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The goal of any business is to make money. But how do you know if your strategy for success has been designed in the right way? You can use SMART objectives as an objective indicator, and these examples show what they mean so that we’re all on the same page together!
What are SMART objectives?
SMART is an acronym used to set and achieve goals. The letters stand for:
S – Specific
M – Measurable
A – Achievable
R – Relevant
T – Time-bound
The SMART objective framework is an easy-to-use tool that can be employed to set clear goals for your business. By following this basic structure, you will not only achieve success in completing tasks more efficiently but also make sure any future projects are viable from the start by focusing on what’s important rather than trying something new without understanding its importance first-hand.
How to set SMART objectives: step by step
The first step in setting smart objectives is to think about areas that need improvement. This could range from company growth and production streamlining, or even just improving your marketing strategy! Once you have those key points defined for yourself as a business owner/ manager then it’s time start creating some realistic achievable goals within these new parameters so they can be measured against progress over the course of whatever timeline we’re working with (i e 3 months).
Here’s an explanation of each step, along with SMART objectives examples.
Step 1: Be specific.
The ‘W’ words (What, Where, When & Why) are a great way to make your goals more attainable and measurable. generic objectives might be good for starting out, but they will get less impressive as you progress with the plan; while being specific about what exactly needs to be achieved can help keep people motivated through every step of their journey
Focusing on one important task at a time rather than spreading yourself thin means success is likely much closer than it seems!
What needs to be done?
Why is it important?
Who will help achieve this goal?
Where will this take place?
Which resources are needed to succeed?
The objective should be written in such a specific, clear way that anyone reading it will understand what it means without any prior knowledge of your goals.
Example: Instead of writing “I want to get more sales” you could write something like “I want to increase my t-shirt sales to 1,000 units per month”
Step 2: Make it measurable.
Measurability is an important concept to consider when setting SMART objectives. If your goal cannot be measured, you will not know if it has been met or exceeded during the course of achieving said objective because there’s no way for progress toward that endpoint in sight! This could lead someone who sets out with good aims but without any means by which they’ll know whether their efforts were successful – resulting sometimes from striving too hard towards something without actually knowing how much value was achieved along this journey as well being unhappy even before reaching
- How many products will I sell?
- How much profit will I make?
- Which metrics will I use to measure success?
Example: Goals like increasing a sales number are far easier to measure than something like “increase customer satisfaction” so take a bit of time and think about this step so you can look back and reflect to gauge if you have met your goals at the end.
Step 3: Make it achievable.
The next step to any goal is determining if it’s realistic. If you’re setting an unattainable objective, then not only will the task be frustrating but also a waste of resources too! So ask yourself these questions: Is my goal achievable? What am I going need in order for me to achieve this specific result?”
Do I have the finances to fund this goal?
How realistic is this goal within the available time frame?
How will I accomplish what I set out to do?
Example: Do more research at this stage – Have you checked out your competitors to find out what’s going on elsewhere? Is the market already saturated? how much profit will you actually make? Is it worth your time and effort to pursue?
Step 4: Choose a relevant goal.
Your goals should be something that you care deeply about. Otherwise, it’s likely going to feel like a chore and not exciting at all! in this step, it’s important to ask yourself “Why?”
Does it align with your organisation’s current vision?
Is now the right time to achieve this goal?
Does it seem like a worthwhile endeavour?
If you’re struggling to answer this question around why you want to do this – should you really be doing it in the first place? you can get as personal as you like in this step as this will also act as your motivation if times ever get tough.
Example: If your business is already hugely successful, and you’re thinking about expanding into other areas, ask yourself why? could this endeavour be a waste of time that would be better spent improving your business elsewhere?
Step 5: Choose a timeframe.
It’s important to set a deadline for your SMART objectives. Otherwise, you might find yourself stuck in the weeds with everyday tasks longer than necessary and missing out on achieving more meaningful goals that will help grow business over time!
What can be accomplished in six months?
What can I do every day to meet my goal?
Is this project possible in a reasonable period?
People respond differently to deadlines, however not having one is the worst thing you could do! If you don’t stick to this last crucial step, you’ll quickly find yourself a year down the line, having made no real progress and wishing you had taken action sooner.
We hope we’ve made this easy for you, but if you have any questions or thoughts we’d love to hear from you!
And to make sure this philosophy sticks with you through your everyday tasks, we have created this easy-to-use template for you to download. No Charge, No Commitment. Subscribe to our mailing list for other handy tips about how to grow your business and achieve eternal happiness! (Ok, we can do the happiness thing – but we hope you will be anyway!)