Every successful business has clearly set and articulated goals to attain specific objectives. It is fair to say that business success depends on your ability to set and achieve goals. Yet, in the world of small business, many businesses lack a focused goal.
Put your business on the fast-track by applying the principles of SMART goal setting.
SMART is an acronym for the 5 elements of specific, measurable, achievable, relevant, and time-based goals. It’s a simple tool used by businesses to go beyond the realm of fuzzy goal-setting into an actionable plan for results.
Great goals are well-defined and focused. “Obtain two new billion dollar corporate clients in the Boston property insurance market” is more meaningful to mobilize your team than “Get more business.” Ryan Blair, The Goals Guy eloquently states,”Focus creates a powerful force: goal power. The moment you focus on a goal, your goal becomes a magnet, pulling you and your resources toward it. The more focused your energies, the more power you generate.”
A goal without a measurable outcome is like a sports competition without a scoreboard or scorekeeper. Numbers are an essential part of business. Put concrete numbers in your goals to know if you’re on track.
Far too often, small businesses can set goals beyond reach. No one has ever built a billion dollar business overnight. Dream big and aim for the stars but keep one foot firmly based in reality.
Achievable business goals are based on the current conditions and realities of the business climate. You may desire to have your best year in business or increase revenue by 50%, but if a recession is looming and three new competitors opened in your market, then your goals aren’t relevant to the realities of the market.
Business goals and objectives just don’t get done when there’s no time frame tied to the goal-setting process. Whether your business goal is to increase revenue by 20% or find 5 new clients, choose a time-frame to accomplish your goal.
Once your business goals are SMART, break down each goal into a specific set of tasks and activities to accomplish your goals. It’s important to periodically review your goals and make adjustments if necessary. Goal setting for your small business is an essential tool for success. Remember in the end to be SMART.