Everyone always says goals should be SMART, but they don’t always share exactly what they mean. SMART is the acronym for specific, measurable, achievable, relevant and time-bound. It’s the method used to create goals that give you the greatest opportunity to attain them. This goal setting method can provide direction, motivation, clarity and prioritization for work based on importance.
While your goals shouldn’t be complicated, setting clear goals can allow for a greater level of consistent success and revenue. Goals should answer the question “Where do I want my business to go?” Clear and concise goals can keep your team moving in the same direction with everyone focusing on the same outcome. Setting goals can assist with providing long-term vision as well as short-term motivation.
Let’s break down the components of SMART goals:
Specific: Be as clear and specific as possible in describing your goal. Narrowing down your goal will help you understand the action steps needed to reach them. To start creating your specific goals, identify your what, why, how and who. What goal do you want to meet? Why do you want to accomplish this goal? Who will you need to help you and how will you accomplish this goal? For example: A specific goal would be increasing yoga class revenue. You not only want to increase revenue, but specifically from yoga classes.
Measurable: How will you know if you’re making progress? Having measurable goals allows you to track your progress, stay focused and meet your deadlines. To start creating your measurable goals, ask yourself, “How will I track this goal and how will I know if I've met my goal?” Then, include any actions taken to assist in moving your progress in the direction of the goal. For example: You’ve identified you want to increase yoga class revenue, now include a measurement. Let’s say you want to increase yoga class revenue by $25,000.
Achievable – Your goals should be achievable realistic while also stretching you. Ask these questions: “How can I reach this goal?,” “Is this goal realistic considering all factors such as financial, resources, knowledge, skill set etc.?” For example: If you can reasonably achieve $10,000 in yoga class revenue but attempting $25,000 is a stretch and will put a strain on resources, now’s the time to reevaluate and adjust.
Relevant - Your goals should be relevant to you. Is your goal a passion and/or purpose? Relevant goals should have a "yes" to these questions, “Am I passionate about it?” “Do I have the team, experience and skill set to attain your goal?,” “Is it relevant to my organization's overall mission?” For example: Wanting to increase yoga class revenue may bring in more business, but your business is focused on spin class. It might be best to shift towards what your business already does well.
Time-based - Creating a time-bound goal helps you stay on track. When creating time-bound goals, ask yourself these questions, “When do I want to start?,” “What can I do today?,” “What can I do in X amount of months?” Your goal timeline should be the timeframe needed to meet established milestones as well as the time needed to achieve your goal. Make sure your timeline is also achievable. For example: You’ve identified your yoga class revenue goal, now let’s say you’ll accomplish it by Q4.
Now let’s put it all together using the yoga class example. The SMART goal would be: Increase yoga class revenue by $25,000 by Q4.
We’ve looked at the components of SMART goals and the value in creating them. Look at your SMART goals as your roadmap as you launch, sustain or grow your business, connect with your clients and grow your online presence.
Take the time to create your SMART goals! You will see this process will allow you to break down your grand vision into easy actionable and manageable steps. After outlining your goals, you simply work your plan to attain them.
Need help creating SMART goals? Let’s connect, schedule a Strategy Call today.