New Years is a time to start fresh. It is an opportunity to set new goals and objectives for your business that will help put it on track for success. Goal setting is an important skill for any business leader and one that could make this year your most successful year yet!
Learn about the SMART framework below so you can get there faster!
The SMART Framework:
One of the most effective frameworks for creating meaningful and actionable goals is to use the SMART system. This system will allow you to create goals that are well thought out and are achievable allowing your business to maximize your resources and efforts.
The first question to ask yourself when setting a goal should be, “is this goal specific enough?” A good goal is one that is focused and well defined. The more granular you can get with your goal setting the better idea you will have of what you need and what actions you need to take to achieve your goal. Ask yourself the 5 W’s: Who, What, Where, When, Why. These questions can help you to define your goal.
The next question to ask yourself when setting a goal is, “can I measure my progress and success at achieving this goal?” A goal that can’t be measured has no value. There needs to be a criteria for monitoring and achieving your goals to keep you accountable. Ask how many, how much, and when have I completed my goal? Accountability and measurability are key to keeping you on track and helping you to achieve your goals.
Another question to ask when setting a goal is, “is this goal attainable?” A goal that cannot be achieved is more of a dream or a wish than a goal. It is important to make sure that you are setting goals that you can achieve. It is good to challenge yourself when goal setting, but keep in mind that a goal should not be so straining that it cannot be accomplished. Think about any constraints surrounding your goal that could prevent you from succeeding.
Ask yourself, “is this goal relevant?” Make sure your goals align with what you want to accomplish and that they are worthwhile. Make sure that it is the right time and that you are the right person to be pursuing this goal. It is also important that you have the tools and resources that would allow you to tackle your goal. Keep your goals relevant to your objectives and you will be on your way to achieving meaningful progress in your business.
The final question to ask yourself while goal setting is, “is my goal timely?” Every great goal needs a target completion date as well as check-ins to help keep you on track. It is important to think what you can do today, next week, next month, 6 months from now, etc. This thought process with help you to keep on track and reach your goal by its target completion date.
Here are a few examples of SMART goals:
I will increase my Shopify store sales by 20% in quarter 1 of 2020, by leveraging strategic partnerships and increasing my advertising budget.
I will add 2 additional channels to my eCommerce business this year to increase my business’ revenue.
The Three Main Types of Goals:
A short-term goal is a goal that has a short time horizon and is something that can be achieved in the near future. This is something that you can do today, next week, next month or even a few months from now. (Up to 1 year)
- Start a Twitter account for my business
- Attend a trade show
- Take a Coursera class on email marketing
An intermediate-term goal is a goal that has an intermediate time horizon and can be achieved with a bit of time. This is something that can be achieved in 1-5 years. (1-5 years)
- Get an MBA
- Grow my online business to where I can quit my day job
- Learn Spanish
A long-term goal is a goal that has a long time horizon and takes a long period of time to achieve. These goals often take longer than 10 years to accomplish. (10+ years)
- Become a recognizable industry leader
- Buy my dream business facility
- Retire with wealth