So you want to create a successful business model? You’ve set your goals, you’ve created specific objectives, and yet you still don’t feel like your business is as successful as you know it can be. Maybe your goals and objectives aren’t as specific as they should be. Maybe you’re having a difficult time planning a sufficient budget to balance your businesses finances. Or maybe you just don’t know where to even start when it comes to setting your businesses goals.
Whether you’re the CEO of a Fortune 500 company with over 300 employees or you’re a one-man band, your business will ultimately be successful if you are able to set achievable goals. Get your business aligned by implementing the SMART business model.
SMART focuses on specific, measurable, achievable, relevant and time-based goals—something every business owner should strive to accomplish. We’re going to break down this tool for you, so you too can know how to achieve SMART business goals for your business! Here are 5 Elements of a SMART Business Goal.
5 Elements of a SMART Business Goal
Everyone knows that every great goal is both detailed and specific. Taking the time to be as specific in whatever goal it is that you are setting will make all the difference in how you will achieve it. Keep in mind that any “great goal” is extremely well-defined and hones in on a specific focus, so the more focused and specific you are with your goal-setting, the more achievable it will become.
A goal that doesn’t have a measurable outcome is a goal that is simply no good. What’s the point of establishing a goal if you can’t measure the success from it? Numbers are a very essential part of any business model, so use them to your advantage when you are goal-setting. Implementing concrete numbers into your goals will allow you to see if you are truly on track.
Many times, business owners set goals that are beyond their realm—goals that are just simply out of their reach. Don’t be one of those business owners that creates outlandish and unattainable goals for your business. We encourage you to always dream big, but you have to make sure you are still being realistic with yourself and your brand. Utilize resources around you to find out what is a realistic goal for the particular industry you are in, and based on that information, set the most attainable goal for your business.
Achievable business goals are one thing, but relevant business goals are one of the most important things you can do for your business. Take some time to truly evaluate all that your business is, from the current condition of it to whatever it is going to take to reach the position you have in mind.
Are your goals relevant to your business? You may have a set goal to increase your businesses revenue by 60%, but if we are currently in the middle of an economic crisis, is that goal relevant right now? Understanding how important it is to set relevant goals will make all the difference in you being able to achieve your goals.
T- Time Based
Goals and objectives aren’t going to complete themselves. You have to set a time-frame during your goal-setting process. Make sure you take this time to choose a specific and realistic time frame for each goal you’ve set for your business, and try your best to accomplish by or even before that set time period.
Goal-Setting is critical to the success of any business, but SMART goal-setting is what will truly make all the difference. Break down each of your businesses goals by making sure they are specific, measureable, attainable, relevant and time-based as this will ultimately help you achieve SMART business goals!