Setting SMART business goals

Struggling to set Specific, Measurable, Attainable, Realistic and Time-bound (SMART) goals for your business? You are not alone.

Many businesses and individuals struggle to set goals for themselves and their businesses and it isn’t a crime of sorts. However, setting realistic goals help businesses become big brands and help them go global.

But before we dive in, let us define what a GOAL is and how it differs from an OBJECTIVE

GOALS

• Longer term
• Broad

OBJECTIVES

• Short term
• Specific

As seen above, goals are more broad-based and at an organizational level while objectives are specific and trickle down to teams and employees. Objectives help are short-term and are usually an indicator to the organization about the possibilities of achieving their [long-term] goals.

While both terms are used interchangeably by organizations and teams, setting SMART goals became a buzzphrase to remind teams and managers about the need to make goals (which are broader and long-term) specific and measurable like its sister (objectives). Hence, whether you are setting goals or objectives, remember to make them Specific, Measurable, Attainable, Realistic and Timebound (SMART).

Specific: no jargon. I will do XYZ! Simple - I will sell on?spottr.app

Measurable: how do you know when you achieve your goal (if you don’t or if you surpass it) –?I will take my first order within 1 month

Attainable: can you actually do this? –?I will get an inventory of 5 items first then I will sign up on?spottr.app

Relevant: quit the bullshit. Does your goal apply to your business and ambitions? –?If I sell 5 items on?spottr.app, after month 1, I will be able to raise enough money to produce more items

Timebound: when do you hope to execute/achieve this goal/objective? –?My?spottr.app?account should be up and running in 2 weeks.

Setting your SMART GOALS

Think about the end (results)

You always want to start out by thinking about where you want your business to be in the future. E.g.?I want to own 5 boutiques in Lagos and Abuja by 2024

Write it down

Never, ever think your brain is special enough to hold information over time. Write down your long terms goal ahead of the next step

Break it down into bits

Now that you have a goal, it is time to break it down into bits (objectives). These bits are specific and usually run through the entire period between where you are now and where you want to be in the future. E.g. sell some tees, raise enough money to set up my first shop, then another and the one after that

Create an action plan

Now that you have broken down your goal into bits, it is time to create a plan. This is where we come in. Creating a plan is not the same as writing a business plan for sending out. E.g. I will sell on?spottr.app?since it is free to sign up on and since it gives my business instant visibility so that I can sell those 5 tees quickly.

Create a timeline

You want to attach timelines to the bits and pieces. E.g. I should print my first tees by September, sign up on?spottr.app?immediately and then sell off the first batch by the end of October.

Once you are here, the next, natural thing to do is to?Take action?and?Re-evaluate?your goals to see what needs to change (if any)

Need help with setting your SMART goals?

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