Examples Of SMART Goals To Boost Business

Setting goals is essential to achieve new heights. A Harvard Business study found that there is a direct correlation between goal setting and success. It said that 14% of the people who have goals are 10 times more successful than those who do not have goals. 

However, as the study shows, not all goals that are set can be achieved. The reason behind this is people fail to apply SMART goals. 

Normal goals can feel daunting to the point that you become too discouraged to continue with your hard work. SMART goals, on the other hand, are useful in guiding you towards your desired outcome more positively and rationally. Besides, this method of goal setting provides a clearer understanding of what you wish to achieve.

In this article, you will learn about  SMART goals and how to implement them correctly. We’ve also outlined a few examples of SMART goals to help you plan your personalized business objectives.  

Definition of a SMART goal

Each letter in the SMART goal acronym represents a criterion that you need to shape your ideal outcome. It’s your success formula!

Here’s a breakdown of the meaning of each letter in the SMART goal acronym.

S for Specific

The “S” in SMART states that your goal should be Specific.

There is no point in giving yourself a goal that is vague and ambiguous. Instead, you should elaborate on your goal with as much detail as possible. 

Ask yourself, what exactly do you wish to achieve? Next, consider the steps that are required to attain that level of success. 

For instance, you’re aiming to make more profit out of your business. This seems like a very broad goal which leaves you clueless on how you can achieve it. 

Instead, you should aim for something around the vicinity of securing at least ten sales within the end of the month. This is a more specific goal that guides you towards your ultimate goal of making more profit.  

If you’re working in a team, you can set specific goals for each team member. For example, X is responsible for reaching out to at least five prospective clients every week. Y will be tasked with creating five graphic images every week for your business’ social media strategy. 

When you set a specific goal, the process of attaining your end goal is more clear-cut. Your team members will also be more focused on their duties.

M for Measurable

The “M” in SMART states that your goal should be Measurable.

Part of goal setting is maintaining progress. You want to make sure that your efforts are pushing your business in the right direction. This is when measurement comes into context. 

Set a benchmark to indicate your accomplishment of the goal. How many? Or how much? Or how often? This benchmark should be a reliable source of information that you can retrieve. And of course, this measurement of success should relate to your end goal. 

Using the same example from above, you see that the measurement of success is attaining ten sales within one month. When you establish a measurable goal, it is easier for you to determine whether or not you’re achieving your objectives. 

A for Attainable

The “A” in SMART states that your goal should be Attainable. 

This is by far the most crucial part of goal setting. It is the make or break of putting your words into action. 

To ensure that you’re able to achieve your goal, you want your goal to be attainable. Meaning, you do not want to set something that is unrealistic. Unattainable goals would only discourage you from moving forward. Ask yourself, do you have access to all the resources that you need to meet your goal? Does it fit within your budget and timeline? 

To set attainable goals, you need to be aware of your capabilities. For example, if you just started your small business, it would be quite unrealistic to say “I want to be the number one retailer for the fashion industry in one year.”

As much as it is a very motivational goal, it is highly impractical. An attainable goal within that line would be “I want to open my second clothing branch within two years.” 

When your goal is within your reach, you will be much more motivated to achieve it and aim for greater goals. Take it one step at a time!

R for Relevant

The “R” in SMART states that your goal should be Relevant.

This may seem obvious to some. You want the goal you set to make sense for you. However, while you’re busy dreaming about big plans, it is easy to run off course. 

A relevant goal makes sure that your goal matters to you. Align your goals with your values and long-term objectives.

Everyone is entitled to their own set of goals; your goal should be unique to your circumstance. If they do not contribute to your ultimate purpose, then you might want to reroute. 

T for Time-bound

The “T” in SMART goals states that your goal should be Time-bound.

Setting a deadline for yourself is critical. A goal that is not time-sensitive is worthless because it does not drive you to challenge yourself — which is the whole point of goal setting. 

You can be achieving the same result but a deadline will motivate you to achieve the same results within a shorter time frame. As such, you can spend more time achieving new goals. 

Look through your planner and mark a specific date to achieve your goal. And of course, you’d want this deadline to be realistic as well. 

Examples of SMART goals

We hope that your next goal is successful. So here are some more examples of SMART goals that you can learn to apply when you’re planning your own goal. 

Example 1: I want to start a business

Specific: I will sell homemade cakes through Instagram and Facebook. 

Measurable: I will aim to sell at least five cakes every week.

Attainable: I will build my brand by executing a social media marketing campaign. Which includes posting five quality photos for social media every week.

Relevant: I enjoy baking cakes and wish to open my bakery shop one day. Selling homemade cakes will give me the experience I need.

Time-Based: I will complete my menu items by the end of this week. Then, I will launch my online store by the end of this month. 

Example 2: I want to grow my business

Specific: I will reach out to ten new clients to sign up for my fitness course.

Measurable: I will retain a minimum of 80% of my clients each month.

Attainable: I will promote my business by asking current clients for referrals and recommendations through word-of-mouth. 

Relevant: I will grow my business by gaining new clients and ensuring customer satisfaction. 

Time-Based: I will have five new clients per month.

Example 3: I want to increase my brand’s online presence

Specific: I will boost my online store website’s SEO (search engine optimization) by 50% in the next three months.

Measurable: I want 20% of my website’s users to make at least one purchase on the website. I will keep track of my performance every month.

Achievable: I will hire a digital marketing specialist to create a digital marketing plan. 

I will also start writing business blogs with strong keywords. 

Relevant: SEO is useful in driving organic traffic to my brand. With more people visiting our online store, my brand’s online presence is more well-known.

Time-bound: I will give myself three months to complete this project.

The ball is in your court

Now that you know the proper path to goal setting, it’s time for you to start planning your SMART goals. As the good old saying goes: If you fail to plan, you plan to fail! Not having a goal is like walking cluelessly into a maze. 

Remember, Specific, Measurable, Achievable, Relevant, and Time-bound. The SMART goals methodology not only helps you reach your business goals but also makes the process much more enjoyable and efficient. 

FAQs

Can I have multiple SMART goals?

Your business is bound to have a set of SMART goals, especially when there are different departments in your company. However, too many good things might be a bad thing. Having too many goals will confuse your team. You and your team will only lose sight of the end goal when there are too many targets. 

We encourage you to set a single SMART goal that stands above the rest. This is the ultimate goal that all your future goals should contribute towards. 

Can I change my goals mid-way through the year?

Once you set a goal, you ought to commit to it. You and your team should be giving 100% to reach that goal. Many people alter their goals mid-way through the year because they realize a flaw in their initial planning. For example, they might have given themselves a goal that was too ambitious. Then changing your goal might seem like an excuse to take the easy-way-out, or that the SMART goal methodology was not utilized correctly. 

However, there are certain circumstances whereby changing goals mid-way makes sense. Let’s say an unforeseeable event like a worker’s strike or a natural disaster occurs. Such incidents would significantly affect your progress and would require your team to redirect their priorities. As such, it is okay to change your goals in such a situation.

Why am I not able to achieve my SMART goal?

Setting goals does not necessarily imply that you will reach them. However, the benefit of having goals is they allow you to monitor your performance. You will be able to identify your strengths and weaknesses. If you were unable to meet a goal that you planned to achieve, ask yourself why this happened and what you could’ve done better. 

Consider the factors that might have affected your ability to reach your goal.

If you’re working as a team, survey your team members. They can probably provide greater insights into areas that you might’ve missed. With proper communication and responsibility, you should be able to overcome the barriers. The last thing you should do is feel defeated and give up.

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