Newsletter November 2024

Welcome to November! ???

This month, we're focusing on SMART goals—a powerful tool for turning business plans into actionable steps. SMART goals (Specific, Measurable, Achievable, Relevant, and Time-bound) help guide your strategies and keep your business on track.?

Missed last month’s insights on strategic planning? Be sure to check it out?here!

Ready to learn how SMART goals can drive your business success? Let’s get started!

All the Best,

Monica M. Sanchez

Strategic Planning 101 Part 2: SMART Goals

In this month's edition, we’re going to talk about one of the most powerful tools in business planning: SMART goals. If you missed the last article on the importance of strategic planning, be sure to check it out here!

What are SMART goals? They are Specific, Measurable, Achievable, Relevant, and Time-bound objectives that help guide your business toward success. Let’s break down how SMART goals apply to your business, particularly if you’re running a restaurant (continuing with our previous example).

1. Specific Goals

You need clear, defined goals for your business. For a restaurant, a specific goal might be, "I want to increase online orders by 20%." Being specific helps you focus on the exact areas you need to improve.

2. Measurable Goals

To know if you’re on track, your goals need to be measurable. For instance, track how many online orders you receive, where your traffic comes from, and how much is generated through delivery services like Uber Eats. Understanding these metrics helps you see where your efforts are paying off and where they might need adjustment.

3. Achievable Goals

Your goals should be realistic and achievable. If you want to partner with a local farm for fresh ingredients or collaborate with a microbrewery for a special event, make sure these milestones are within your reach based on your current resources.

4. Relevant Goals

Your goals need to align with your business's broader objectives. If increasing online orders is part of your growth strategy, then this goal is highly relevant. By expanding your customer base, you can boost your bottom line and keep your business sustainable.

5. Time-Bound Goals

Give yourself a timeline. For example, aim to increase online orders by 20% within six months. Setting deadlines keeps you accountable and motivated. And even if you don’t hit the exact target, chances are you’ll get closer than if you hadn’t set a deadline at all.

What If You Don’t Hit Your Goals?

If you miss your goal by a small margin, it’s still progress. Setting the bar higher than where you currently stand is essential for growth. The purpose of SMART goals is to keep your business moving forward, even if you need to adjust the timeline.

Bonus Tips for SMART Goals:

• Reduce Waste: Consider how to minimize food waste or inventory loss. Improving margins is key to boosting profits.
• Increase Customer Loyalty: Implement a loyalty program to retain customers. People love being part of an exclusive club with special offers.
• Refining Services: Always think about how you can serve your clients better, whether through quicker delivery, exclusive deals, or improved menu options.

Remember, SMART goals are a critical part of turning your business vision into reality. They provide structure, accountability, and a clear direction to follow. Keep setting the bar high, and your business will continue to grow!

Women of Wisdom Tri-Cities @wowtricities Workshop Series

"Family Business"

A Free Financial Workshop for Families

Tuesdays November 5th - 19th or Wednesday November 6th -?20th 2024

6:00pm - 7:00pm

Online Registration: ZOOM

English

Contact: [email protected]

Are you ready to take your business to the next level?

I help busy professionals grow, transform, and accelerate their businesses through strategic introductions, collaborations, and business evaluations. Connect with me to learn how you can take your business to the next level.