How SMART Goals Work
Since the concept of SMART Goals (Specific, Measurable, Attainable, Relevant, and Time-bound) has become popular in business circles, I’ve started seeing people trying to implement them in various areas of their lives. However, when it comes to SMART Goals, it’s very easy to miss the whole point and waste a lot of time. The key to making SMART Goals work is to incorporate all 6 Key Principles described below.
Make Goals SMART
Goal-setting is important, and goals that are hard to achieve are worse than no goals at all. Therefore, it’s important that you set goals that are SMART goals (and not just a list of goals) to ensure they are achievable and that they can help you reach your goals. To make your goals more likely to succeed, set them to include specific elements that are easy to measure. For example, what is your goal to increase visitor traffic to your business? A broad goal such as “increase visitor traffic” is leaving out all of the individual elements you need to achieve this goal. So you will need a more specific goal such as “Get 200 visitors to my business site by the end of the week.”
Make Goals Measurable
S = Specific
A goal that—s specific for your business is the most valuable kind.
What does it mean to set a specific goal? Well, it means you need to define a specific outcome (success measurement) for the goal. When you have a well defined outcome, you’re much more likely to ask yourself why you want it (why this goal is important to you) and whether you are prepared to do anything to achieve it in relation to your business.
M = Measurable
A SMART goal is based on an outcome that is measurable. There are three types of measurable goals … … Measurable: The goal should be closely linked to the performance standard. For example, if your goal is to increase revenue, the outcome should be seen as a countable number.
Measurable: The goal should be connected to a real, quantifiable value. For example, if the goal is to reduce absenteeism by 20% in the next quarter, that is a real number instead of a percentage.
Measurable: The goal should be measured at a particular standard of measurement. For example, if the goal is to reduce freight costs by 10% in three years, this is a standard measurement. …
SMART: … Specific: The goal … needs to include a statement of the intended outcome.
Measurable: The goal should also be associated with a specific action plan.
Applies: The SMART goal should be applied to your current situation.
Time-Bound: The SMART goal should be time bound. For example, if you’re aiming to refinance your mortgage in two years, this is not an SMART goal.
A = Achievable
In 2022, I will be able to.
I will be able to stop procrastinating and get to work on time, every time. I will be able to wake up early enough and actually start my day on time. I will make a healthy breakfast at least 5 days out of the week. I will be able to maintain a healthy weight by eating vegetables and fruits. I will shoot at least 2 videos per week. I will eat my greens more often and drink plenty of water.
I will be able to be more active. I will get back into fitness by going to the gym or doing some type of physical activity regularly. I will be able to work out at least 3 days per week. I will eat at least 1 protein-based meal per day. I will eat a balanced lunch at work. I will make healthy snacks and meals more often.
I will be able to spend a few minutes before every meeting to clear my mind and plan the meeting. I will plan a weekly meeting with my team to solve problems and brainstorm new ideas. I will set goals for the year ahead. I will do at least one thing creditably each week. I will be more organized. I will be more present at work.
R = Relevant
N = Non-Relevant, T = Time-Sensitive.
Goal 1: Build Your Business Network
Find ways to network with existing business owners and potential partners who can help you grow. Reaching out to local business leaders can lead to access to valuable partnerships and potential customers.
N=n Review Your Business Plan
Go back to your business plan and make sure you have a shortlist of people who might help you. Find ways to work with local companies or connect with them on social media.
Goal 2: Earn the Respect of Your Target Market
Develop marketing strategies to connect with your customer and increase sales. As your business grows, it becomes increasingly critical that you be able to understand and represent your customers’ needs.
N=n Research Your Competitors
Keep an eye on your competitors. If you notice small changes in their marketing strategies, you can adapt quickly to gain an edge.
Goal 3: Raise Your Profile with Media
To keep your target market engaged, you’ll need to partner with local media companies to help drive traffic to your website and help you establish credibility.
N=n re-Evaluate Your Business Strategy
Keep in mind that your target market might change over time. If a different local demographic is beginning to adopt your product, take note and make changes to your marketing strategy.
Goal 4: Grow Your Brand
T = Time-bound
Definition: Set a specific goal with a time limit for a completed action.
Key Takeaway: If you want to see results, give yourself a deadline to meet. Not only will you decrease the amount of time you spend to produce results, you’ll also be more likely to complete the goal. With a time-bound goal, you’ll focus on the end result instead of the obstacles along the way.
10 SMART Goals Examples
By 2022, smart goals have turned into the standard of all businesses. From big corporations to small business, SMART goals are the first approach that is being used to set goals in any business dealings. You can surely make fun of SMART goals to any individual but if you are an entrepreneur and running your small business, then go no further as you are required to SMART goals.
Get Your SMART Goals Off
Step 1: Set a goal for 2022
It's time to change your thinking if you're coming from a "fly-by-the-seat-of-your-pants" mindset.
You must be asking yourself, "Can I really do that?" or "I'm too busy." You may even be thinking, "I'm too old." All of these are excuses that are self-limiting.
