Make Your Objectives S.M.A.R.T.
When setting up your business you need to create your vision, goals and objectives that you intend on achieving. Accomplishing these objectives are what determine whether your outlook on your company is realistic or not. Furthermore, these objectives are what your company and its workforce work towards achieving and so should be clear and understandable. They should be clearly stated in your business plan and easily understood, this is especially important for investors and interested parties.
What are S.M.A.R.T. Objectives?
S.M.A.R.T. stands for Specific, Measurable, Attainable, Relevant and Timely it used as a tool to build up a relevant goal in which your business can attain.
- Specific – What do you want to achieve? Be detailed. Write your objectives in a way that someone outside your line of work can completely understand what you aspire to accomplish.
- Measurable – Make sure your objective has a measure. Without one, how can you determine what action to take next?
- Attainable – Your objectives must relate to your business and have sufficient evidence to support your future projections. Essentially are your objectives realistic?
- Relevant – This questions whether your objectives are worth actually pursuing. Do you have resources in place to achieve this? How will this impact the company now and in the future?
- Timely – This factor covers how long the company will work towards this objective. When will the objective be achieved by? When can you expect return or results?
An example of an objective not abiding by the S.M.A.R.T. rule would consist of:
I want to achieve more sales within my company.
Whereas a S.M.A.R.T. Objective would be:
I want to achieve a 10% increase in sales over the next year by creating an advertising & marketing campaign designed to spread awareness of my brand through Social Media outlets; Facebook & Twitter.
The Importance of Making Your Objectives S.M.A.R.T.
Making your Objectives S.M.A.R.T. not only sets the scope of where your workforce need to focus their efforts but allows you to measure your progress. It provides alignment and motivation for your team to work towards a goal together. In addition, it encourages business owners to really think about what they like to achieve and what is actually capable. Sometimes what you may think is realistic can turn out redundant once a little research is done. However, this provocation of thought is what can lead to new business ideas and ventures.
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