Setting SMART Goals For Business Growth
For any small business to be succeful, it is imperative to set out clear cut goals. Yet, in the world of small business, many businesses lack a focused goal. Goal setting is a pivotal process for every business owner in every industry, but not all goal setting is created equal. Your goals have to be SMART to be as effective as possible.
By SMART, i don't mean in the affirmative but implementing the 5 acronym of Specific, Measurable, Attainable, Relavant and Time-bound. Now let's dive in to elaborate further.
For any business to experience exponential growth, having a well cut out plan and being focused are very much vital. You need to know exactly what you want and how you will drive those actions for business growth. The moment you focus on a goal, your goal becomes motivates you to achieve a lot more. A general goal would be “I want to make $10,000 a month as compared to a more specific goal which would be “I want to emply 5 advertising channels to increase traffic to my website while putting in 20 hours a week for the next 3 months to enable me reach my 10k a month result.” Keep that in mind.
To make a goal measurable, you need to ask yourself:
- How many/much?
- How do I know if I have reached my goal?
- What is my indicator of progress?
A goal without a measurable outcome is like a sports competition without a scoreboard or scorekeeper. Numbers are an essential part of business. How many hours in a day/week do you need to put in to achieve your goal? This is paramount.
A SMART goal must be achievable and attainable. This will help you figure out ways you can accomplish that goal and work towards it. The achievability of the goal should be stretched to make you feel challenged, but defined well enough that you can actually achieve it. Ask yourself:
- Do I have the resources and capabilities to achieve the goal? If not, what am I missing?
- Have others done it successfully before?
Giving the resources at your disposal, do you think your goals are realistic and achievable? This is one of a pertinent question to ascertain the relevance of your goals for your business. A smart goal must be realistic because every single small business owner, at any stage of the business lifecycle, needs goals to keep moving forward, get them motivated to do more, and maintain success in their businesses.
Your goal must have a start time and time to end. That sets you up as being time consious conquering any form of procrastinations and fears. Do you desire to increase the number of your clients by 15%? Have a time frame with a process in place to see that happen.
Many small business owners tend to set general goals setting themselves up for failure in the long. Best you narrow your goal settings and see that best attain astronomical growth.
Best of Luck
Wilfred Obi Jr