As a small business owner, you’ve probably heard the term “SMART” goals before.

 

But what are they?

 

If you get overwhelmed with long-term planning, or struggle to know where to start, then implementing SMART goals will help you develop a clear action plan.

 

SMART goals are: Specific, Measurable, Attainable, Relevant, Time-Bound.

 

Lets take them one at a time:

 

Specific:

When you are setting a goal, be specific about what you want to accomplish by answering the popular “W” questions:

  • Who needs to be involved?
  • What are they trying to accomplish? (be detailed!)
  • When does it need to be done?
  • Where does it need to be done?
  • Which goal is a priority? Are there obstacles or requirements in acheiving your goal that need to be prioritized first?
  • Why is this goal a priority?

 

Measurable:

Make your goal tangible by using metrics to track it. Be specific about what you are tracking. For instance if its new customers, define the minimum number of new customers want to acquire by X date. Determine the number of leads you need each week in order to convert your desired number of new customers by target date.

 

Achievable:

Ask yourself if you can accomplish this goal with the skills and resources available to you. If not, are you able to obtain them?

 

Relevant:

Does this goal make sense within your broader business goals? If you have a one-year or three-year plan, you should be able to answer how your SMART goal relates to a specific element of that plan.

 

Time-Bound:

Set a target-date for your goal, and make sure its realistic. Consider your other priorities and commitments when setting your target dates. Also consider whether or not the resources you need to complete your goal are available or if there will be resource constraints. Once you have set a realistic target date, determine milestones within your goal. For instance, if you set a goal date for the end of the quarter, what milestones do you need to achieve by the end of month 1, month 2 and month 3?

 

 

 

Although it may seem challenging while you are working through the process, building SMART goals should be an energizing experience that leaves with you with a specific action plan to accomplish what you set out to do.