Whether you’re a small or large business, your success depends on your ability to set and achieve specific objectives, such as increased profits.
Without structured goals, your business may become unfocused, unproductive and stagnant.
Setting SMART (Specific, Measurable, Achievable, Relevant, and Time-Based) goals allows your business to have a target to work towards.
Specific: Well defined, clear, concise and to the point.
Ex. I want to sell more products in 2 new vendor locations to take advantage of the local markets.
Measurable: Identify expected growth over a set time frame that measures your progression towards your end goal.
Ex. Selling 20% more products, compared to last year, in the 2 new vendor locations to take advantage of the local markets.
Achievable: Designed to be challenging yet attainable. You don’t want to set yourself up for failure with the impossible.
Relevant: Add value to the business upon completion and should align with some other organizational goals you have.
Time-Based: Have a clearly defined timeline to create purpose and urgency.
SMART goals can ultimately help your business’ chances of success and keep it moving forward.