What are the 5 elements of a SMART business goal?
In all aspects of life, it is important to set a goal, your intention, aspiration that guides and motivates you, even in the most difficult times. To achieve your goals, it is then necessary to learn how to set them properly and make them happen. SMART goal setting is a tried and tested methodology. This is how it works:
It is important to give your best rather than just saying "I want it!". Things will not happen by themselves. Goal setting is a process that begins with determining what you want, and in most cases ends with a lot of work and time invested to achieve it. Let’s start this journey together. In this in-depth guide to SMART business goals I will look at:
1. How to Make Goals Achievable
2. Steps to follow when setting goals
3. A Detailed Guide of the S.M.A.R.T goal-setting model
Specific
Measurable
Achievable
Realistic
Timed
4. Examples of SMART goals
How to make goals achievable.
How to make goals achievable.
Perspective and way of thinking are critical elements in achieving goals. Instead of just hoping that things will happen of its own, it is very important to focus on following your business vision. Think of a bigger picture, but don’t forget the small details.
One of the most important skills in this phase of defining goals is reframing. Changing the frame of reference is a communication skill that aims to transform the point of view from which a person perceives events.
Instead of visualizing your goals in the form of “One day, I will start my own business”, try a different approach, such as “Until I start my own business.”
In this way, you are focusing on the second, more important part of the sentence - what will happen until I fulfil my goals? What steps should be taken to ensure it? This type of approach shifts the focus (perspective) from external factors that prevent the achievement of goals to our responsibility for our actions.
Motivation is one key to success
Every day we wake up with certain goals, ideas, and plans. How do we keep up with them? Why do some of them see the light of a day, while others fail? The answer is simple – we get there thanks to the motivation and dedication that draw us to accomplishment. These elements are crucial; they give us the impetus and desire to take all the necessary steps towards the goal.
Motivation can be gained by writing a statement that arouses certain emotions and the energy necessary for perseverance. Commitment is what keeps us on the right path. How many times have you, while doing a certain job, fallen into re-examination, hesitation, and thought about giving up? If the goal motivates you, and if it is set well, even in moments of great crisis, you will stay true to it. It’s your fuel, the meaning of life, which draws you to continue even when many would give up.
Usually, one achieved goal leads to another, even bigger one. However, sometimes it happens that we get used to our achievements and forget about moving on. It is important to maintain the ability to be flexible and stay maximally motivated and dedicated on the way. You need to know where you are headed. Although it sounds like a new-age mantra, a cliché, it is completely true and hits the mental target.
The importance of setting the right goals
I am sure that sometimes, at the mention of the word “goals”, your eyes roll and your stomach churns. I can see why. But I want to share my experience with you and help you achieve meaningful business goals. The well-set business (and life) goals bring purpose and meaning to life. Right?
Good goal setting influences the development of a person’s personality encourages responsibility helps in decision making, prioritization of activities, and talents.
Michael Jordan, the basketball legend, one of the greatest athletes of all time, is known for his great focus, sacrifice, and motivation. Why do I mention him? Because you can become successful only with a lot of work and a clear goal in your mind. Just like Jordan. And then when you reach a certain goal, it is important to continue… Because beauty is in the process, constant work, and changes. Explore the careers of the greatest scientists, athletes, artists and you will find common denominators – strength, energy, and commitment to what they do. According to your character, lifestyle, and behaviour, you can find that special person, a role model, who represents inspiration and guidance for you.
The goal is closely related to success and efficiency. A clear goal has the effect of increasing our motivation. We can directly view it as a reason for motivation.
How to avoid postponing goal setting?
Be aware of your needs – what is important to you, what you enjoy, and feel most passionate about
Set goals and try to visualize the consequences of their achievement. If you encounter some difficulties in setting or realizing goals, I recommend consulting someone. Sometimes we are not objective enough and someone else’s opinion can be vital and crucial for our future development.
Don’t procrastinate, identify obstacles, determine where and why the realization of the goal could be delayed, and work on overcoming those obstacles.
Reward yourself, give yourself recognition no matter how big it is – whether you buy yourself a small item, treat yourself to an extended weekend, or just praise yourself for your success (all to maintain motivation or “move” to the next goal you achieve).
Steps to follow when setting goals.
Steps to follow when setting goals.
1. Defining the period
All goals are divided into short-term, medium-term, long-term. From a business perspective, short-term goals last up to a year, medium-term goals from one to five years, and long-term goals over five years. However, if these are your private goals, that division may be quite different. In any case, concretize the realization plan according to the time requirement of the goal.