The fact is, there is not enough time in the day to get everything done. And there always seems to be *more* work than ever before.
When you set goals, that's an awesome source of motivation and direction, but you need to set them properly. You need to set SMART goals.
Set a goal that is:
Specific – Set a specific time period that you need to accomplish this goal (ex. six months).
Win Six New Business Accounts Before The End of The Second Quarter
Have at least six new business accounts in place by the end of the second quarter.
This goal is designed to keep our small business goal juices flowing and move us into our second quarter. By extending a topic we touched on earlier, it tells us that we need to do more personal selling.
We’ve already covered the value of personal selling, and we’ve put together a short guide on how to convert more clients to customers and move them through the buying cycle.
The win six new business accounts by the end of the second quarter is an ambitious goal, but it’s also one that will demand as much energy and effort as possible.
One simple way to accomplish this goal is to ask a new prospect to schedule a 30-minute consultation and get them on the road to buying something.
You can arrange a 30-minute consultation with a prospect in which you’ll find out exactly what their goals are and how you can help them achieve their objectives. You can also use these 30 minutes to engage in some active selling.
With that in mind, you’ll need to have a solid personal sell available for your prospects. Here’s our offer template for that.
Sales Offer Template:
Name of prospect:
Pay Off $10,000 in Business Debt Within 30 Months
As a small business owner, you may be carrying a balance on your credit card, personal line of credit, or small business loan. Think about how much it costs you to carry this debt for a year. What about carrying this debt for half a decade? If you haven’t already addressed this issue, you may be carrying an unnecessary burden that could cause business problems down the road.
By coming up with strategies and goals to pay down your business debt, you can free up cash flow for more important business activities.
Increase Search Engine Traffic by 10% in the Next Two Months
When you’re trying to increase traffic to your website, you probably want to do everything you can to increase it. One of these things is creating and publishing articles that are regularly posted to your news page. When people see that you have online content, they’re more likely to check it out, and you can create more traffic from this. You’ll be able to see the results almost immediately, but you should also plan to retain the traffic for at least a few weeks.
So, if you have several different types of articles to write, make sure that you have at least 2 or 3 of them set aside. Make sure you have the title and topics set. Then you should have a discount code set up so that people can take advantage of it. Once you have the articles posted to your site, stick to the posting schedule. Also, don’t forget to followup with your readers.
Increase New Customer Reviews by 30% Year Over Year
By 2022, we want to have a business with over 15,000 positive reviews on Yelp; a rating of three out of a possible five stars.
Many of our competitors are even ahead of us and have earned over 100,000 reviews.
These positive reviews are extremely important to us as a business, and will help you determine if a company is right for you and your business.
Confirm That 90% of Team Members Have Completed New Inventory Management Software Training by the End of Third Quarter
Employees of the company will have access to an inventory management software throughout 2016 and will be notified as to what training materials they will need to become fully functional in the inventory management software.
By the end of the second quarter in 2017 the company will have evaluated if the current inventory management software is technically feasible to use for retailers. If the inventory management software is not technically feasible to use for retailers, the company will have migrated to a feasible inventory management software.
By the end of the second quarter in 2017 the company will have a written inventory management software test plan to verify that the logistics software can be loaded with inventory management software data.
By the end of the third quarter in 2017 the company will have a software that tracks patient medical records of patients meeting clinically defined criteria and the company will be evaluating if a score prediction model can be created that can predict the probability of the disease.
By the end of the first quarter in 2018 the company will have a remote patient record software that can be used for hospitals to track patients and that will be working with the company.
Grow Market Share at least 10% by the End of the Year
Align with strategic partner to maintain a percentage of market share of at least 10% market share by the close of the year.
Increase Customer Base in Existing Markets by 10% through New or Existing Client Relationships
In the SMART Goals framework, goals need to be realistic and attainable, along with measurable and trackable. In the previous step, you set a goal that aligns with the larger business objectives. By the end of the year, you will have a better idea of how well you did in accomplishing that goal.
In this step, you set goals to increase the market share you have in the market in which you compete. If you find that you have 10% now, you will likely want to increase that number in the coming year. To set a goal to do that, break things down into a larger bracket that most closely fits your current goal. For instance, if you now have 10% and want to increase it by 10%, you would set another goal for the end of the year that would have you increase your market share by 1%.
This step is where you focus more on the growth and expansion of your business. One way to think about this step is to think about new customers and existing customers. In the next step, you will set goals for increasing the number of both.
Improve Automation Workflow by 20% Within Six Months
Automation can reduce the stress of repetitive tasks on individuals and provide more time for other business-related activities, like meeting with customers and listening to them. Although it is not always possible to delegate the work to machines, some tasks, such as the summary of orders coming from multiple services providers or the selection of holiday deals, can be processed automatically.
Automation is the process of automating certain tasks and sharing them in a virtual platform. The platform will be based on cloud-based technology and will be available at an affordable rate. You will likely have access to the platform through a mobile application, such as a tablet app or smartphone app.
