What are SMART goals?

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We mentioned in our last post that it is important to have SMART goals, but what exactly are SMART goals? SMART stands for

• Specific
• Measurable
• Attainable
• Realistic
• Timely

Specific When considering this aspect of your goal be sure to outline who will need to be involved, what results need to be realized, when it should be complete by, why you are creating this goal, and the constraints that you are working within.
For example, a general goal would be “I want to get new products”. A specific goal would be “I am going to purchase necklaces within the next two weeks that I can retail for between $30.00 and $65.00.” A specific goal with be much easier to complete than a very vague one.

Measurable

Be sure to create criteria which will make it easy for you to measure your progress toward completing your goal. The criteria you create will help you to stay on track and know when you have reached your goal. Ask questions like when, by how much, and how many.
A good example is to say “My business will become profitable in three years” or “My business will have a net profit of 26% by 2017”

Attainable

By implementing the first two parts of a SMART goal you are well on your way to making your goal attainable. When assessing attainability ask yourself if your goal is realistic? Your business may not be able to become the number one retailer general merchandise in the country by the end of the year if you opened your doors last month.
Creating an unattainable unrealistic can lead to you becoming discouraged. This can lead you to abandon your goal completely. Make sure that the goals you set for yourself are attainable and realistic in the time frame you set.

Relevant

The goal you make and the path you take must be relevant to your business and your current position in the market place. For example, you may be looking for growth opportunities and you have a few choices. If you are a business to business company it may be advantageous to do some networking or expand your personal selling. The path to your goal that may not be relevant may be expanding your inventory selection. Be sure that your goal and the path to your goal are relevant.

Timely

If you do not set a time frame your goal it may not seem urgent to you. A time frame creates a sense of urgency. A timely goal is something like “I will acquire 20 new clients in 6 weeks” rather than “I hope to acquire 20 more clients one day.”
Making SMART goals will help you to grow your business, and if you do not own a business, it will help you to reach your personal goals.
EJ WIPS Designs always uses SMART goals to help with business planning. What specific goals are you making for your business?

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