As an entrepreneur, what are your goals for your business? You undoubtedly want to grow and upscale your business, expand your customer base, boost your profit margin, and utilise technology so that your business is future-proofed for the 21st century.
If you have goals, are they clearly defined and measurable?
When setting goals, it is important that your goals be meaningful and help you to grow in the process.
There is a framework that helps create effective and attainable goals – The S.M.A.R.T method.
SMART goals are an excellent way to set a criterion for your goal. This acronym is a great framework for setting goals. Each letter of the acronym represents a characteristic that the goal must have:
S – Specific: make your goal concrete and defined
A goal must be specific to be attainable with focused effort. A specific goal states:
Example: “I want to grow my email list” is a more clearly defined goal than saying “I want more leads.”
Thanks to a specific goal like this, you know whether you are ‘on target’ or whether you need to make adjustments.
M – Measurable: make sure you can measure it
To determine goals that can actually be measured, ask yourself the following questions:
It is best not only to put a number on the final goal, but also on some interim milestones.
Example: “I want to grow my email list by 10 people per week”
A – Attainable: is the goal attainable?
Your goals should feel scary, but not cause you to panic. If goals are too easy, they will be reached, but not much is really gained. If goals are too big, you can end up discouraged or lose money or resources unnecessarily.
Example: “I want to grow my email list by 10,000 people per week in three months.”
As much as this is a great goal, it may not be attainable in that timeframe. Be ambitious, but make sure your goal is achievable.
R – Relevant: does it contribute to the growth of your business?
The goals you choose should fit your business, mission and vision. So think carefully about whether the goals add value and help your business to grow in the longer term. For example, as a growing business, do you want better brand awareness? Then the start of a new marketing campaign with a new radio spot, or more online advertising can be a good next goal.
T – Timely: set a clear deadline
Set a specific deadline or time period for achieving each goal. This way you are building in accountability, as you have a date to aim for.
“I want to grow my email list by 10 people per week from 1st October 20xx – December 20xx.”
Setting SMART goals can help you achieve your desired success in your business. While setting goals can be challenging, using the SMART method will assist you in the process and provide structure as you define the goals.
If your goals are SMART, you have a clear direction and focus. Moreover, they are the perfect benchmark for evaluating your progress: by following your SMART goals, you can immediately see whether or not you are making progress in your business.
Also read: How to Measure Your Progress Against Your Business Goals
To support you to set your goals for 2023, create your outcome plans and take action so that you can achieve all you desire professionally and personally, we created an Outcomes Planner.
CLICK HERE to download your planner!
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