Setting and achieving goals is fundamental to running a successful business. To move from vague desires to an actionable goal plan, use the SMART framework: Develop goals that are specific, measurable, achievable, relevant, and time-based. These criteria will help you create goals that you can accomplish realistically and consistently.
| Specific | What goal do I want to accomplish?
Why do I want to accomplish this goal? What are the requirements/constraints? Who is involved? Where will this take place? |
Example: I want to sell more products on my business’s e-commerce site. |
| Measurable | How will I measure my progress?
How will I know that my goal is complete? |
Example: I want to sell 10,000 units of product on my business’s e-commerce site each month. |
| Achievable | What steps should I take to accomplish my goal?
Are my objectives realistic and achievable? Do I have the resources to accomplish this goal? |
Example: I want to sell 10,000 units of product on my business’s e-commerce site each month. Currently, I sell 7,500 units of product; a 2,500 increase is reasonable for my industry. |
| Relevant | Is this goal in line with my long term objectives?
Is now the right time to address this goal? |
Example: By selling more products, I can reinvest the extra profits to hire more staff and grow my business. |
| Time-Bound | When will I work on completing this goal?
How long will it take to accomplish this goal? By what date should this goal be completed? |
Example: I want to be selling 10,000 units of product each month on my business’s e-commerce site by January 2016. |
Once you establish SMART goals, create a list of specific activities and tasks that will help you accomplish each goal. Periodically review your goals, making adjustments as necessary.
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