As a small business owner, you’re always looking for ways to achieve more – perhaps a resolution to make more money, find more clients or grow your business. It’s great to have an idea of what you want to do, but how will you know whether you’re succeeding? That’s where SMART goals come in. They help you identify what you want to do, when you want to do it by, and how you’ll get it done – turning a resolution into action.
What are SMART goals?
SMART goals are Specific, Measurable, Achievable, Realistic and Timely. Here’s a goal that isn’t SMART: ‘I want to grow my business.’ It says nothing about how the business will grow, how long it will take, how it will be achieved, or how success will be measured. It’s a great starting point, but you need SMART goal-setting to turn it into a plan.
How to use SMART goals
Ask yourself the right questions. Specific: how do you want to grow – more clients, more revenue, more employees? Measurable: how many more, or how much more (numbers work best)? Achievable: how do you plan to reach it, and do you have the resources? Realistic: challenging is good, but asking the impossible sets you up for failure. Timely: set a firm, reasonable deadline rather than ‘ASAP’ or ‘within the year’.
Written from a SMART perspective, the same idea becomes: ‘By 31 March, I will have signed three new clients by advertising locally, attending networking events, and posting on my blog once a week.’ As the deadline approaches, you review your client list – if you’ve hit three, great; if not, review your action plan and see where changes could be made.
Final thoughts
It’s great to have an idea of what you want to do, but without SMART goals all you have is an idea. And you’re not limited to one at a time – if you want to grow in both clients and team size, set SMART goals for both and work towards them together. Once you’ve achieved your goals, you can look forward to setting new ones.