SMART

Setting Goals for Success

Whether you’re an established entrepreneur or just starting your first business, setting SMART goals can help define your business priorities with clear objectives that put you on the path to success. SMART goals are defined as: Specific, Measurable, Achievable, Relevant, and Time-based. Each criteria plays an integral part in creating goals for your company.

Specific

Write exactly what you want to accomplish with your goal based on the five Ws:

  • What do I want to achieve?
  • Why do I want accomplish this goal?
  • Where will this happen?
  • Who is involved?
  • When do I want to achieve this?

A specific goal must be clear so that all parties can understand and answer the questions above.

Measurable

Your goals should be measurable so that you can track the progress towards achieving them. This means that there must be quantifiable indicators that prove you have reached your goal. This criteria helps answer the question: How do I know if I have accomplished my goal?

Achievable

An achievable goal means that it is attainable with the given resources and capabilities. The goal should be challenging enough so that it motivates your team. However, making a goal too challenging can create frustration so it’s important to keep the goal realistic.

Relevant

Does the goal align with your company’s vision? It’s important to set goals that are relevant and add value to the business. When you achieve relevant goals, you help move the company towards greater success.

Time-based

Set a specific and realistic time frame for your goals. If you’re choosing bite-size measures, a month in advance may be realistic, while larger product or service launches may require several months. A deadline can create a sense of urgency and help motivate your team.

Do your business goals align with the overall vision of your company? If not, you may wish to make some adjustments on either end. This will help ensure that your company is on track for success.