2. Divide the goals into smaller parts
Sometimes our goals seem difficult and complex. That’s why we can get scared and give up on them. To avoid this, it is important to present all long-term goals in the form of short-term ones. This way they are easier for us to achieve. Our best guiding principle – take one step at a time. There will be obstacles, challenges, difficulties but with a vision and a clear goal, nothing is impossible.
3. Make a plan
After breaking down the goal into smaller and more “achievable” parts, set out an action plan with responsibilities and time constraints. Define the key points in the goal achievement process and try to anticipate possible problems.
2. Stay focused
If we have several goals that overlap in time, we should make priorities among the goals and solve them according to those priorities. If we do not do that, it means that everything is equally important to us, and in that way, we have the opportunity to neglect some things. We can revise the priorities we have set for ourselves, depending on other factors, so we should not be afraid that they are permanently set. Too many goals at the same time can contribute to your failure. The smaller the number of goals and the more concrete, clear, and SMART they are, the more you will stay on the right path.
5. Personalize them
Always write in the first person singular. The reason for that is personalization and appropriation of the goal. This will help you to really experience the goals as your own and to remind yourself of them regularly.
A detailed guide to the S.M.A.R.T goal-setting model.
A detailed guide to the S.M.A.R.T goals.
In the previous paragraphs, I talked about the importance and meaning of goal setting; how to treat them, how to set and measure them, and what to do after their realization. Here at Bizee, we have gained extensive experience in working with a huge variety of businesses and realized how well-set goals are important for the proper direction of any business. Of course, re-examinations were present along the way. This is a necessary process that we all face. The great advantage of frequent re-examination is that it leads us to make important decisions and set priorities correctly. Pay special attention to goals that haven’t been achieved within the set deadline or whose deadline you are constantly extending. You can increase or reject your goals altogether and start with some new ones. You may achieve some goals earlier than you expected and that way you can start working on new goals.
Goals are necessary if you want to succeed. Without clearly defined goals, you will lack focus and direction. Goals allow you to take control of your life and provide a foundation by which you can determine if you are on the right track.
No matter the size and age of your business, the geographic location, and the traffic you generate, goals help you stay focused and thrive. Remember, you are responsible for the lives of many people who are part of your company. You need to make sure that they understand your business goals and that you share common values, vision, and plans. That way - like the captain of a ship, the wind will serve you and you will surely win new battles.
The goal is important, especially when it’s S.M.A.R.T
Goals are an important part of our lives. They give us direction, guide us, and motivate us. They allow us to direct our energy and time in the right way to eventually get where we want to be. Come to think of it, a life without goals would be completely chaotic. Figuratively speaking, our life would then look like a ship without a captain left at the mercy of sea currents and storms. With goal setting, we take initiative and control over our lives, not allowing life currents to guide us through their course.
In addition to setting goals, it is even more important to set them the right way. Every day we encounter setting goals such as: "I will lose weight", "I will exercise", "I need to learn more", "Next time I will do it better", "I will not be late anymore". Does it sound familiar to you? Once we make such decisions, there is often an initial motivation and will that drives us toward realization. This sometimes ends up with the purchase of an exercise machine after watching an advertisement with individuals who, as they say, easily achieved a “sculpted” body by exercising on that device. But soon the initial excitement disappears, we lose the will and forget about the set goal. Fortunately, the exercise equipment is functional and foldable so we can easily store it in a safe place. The exercise device in this way can wait for happier days when we learn to set the goal "I will exercise" in the right way.
You are probably familiar with the statement: "And the longest journey begins with the first step." That first step should always be just the right goal setting. One popular goal-setting theory says that every well-set goal should have so-called S.M.A.R.T criteria.
S.M.A.R.T goal-setting methodology
There are different models for setting goals, but in practice, the S.M.A.R.T methodology has proven to be one of the most effective. The acronym S.M.A.R.T. consists of the following words: Specific-Measurable-Achievable-Relevant-Timely. These are the goals we all want. Let's start by clarifying each of the stages of goal formulation. Let us keep in mind that all these characteristics are equally important and that our goal must include everything well set.
S.M.A.R.T is an acronym that, according to certain criteria, facilitates goal setting. This way of setting goals has emerged from the field of project management and is applied to many other areas, from maximizing employee productivity to personal development. Many authors have studied this technique. As there are many different views on the same topic, there are several different versions of this technique. The letters "S" and "M" from the acronyms mean "specific" and "measurable", while the other letters have different meanings, depending on the interpretation.
Let's go through each element of the acronym.
S is for SPECIFIC
The goal should be precisely defined. You need to think about what you want and what you don’t. I would also add that goal should be SIMPLE - because the simpler the goal is formulated, the better, more understandable it is for ourselves. Also, we can communicate it more easily to others. Try to say in one or just a few sentences what is important to you, identify the essence of your being.
