How to set SMART goals for your business

July 30, 2024

Setting goals is essential for your business to grow and achieve success. But, it’s important to set SMART goals – Specific, Measurable, Achievable, Relevant and Time-Bound – to ensure your goals are realistic, focused and achievable.

Here are the five steps to take when setting SMART goals:

1. Specific: Goals should be well-defined and clear. A specific goal for your business outlines what needs to be achieved and why. It should answer questions like what, why, who and which.
   Example of a specific goal: Increase online sales by 20% in the next six months.

2. Measurable: Goals should have a way of tracking progress. Measurable goals help your business know if you are on the right track or if you need to adjust strategies. It should answer questions like how much, how many, how long and how will we know if we achieved it.
   Example of a measurable goal: Increase the number of monthly website visitors to 10,000 by the end of the next quarter.

3. Achievable: Goals should be realistic and attainable. The goal should be challenging, but not impossible to reach. It should answer questions like is it possible, what is the plan, can the resources be allocated effectively and what are the risks?
   Example of an achievable goal: Increase customer retention rates by 10% in the next year through personalized customer service and email campaigns.

4. Relevant: Goals should align with your mission and vision. It should answer questions like why this objective is important and how it impacts the business.
   Example of a relevant goal: Launch three new products in the next 12 months that match your commitment to sustainable and eco-friendly products.

5. Time-bound: Goals should have a deadline. Assigning a specific date helps to create focus and urgency. It should answer questions like when the goal needs to be achieved and when to review progress.
   Example of a time-bound goal: Increase revenue by 25% in the next two years by expanding into international markets.