Your team may be able to train agents to complete the tasks through instructions … and your virtual assistant can do everything else, including recording the results and transmitting them to the development team.
Ansible is an open-source platform that can handle automation tasks. Software development options include creating and sharing custom scripts, which can cross-reference features, support different operating systems and be employed in both large and small businesses. This can minimize the workload of your team and would be a good goal for you to start working toward.
Plan Five Customer Education Webinars by Fourth Quarter
Webinars have been incredibly successful in reaching out to new segments of the target market and will continue to be well-received to new segments of the market.
Because so much time has already been invested into creating knowledge about the brand, it would be a great idea to give existing customers a chance to re-engage with a quick and easy learning opportunity from the brand.
The webinar would be an investment to close a distance with existing customers to gain some excitement for the future of the brand. Customers will be able to ask questions on the specifics of the brand’s latest product development but would not need to have the full product expectations.
And seeing as the business will grow in the future, this could be the first step into an ultimately increased sales figures.
Get Three High-quality Joint Venture Partners in July
As a small business owner, oftentimes your greatest achievement and ultimate success will not be measured in the number of hours you work or the quality of the products or services you sell. Instead, it will be measured in the quality of relationships you maintain and the likelihood that you will continue to be in business for you, your employees, and your customers.
Developing and maintaining A GOOD RELATIONSHIP WITH BUSINESS PARTNERS (who may or may not be your competitors) is critical for your small business’s success. During an era when being a business partner may be likened to being a public enemy to competitors, it’s even more important for your small business to be selective about whom you choose to partner with.
Increase Website Traffic 25% by December 2022
Goal: Increase website traffic 25% by December 2022
What will you be able to do differently after you reach this goal? By improving the quality of your content categories and links, more organic traffic will be generated and the number of visitors you receive will increase.
For example, your website will use less or no boilerplate text. This is text that does not add value to the page. Since this type of content is more easily accessible by search engines and less tedious to read, it will entice more visitors and more click-throughs to your site, which in turn will increase your revenue.
Your website will use less or no boilerplate text.
For example, your website will be more attractive, have quality content, and be smarter about how it works. Visitors and customers will be more impressed with the information they receive as a result.
Facilitate More Business Opportunities
Goal: Facilitate more business opportunities by December 2022
A business is more than just the products or services it produces. It’s about the people in that company, and the relationships they build as well. By making your customers or potential customers feel special, you’ll be able to determine how you promote your business, and this in turn will open doors to new opportunities.
Do’s And Don’ts in Setting SMART Goals
Setting goals is a necessary part of progress toward achieving what you want. Your goal should make sense, and, more important, you should have a reason for it. You’ll need to spend time thinking about what you want, but it will be time well spent.
Setting SMART goals is super important within any business. What are SMART goals? Ask yourself how you will you get from where you are now to your desired future outcome? After you have the answer to that question, you are now ready to set a specific goal based on what you want and what you will need to do to get there. Best of all, SMART goals come with a built-in built-in check-in. If you want to achieve the same task a month down the road and you have made progress, you get to celebrate! If not then you have the opportunity to change course to align with your goals.
Setting SMART Performance Goals
Through this article, we intend to share 10 SMART performance goals that small businesses can implement in the coming year to improve their business performance and attain personal and organizational successes.
Create multiple techniques for each quarter, and keep a balance between SMART goals and SMART objectives. Without any theory or a perfect practice, setting SMART performance goals is useless. The SMART philosophy can be implemented only if the ability is applied to achieve the goals.
Many business owners are unaware of the fact that SMART is, in fact, a psychological tool. Without a solid theory that matches the philosophy of achieving desired objectives, it will be impossible to apply this effective method to the business.
Thus, it is important for a business owner to master the theory of SMART goal setting.
Types and Purposes of SMART Performance Goals
SMART goals are flexible, and it is not limited to one specific activity.
One SMART goal is success in the following areas: Skilled employees, Enhance product quality and supply, Increase revenue and profits, Avoid risk, Ensure a long-term supply chain, Provide efficient internal processes.
So remember, SMART performance goals can cover many aspects within a business. In this way, it is possible to achieve a variety of goals.
Nearly everyone wants to be successful, but there is a real difference between the dream of success and the plan to achieve that success.
Everyone wants to be successful!
Success is defined by doing what you already know, so if you already know what successful is….you are successful already. The problem most people experience is we have certain perceived barriers and limitations to our success, but those barriers and limitations are only temporary in nature.
As temporary as these perceived barriers may be, that does not mean they do not exist. And if you do not deal with them correctly, they can be quite difficult to overcome.
Let me explain….because the biggest problem most people have with any process, is they think they are not good enough. But you know what? You are more than good enough!
You can do and have everything you need to be successful!
Take any weakness you may have and turn it into an asset to you through knowledge and action.
In my case, my lack of good salesmanship made it difficult to close sales initially. But that same lack of good salesmanship became a very big asset to me when I realized I could increase my sales by understanding why I didn’t sell. Once I figured that out, I learned how to use that weakness to my advantage.
The same is true with your own perceived weaknesses.