New Year, SMARTer Business Goals.
Every year we all take the time to think of New Year’s resolutions and/or goals such as planning a family vacation, losing weight, eating healthier, or finding and falling in love. We take the time to think about physical health or wellbeing but what about making time for your professional career or business resolutions and/or goals?
We all have room to grow and should focus on creating goals that bring more value to our professional careers or business. We’ve all heard the term “invest in you,” but many of us fail to realize what it means or how powerful that single act of self-investment really is.
As small business owners, entrepreneurs, startup founders, or young professionals, our focus each year should be to reinvest in our value and our potential. During my years in government, I always created SMART goals for the areas I worked in. SMART is an acronym for the 5 elements of specific, measurable, achievable, relevant/results-focused, and time-bound goals. Creating structured goals for your business provides you with target results to aim for in a specific amount of time.
To make sure your business goals are clear and achievable, each one should be:
Specific
Create well-defined and focused goals. Business specific goals should clearly state what you want to accomplish, why it is important, and how you intend to accomplish the goal. Specific goals clearly answer the five “W’s.” Think about what is to be achieved, by whom, where and when it is to be achieved and why it is important?
Measurable
All goals should have a measurable outcome. Putting criteria for measuring progress on your goals answers the questions, how much, how often, or how many? What gets measured usually gets completed.
Achievable
Ensure your goals are are achievable. Don’t be afraid to break the goal down into smaller, tasks. Aim high but be realistic. Create a simple 30–60–90-day plan to map out the tasks that can help you achieve your main goals.
Relevant or Result-Focused
Goals should measure outcomes, not activities. Make sure you create goals that fall into long and short term. Also, make sure you understanding how these goals fit into your business strategy. Are they mission/vision related? What are the end results? Be sure to analyze your goals and match them to your mission/vision.
Time-Bound
Create a defined timeline that allows you to commit to the goals. Having a deadline can create an urgency that will motivate you. Choose a time-frame to accomplish your goals.
Setting clearly defined goals for your business gives you a reason for taking action and maximizing your chances for a successful year. By setting the tone and creating SMART goals for your business, you are now investing and creating more value. Not every goal initially set in your small business is worth your time or energy. Make sure you ask yourself “what am I willing to give my energy and time to help it grow and create results?” From there, develop your SMART goals.
“Failing to plan is planning to fail” — Alan Lakein
