In our previous blog post, we discussed everything you need to know about SMART goals.
If you haven’t read that yet but would like to fully understand SMART goals, we’d suggest reading that article too. You can find that article here.
In this article, we will talk about exactly how you can implement SMART goals in your small business and the different ways of doing it.
If you want to maximise efficient planning in your small business, then this is the article for you.
Using the SMART Goal Framework
Step One – Using the SMART acronym as an outline
Write down your goal, then break down each of the SMART components underneath it:
Specific – be as specific as possible when defining your goal.
Measurable – choose how you will measure your progress.
Achievable – make sure your expectations are realistic and attainable.
Relevant – does this goal line up with what you want for the future of your business?
Timely – provide yourself a date for when you’d like to complete the goal by, and keep yourself accountable.
Step Two – Consider the past/present/future model
Once you have broken your goal down using the SMART template, consider also including a past/present/future model.
Think about things like the current outcome, what you have already accomplished, where you would like to be in the next 6 months etc. Although this model encourages you to think about the future, ensure to keep the goal you have set timely and focused.
Step Three – Collect all the necessary data
By collecting data that will help give you insight into reaching your goal, this can help to provide a foundation for SMART goals and help you understand what you need to do next.
For example, if your goal was linked to client satisfaction, it would be well-worth sending out a client survey and gathering their input, as this will give you an idea of what your clients are looking for in order to be more satisfied. You can then action this. It doesn’t have to be guesswork, there is data you can easily access that will help you in reaching your goals.
Another example is if your goal is linked to gaining a following on social media.
You can make this easier for yourself by viewing your analytics and insights on social platforms such as Instagram. This will help you to see what content is performing well, and therefore helps you to devise a social media strategy that will boost your following.
How You Can Turn Your Goals Into SMART Goals
Here are some examples of common small business goals and how you can transform them into SMART goals.
‘Grow our Facebook page’ vs ‘Grow our Facebook following by 250 people in the next 6 months.’
‘Increase profits’ vs ‘Increase revenue by 10% by the next quarter.’
‘Have more efficient operations’ vs ‘Make business operations more efficient by testing different project management software.’
The second versions of each of the goals are much more specific, easily measurable and time-bound. By simply adding a few words and providing more context, these goals are already halfway to becoming effectively planned SMART goals.
The Bottom Line
So there you have it, there are some popular, simple ways to execute SMART goals in your small business.
Try using SMART goals today, and watch your business develop and grow effectively. You’ve got nothing to lose.