What does “SMART goals” stand for?

Goals are what keep us motivated and give us something to work toward. There are all types of goals that we make throughout our lives, especially in our professional lives. For instance, many people have a goal of getting a promotion after a certain amount of time at a company or enrolling in an educational program to gain a certification. If you’re an entrepreneur or business owner, it’s important that your goal accomplishes certain criteria to maximize your chances of accomplishing them.

Did you know that there’s a common acronym people use to make their goals more achievable? It’s called a SMART goal, and it stands for specific, measurable, achievable, relevant, and time-bound. This type of criteria helps to set perimeters for your objectives to increase the likelihood of you finishing them.

We’ll break down each part of the SMART goal and how to set them as a way to continue growing and developing as an entrepreneur.

What does a SMART goal stand for?

Even though we’ve explained what each letter in a SMART goal stands for, it’s important to dive into each one to determine what it truly means to make a SMART goal that will help with your business growth and development. By setting goals that implement each aspect of the acronym, you can have confidence in your ability to achieve them.

Here is a bit of explanation about what each letter of SMART goal stands for:

1. Specific — We are all guilty of making vague goals, especially in the world of business. Nearly everyone has the goal of making money or growing in size. But it’s important to make your goals as clear-cut as possible. A specific goal will help you with the effective and targeted planning needed to reach it.
2. Measurable — Results are essential, and seeing results isn’t possible if you don’t make measurable goals. Having a measurable goal will allow you to track your progress and see the effects of your efforts. It also keeps you motivated and focused on reaching those milestones.
3. Achievable — While it’s fun to think about making $1 billion in your first year, your goals must be achievable. That means that the goal must be realistic and within your ability to accomplish based on factors such as company size, budget and current market trends.
4. Relevant — You have a particular vision that you hope to communicate to your customers and clients. That means that every goal should center on that vision. Having a relevant goal means that it contributes to your business and areas that require improvement.
5. Time-bound — Even when you trust that your team can complete tasks in a timely manner, you should always set a goal with a deadline or an exact time frame. This helps to ensure that everyone is on the same page and that the goal is prioritized.

How to set the right SMART goals for your business

Without goals, progress is nearly impossible, especially at the starting stages of your business or as a startup. But it’s not always easy to figure out what SMART goals you and your team should strive for.

The key to setting SMART goals for your business is by determining what success looks like from your perspective and how it works with your vision. Success is a series of SMART goals that lead to financial gain as well as personal fulfillment.

Here are a few examples of SMART goals to spark some inspiration:

• Reach x amount of profit by the end of the fiscal year.
• Launch a new product or service in Q1.
• Hire x new employees in the next quarter.
• Have x percent of customer retention by the end of the quarter.
• Reach x number of sales by the end of the fiscal year.

EOS^® Worldwide will help you set SMART goals

Learning about what SMART goals are will help you understand how to make short- and long-term goals for both you and your team that will contribute to the success of your business. Goal setting is a pivotal part of what we do at EOS Worldwide.

The EOS, the Entrepreneurial Operating System^®, is a set of concepts and tools that help entrepreneurs around the globe become the leaders they want to be and reach the business success that they set out to achieve. SMART goals are just one small factor that contribute to your overall growth and development as an entrepreneur.

Contact me today for more information about implementing EOS into your business or to schedule a free 90-minute meeting. I’ll happily send you the book Traction for free.