Cash Money Monday: SMART Goals

Cash Money Monday: SMART Goals

Video: Setting SMART Goals
for your Business

Let’s talk about setting goals for your business. 

When you ask most business owners what their goal is, they will say “make more money.” That’s great. But how do you do that? It usually isn’t as easy as working harder or working longer hours. Most business owners are stretched to the limit as it is. Instead, let’s talk about working smarter – specifically by setting SMART goals. 

What are SMART goals?  They are Specific, Measurable, Achievable, Relevant, and Time-based.

1. Specific

Instead of saying your goal is to make more money, create a specific goal like attracting 30 news customers in the next 3 months. You have one particular action you are going to take and one outcome you want. Then its as specific as doing that one thing and measuring the results. It doesn’t mean you’ll succeed- maybe you’ll get 20 people, maybe you’ll get none. But at least you’ll know what works and what doesn’t.   

2. Measurable

Ensure your goal is measurable, and outline how you will measure it. If you want to improve customer satisfaction for example, send out a survey to measure customer satisfaction now, and again after you have implemented changes. (Hint: those surveys are a great way to identify areas for improvement!)

3. Achievable

Your goals should be achievable. We’re all for having big dreams, but setting a goal of 3000% growth in 1 month when you normally see 10% growth is unrealistic. Break your big goals into phases so you can realistically meet your goals and stay motivated in your progress.

4. Relevant

Relevant goals are meaningful and add value when accomplished. They should line up with larger goals and your company’s overall vision and mission.

5. Time-based

Deadlines are a valuable tool, requiring you to prioritize in order to accomplish what needs to be done. Without a targeted finish, goals are often pushed to the back burner and tasks with impending deadlines are prioritized. If you’re serious about achieving a goal, make sure to set deadlines, convey them to the team, and do your best to meet those deadlines.

Remember the SMART framework the next time you set goals for your business. For more on this topic, see our previous blog on SMART goals

 

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