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What are SMART Goals for Your Business?

April 25th, 2018 Entrepreneur

What are your goals for your business? Where do you want your business to be? What do you want your business to look like? In this week’e episodes of SmallBizTV, Steve discusses how create SMART goals to help grow your business.

Video Transcript:

Last episode I talked about life because, really, when you started your business, you started your business to improve the quality of life. You started your business because there was a drive, a fire, a passion, a knowledge, something that you had inside of you that led you to start this business. So while you pour your life and heart and soul into your business, how can we focus on our business to get it to where we want to be?

Now there’s a million things I could discuss about this, but one of them is being our goals. What are your goals for your business? Where do you want your business to be? What do you want your business to look like? Because that’s the passion, that’s the vision. You know, it is the beginning of 2018 right now when we’re filming this. Most people are going through some kind of a resolution period, a refinement, we’re setting our goals for the year. Well, I want to talk about SMART goals. What is a SMART goal in your business?

A SMART goal is a specific goal, meaning that it’s something that’s specific that you’re going for. Think about it with weight loss. Everybody wants to lose weight, right? When we’re in high school and college, we always think that we’re fatter than we really are. But then when you become an adult, then you realize just how fat you really are and how great you used to look, right? We always wanna get back to the way we used to look because when I was skinny in high school and college, I felt good, so I wanna be skinny again, right? That’s what usually happens to most of us. So if I wanna lose weight, saying I’m going to lose weight is a bad goal. Why? Because it’s not specific. But saying I want to lose 15 pounds, that’s specific. That’s a specific goal. A great business goal, we did half a million dollars last year. This year I want to do $750,000. That’s a 50% growth over what we did last year, but it’s specific.

The second part of SMART goals is measurable. Why does it have to be measurable? So you can track your progress. I want to lose 15 pounds. Once a week I’m going to jump on the scale, as I jump on that scale, I’m gonna take a look at it and hopefully it should be going down. So I can measure and track my progress over time. Same thing with business, I want to have a $750,000 year this year, 50,000 more than we did last year. I have 12 months to accomplish it and every month, or every quarter I can sit down, take a look at where I am. Am I trending towards hitting this goal, am I not trending? What can I do to change it? How can I make it happen?

A is for… attainable. The goal has to be attainable. Now I’m not saying you can’t go pie in the sky and shoot for the stars. You know, we did $500,000 this year, next year we’re gonna do 50 million dollars, right? That’s probably not gonna happen, it’s probably not attainable, that’s too far of a stretch. Could it happen? Maybe, if you have a dot com boom or something. But that’s probably not gonna happen. You want to set a goal that is somewhat attainable so that you feel comfortable. If you’ve been in business for years, you should know your year over year growth or you should also know if you’ve been stagnant for a while. If I’ve been at $500,000 a year for the last four years in a row, going for two million dollars is probably not gonna happen. But can I go for $600,000? Which is a 20% increase of what I did last year? That is something that truly is attainable, which is why you want to set an attainable goal.

So now the R, along the lines of attainable, or achievable, are realistic. You gotta set a goal that is realistic. And just like I said before, you did half a million dollars last year, going for 50 million dollars is not realistic. Go for something that’s realistic, that is attainable.

And finally, T, with your smart goal, the T is for time. How much time is it going to take from where you are today to where you wanna be? When is that finish line? So when you have it all together, your SMART goals are going to help you to grow your business to where you want it to be.

Set SMART goals for your business! If you need help growing your business, if you need help scaling you business, this is what we do. We are a business coaching company. Maybe you can consider investing in coaching to help you get to where you want your business to be, so you can BLOW AWAY THE COMPETITION!

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