Importance of SMART Goals for Business
  • Wendy Ni

Importance of SMART Goals for Business


As business leaders, we always need to have big goals, but they should be SMART goals as well. We know SMART is an effective process for setting and achieving goals that stand for the following: specific, measurable, attainable, realistic, and timely. To give a clearer understanding and seeing how we can put these goals into action, we will use an example.

Specific

When we say SMART goals, we mean exactly specifically "what is it you want to get accomplished at the end"? Here’s the difference between a specific goal and a goal NOT specific. Specific goal mistake: hire more employees. Specific goal: hire a new account manager for the company. Because hiring a new account manager for the company is so clear, there is then a definite and fixed solution when achieved. Another suggestion to make a goal more specific is adding in numbers like “boost by 10%”, etc. By just saying hire more employees, that is too general then more questions will follow after because there will be a vague outcome if not further determined.

Measurable

Next up, we then have to ask the question “how will I know when it is accomplished?”. Thanks to our specific goal, when it is achieved it will be much clearer. We should also give thought to how much is the employee going to cost the company if hired? The measurable stage helps us track and quantify the goal's progress (HubSpot). After going through the recruiting process, we should then end up with a new employee that's able to do all account management duties.

Attainable

Moving onto "how can the goal be accomplished"? There are many steps to get this goal accomplished: create a job description/post, where to place it, look through candidates, interview sessions, etc. When achieving this goal, we have to make sure there is some kind of structured plan going forward. After giving that some thought, is the goal realistic? Don't overpromise and then underperform. By doing that, you are going to set yourself or others to failure.

Relevant

We have to keep in mind that SMART goals for business - should really relate back to the overall business goals in one way or another (HubSpot). If not - what's the point of focusing and giving valuable time that might be worthwhile to something else? Hiring an account manager will benefit our team and overall business because we will be more organized and have someone accountable for a client. Asking why having these goals will also help us not lose sight of the core business works (HubSpot).

Time-Bound

Every assignment or project has a deadline, so do SMART goals. This stage helps people stay on schedule and making sure it's not taking too long than it should. As said by HubSpot, "attaching deadlines to your goals puts a healthy dose of pressure on your team to accomplish them". But referring back to the attainable stage, we want to make sure it can be done in a timely matter and nothing too unrealistic as that will surely have an impact on the outcome. With that said, not having a time frame will lose track of the team's efforts in terms of what to prioritize.


The Verdict on SMART Goals?

Statistics show that only 3% of adults have specific, measurable, time-bound goals and they achieve 10 times as much as people without goals (Weekdone). At the end of the day, SMART goals don't just apply to businesses - it applies to everything in life without people even realizing it. So, get out there and create some SMART goals so you can get ahead of others and thrive!


Here's a quick video where we sum up SMART goals for business:



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