Making Business Goals Specific, Measurable, Attainable, Realistic, and Timely.
As you write your business goals, you need to have a way to evaluate those goals.
A good way to evaluate your business goals is to determine if they are SMART goals.
This acronym is used to describe what "good" goal statements because they contain most of the essential ingredients of a good goal. Be Straightforward
A SMART goal is one that is:
S = Specific
M = Measurable
A = Attainable
R = Realistic
T = Timely
Goals should be straightforward and emphasize what you want to happen.
When you consider your business goals, you need to be specific. Doing so means your goals are more like to be realized.
There are 6 important questions to answer when creating a business goal – they are the six “W” questions:
Who: Name the people involved
What: Name the thing you want to accomplish
Where: Where will this goal take place?
When: Name a date for completion
Which: Name things you will need and what might stop you
Why: Explain the reason behind the goal.
A general goal would be, "My business will make money." But a specific goal would be, "My business will make $50,000 per year."
It’s About the Numbers
If you cannot measure it, you cannot manage it. Establish concrete criteria for measuring progress toward the attainment of each goal you set.
When you measure your progress, you stay on track, reach your target dates, and experience the exhilaration of achievement that spurs you on to continued effort required to reach your goal.
To determine if your goal is measurable, ask questions such as:
- How much?
- How many?
- How will I know when it is accomplished?
Bringing What You Have to the Table
Your goals must be attainable. When you identify goals that are important to you, You are more likely to make them come true.
You push beyond the stumbling blocks and learn the skills necessary to reach them. Opportunities are recognized that can bring your goals to reality.
Being Honest about Your Business Goals
Realistic is not a synonym for "easy." Realistic, in this case, means "do-able." To be realistic, a goal must represent an objective toward which you are both willing and able to work.
A goal can be both high and realistic; you are the only one who can decide just how high your goal should be. Be sure that every goal represents substantial progress.
Your goal is realistic if you truly believe that it can be accomplished.
Additional ways to know if your goal is realistic is to determine if you have accomplished anything similar in the past or ask yourself what conditions would have to exist to accomplish this goal.
Start the Clock
A goal should be grounded within a time frame. With no time frame tied to it, there is no sense of urgency.
If you want to have five active clients, when do you want to have them by? "Someday" will not work. If you do not set a time, the commitment is too vague.
It tends not to happen because you feel you can start at any time. Without a time limit, there is no urgency to start taking action now.
The best SMART goals are focused, specific, short-term targets that involve things that are under your direct control.
This is what makes goals such powerful achievement tools. You will benefit from goals and objectives if they are SMART.
Next Chapter:
Chapter 5 - Financing Your Business
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