from achieving a goal.
4. Relevant goals. Make sure your goals are relevant to the big picture for your business. Consider:
a. Whether it aligns or is consistent with what else you are doing or working towards in your business.
b. Whether it supports broader business goals.
c. Whether this goal is suitable for this time or should you wait for a better time.
5. Time-bound goals. Set strict deadlines or target dates to keep you and the team on track to achieve each goal. Break larger goals down into smaller milestones to achieve along the way. Consider:
a. In what timeframe you should achieve each goal.
b. Whether the timeframe is achievable.
c. If breaking the goal into smaller milestones or steps would be worthwhile.
Plan how to achieve your goals
You need an action plan to help achieve your goals. They are not going to come true just because you set them. You need to work towards success. Here are some points to consider when putting an action plan in place:
1. Write it down. Write down the goal and the steps in your plan. Put it somewhere you will see it every single day—on the fridge in the break room or a sticky note on your computer, for example.
2. Break large goals down. Break large goals into smaller goals that cumulatively will help you achieve a larger goal.
3. Describe the actions. Describe the actions you need to complete to achieve each goal.
4. Detail the resources required. Detail a budget, and the staff and resources required to achieve your goal.
5. Set a deadline. Set a realistic timeframe to reach your goal. Set any milestones to help get you there if required.
6. Make yourself accountable. Let your team or clients know what you want to achieve. They can help you stay on track and make you accountable.
7. Track your progress. Make decisions about how you will measure success and regularly review your progress—weekly or monthly using a notebook or digital tracker.
8. Make adjustments when needed. When you miss targets, treat it as feedback instead of failure. Adjust your strategy when you need to.
Talk to Ben about setting goals. He offers this as part of his business support service. Ben can help you grow your business and achieve long-term stability. In consultation with you, he can help you set realistic goals, create milestones and set up an action plan to achieve your business goals.
Contact Ben to find out how he can support your business needs.