You should provide answers to these questions:
1. Who: Who is actually involved in your goal?
2. What: What is it that you are looking to accomplish?
3. Where is the objective to be accomplished?
4. When: When would you like to accomplish said objective?
5. Why: What are the reasons for accomplishing it?
M is for MEASURABLE
The goal is measurable in some units; for example, in money, if you want to increase income, in kilograms if you want to lose weight, in kilometres if you want to run, in pieces or quantities if you want to buy something, etc. I would also add - MEANINGFULFUL FOR YOU - because you should be guided by your goals. It must primarily mean a lot to you.
Think of these questions before setting your goals:
1. How many/much do I want?
2. How do I know if I have reached my goal?
3. What is my indicator of progress?
A is for ACHIEVABLE
This is an extremely important step because if you set the "bar" too high, unrealistic, it will strongly demotivate you and be a cause of frustration.
Rather, set yourself several goal ranks: short-term, medium-term, and long-term; and try to formulate them to be a challenge to you. Once they are achieved, set a new one, even more challenging!
The right questions are always important, so start asking yourself:
1. Do I have the resources and capabilities to achieve the goal? If not, what am I missing?
2. Have others done it successfully before?*
This letter in the acronym may have another meaning. A can stand for AS IF NOW (as if it were the present). The goal must be expressed in the present as if it is already happening and being achieved. Don’t express the goal in the future, you will always have the feeling that they are far away. Example: I am starting my own business, not running my own business. It is about setting intentions. Also, this letter can stand for ALL AREAS OF YOUR LIFE - the goal should inspire you and have a positive impact on all areas of your life.
R is for REALISTIC
This meaning of this letter builds on the previous one (achievable) because creativity and imagination are welcome, but if you do not direct them towards a truly achievable goal, the results won’t be achievable. Call me a snowflake-hipster but I would also add the word ECOLOGICAL here because, in addition to being good for you, the goal should also be good for the environment.
It should not conflict with legal regulations, norms, ethical, and responsible behaviour. Think about the consequences of achieving the goal for you and the environment. Consider whether these are all positive consequences or some could be negative so that you can try to prevent them immediately.
But back to the key parts… at this stage it is important to find the right answers to the following questions:
1. Is the goal realistic and within reach?
2. Is the goal reachable given the time and resources?
3. Are you able to commit to achieving the goal?
T is for TIMED
Set a time horizon for achieving goals and try to make them as realistic as possible. Let the time horizon be challenging but not frustrating. Also, take into consideration having a plan B. It is important to notice a potential problem before it occurs. This way you can prevent it.
And a few more questions for you:
1. Does my goal have a deadline?
2. By when do I want to achieve my goal?
Sometimes, it may seem that you have no answers to these questions. Don't feel stressed - that’s perfectly fine and normal. In those moments, take a break, move away from your goals, breathe in and out. In order not to create additional panic, it is important to mention one more thing - avoid a negative form of setting goals. Many people tend to set goals negatively and thus impose on themselves an imperative that restrains them, rather than inspires them. If you tell someone that they are allowed to eat everything except chocolate, do you think they will be satisfied? Would they simply erase the chocolate from their thoughts? I know I wouldn’t. Therefore, try to formulate goals in a positive, and affirmative way.
I suggest defining your business goals through the S.M.A.R.T. method that will be presented in the next paragraphs. Think about whether your goals are short-term (up to one year), medium-term (one to three years), or long-term (more than three years).
The next big thing is the IMPORTANCE of goals. List, at least, five reasons why a goal is important to you. If you can’t come up with a couple of different aspects of your goal maybe it isn’t the right one. If this wasn’t the case, continue to think about the benefits of that goal for you. Try to imagine how you would feel once your goal is achieved. By thinking about that, you build an inner motivation. This will give you a strong impetus to achieve your own goals and the strength to bravely face the obstacles that come your way!
If you get confused during this process or need extra help with setting your goals high, see below or check out these SMART Goal examples.
Maybe they can help you find the right direction.
And don't forget - sometimes you need a little luck, that famous X factor. If I can give you just one more piece of advice – do your best and try not to overthink. It’s the only way to stay calm and focused. Good luck!
Tips to writing down your sub-goals
It is important to write a list of sub-goals, in addition to the main goal. Keep them in a visible place every day as a reminder of what you want to achieve. As you progress with achieving these sub-goals, put a tick next to each action taken. This way you will get an insight into how hard you are working and how much you have achieved in fulfilling your goals. Doing so will increase your motivation as well as your self-confidence.
