Business owners should have goals that are written down to guide them and their employees and even providers and contractors. The acronym SMART Goals can have slightly different variations in meaning but the letters stand for:
S stands for specific. Goals must be specific rather than general. A specific goal has a greater chance of being achieved. A general goal could be: Grow my customer base. Your specific goal will be: Increase the number of my customers from 30 to 60 within one month.
M means Measurable. It could also stand for meaningful and motivational. The direction and success of your goal must be measurable so that you will know how to gauge your progress and also be able to modify your goal. Establish a concrete criteria for measuring progress toward the attainment of each goal you set.
A stands for Achievable, or attainable. Your training, knowledge, and skills should match your goals which should be achievable.
R stands for Realistic or Results. Your goals if they are achievable are realistic. When you have the necessary knowledge or skills, then results can
T stands for Timely or Tangible or Timeframe. Set a timeframe for achieving your goal and establish concrete criteria for measuring progress toward the attainment of each goal you set.
Listen to the episode as Elise gives specific examples of SMART goals for your business.