The importance of having written goals is shown by a study conducted in 1953 on Yale University graduates. Of all participants, only 3 per cent had written goals. After twenty years, the same research was conducted with the same people. Graduates who had written down goals and plans for their future (3 per cent) had a higher degree of financial abundance than everyone else combined. From the research, it was also easy to conclude that the joy and satisfaction in the life of these 3 per cent of respondents were at a far higher level than 97 per cent of the rest. Although (and before you write to me saying this) I know money does not equal happiness and success is measured by what you want to achieve not your financial standing.
For new decisions and goals, I think it’s wise to choose some important dates for you, such as birthdays or New Year. In this way, your goals will "gain weight" and, also, represent a good reference point for comparison. That way, after a year, you will be able to look back and say: "Since my last birthday, I have achieved ...". It’s nice to track your progress.
To be focused for a longer period, you should put a picture/photo/quote in a visible place that motivates you towards the goal. I remember one story I heard from my granddad. He was an elementary school pupil when he got advice from an English teacher. She told my granddad to write at the end of the notebook: "I will have grade A in English." Every time he couldn't study or it was too hard for him, he would look at the end of the notebook. Then he got a “wind at his back” and he would continue to work with new zeal. Guess what grade he had at the end of the school year
Setting goals in a S.M.A.R.T way can make it much easier for you to deal with everyday problems. Reducing goals into simple steps will help you achieve them with less stress, in a focused and easier manner. By applying these tips, you will gain a sense of greater control over your own life, and thus life's challenges will become less daunting.
Examples of S.M.A.R.T goals.
Examples of S.M.A.R.T. goals.
“Our goals can only be reached through a vehicle of a plan, in which we must fervently believe and upon which we must vigorously act. There is no other route to success.” – Pablo Picasso.
As Picasso wisely put, the faith in ourselves and our abilities will help us achieve great results in our life. If you still didn’t grasp the whole meaning of S.M.A.R.T. methodology, below we present concrete examples. We hope they will be helpful to you in the future. If you have additional questions or concerns, you can write to us.
Subscriber Goal
Specific: I would like to boost the number of our e-mail subscribers by increasing social media marketing budget for blog posts about our free resources.
Measurable: A 50% rise in downloads is our goal.
Attainable: Since we began utilizing this strategy, the number of subscribers jumped by 40% in the last 2 months.
Relevant: By expanding the number of our e-mail subscribers we will drive more activity on our site, boost brand recognition, and ultimately drive more concrete leads to our sales department.
Time-Bound: In 2 months.
SMART Objective: In 3 months, we'll see a 50% rise in the number of our subscribers by expanding our Instagram advertising budget on the posts that demonstrate the most effective conversion rates.
complete a project goal
• Specific: Our website is accessed principally from mobiles as more people have adopted the majority of their searches and web-browsing from their cell phones. I would like to develop and launch a mobile app because our website is not optimised for mobile.
• Measurable: This larger-scale project will require considerable resources from multiple departments, internal and external. In order for such a project to be worthwhile I we should ensure there are 100,000 downloads in the first 6 months because we estimate we can have a conversion rate of download to paying customer of 3%.
• Achievable: Our internal design department and the outsourced developers have signed off on the scope and assets for the project so we just need to establish the milestones to ensure we remain on target to deliver.
• Relevant: The end product will greatly improve the customer experience which is one of the main goals of the coming year for our company.
• Time-Bound: To achieve app downloads and the target conversion, the app will need to be ready for launch by the beginning of Q3 and the marketing campaigns must be ready to go at the same time.
SMART Objective: By the end of the year we will achieve 100,000 mobile app installs with a 3% conversation rate.
Conclusion
Growing your business is not an easy thing to do. In today's fast-paced competitive market you need to keep your eyes on the goals which are set in an achievable way. Once you have defined a goal, you certainly know what you are striving for, you are focused and determined. Try to set ambitious goals but not overly ambitious: so you can save your energy and confidence for whatever life throws at you.
You will also set goals for employees within the company. Very often each of us is in a position to assign tasks to someone else. When you give someone a task, give a precise and clear goal that the employee should achieve. That's when you need to pay special attention to defining goals, but also the way you will communicate them to someone. If conflicts arise very often it is probably because goals aren’t defined right. Before blaming someone, consider whether you issued the task accurately and explained the goal in the right manner. In order not to get into unwanted situations and waste your precious time and energy be sure that you have clearly stated what the expectations of that task are.
Use S.M.A.R.T. methodology and set the things right from the start. I hope this blog post will be of help to you. Feel free to share your impressions with us. Over to you!
Author: Thomas Smallwood is an outsourcing specialist. Having worked in companies around Europe, from the support desk to the boardroom, he founded bizee.co to help small businesses grow through efficient delegation to skilled virtual assistants. He is an award-winning blogger and a passionate advocate for mental health awareness.
Connect with Tom on LinkedIn.