Published: 2021-10-07
Views: 428
Author: Riley White
Published in: Career

There are plans within plans to make when starting a new business. Anyone who is planning on developing a marketing strategy for a new company requires a critical SMART goal to succeed.

What are SMART goals?

SMART is popularly used to evaluate and understand the suitability of objectives which has been set to drive various strategies as well as the improvement of the entire range of business processes.

The SMART acronym which stands for Specific, Measurable, Attainable, Relevant, and Time-Bound goals is an acronym that has been tested by many businesses as well as individuals. It establishes the criteria for setting goals and objectives.

Most times, SMART goals are practically used in carrying out strategic planning to create business goals that are concrete as well as geared toward execution within a specific time frame.

• Specific: We need to develop a marketing strategy with a clear outline that we can follow to ensure we have covered all of the important points.
• Measurable: We will finalize 25% of the plan's details each week of the month to ensure completion within one month.
• Achievable: One month should be enough time to conduct all of the necessary market research and company analysis to develop a good marketing plan.
• Relevant: Without a solid marketing strategy, the company is missing a critical component to achievement.
• Time-bound: One month is the time limit.

Smart Goal Examples for Business

• Specific: I plan to increase revenue while decreasing spending. I am moving to another location that is more affordable, with the possibility of getting my rent reduced by 7% because it will lower my operational costs.
• Measurable: Over the next three months, I plan to increase sales by signing up five more potential clients.
• Attainable: I want to strengthen my current customer relationships as well as promote the company through referrals, networking, and social media. This will help me in getting more leads and, as a result, increasing revenue for the company.
• Relevant: Moving to a less expensive location will lower my company's operational costs, allowing for profit growth.
• Time-bound: By the end of the next three months, I will have increased my profit.

Why are SMART Goals Important?

Using the SMART goal framework directly helps in getting rid of some uncertainty as well as provide better clarity on the goal that you want to achieve.

However, if your goals aren't SMART, they're... well, dumb!

Goals that aren't SMART are often more akin to wishes and resolutions: they feel good to make, but they're nearly impossible to implement and achieve.

SMART Goal Example Summary:

My company is going to promote me to the position of a senior SEO specialist.

I plan to accomplish this by starting an additional work project in two weeks, completing the required training in six weeks, and submitting my application in eight weeks.

The Importance of Setting Goals

To achieve a great goal, you must understand that setting goals are an important step that you can’t do without.

How will you find out that you are making progress in the process of achieving the success you desire unless you have clear goals to guide you.

One thing that you should take note of is that the goals that you set for yourself do not have to be overly complicated.

In our experience, we have discovered that many of those who set clear goals for themselves tend to obtain better success more consistently.

The clear goal that we are talking about is both attainable and quantifiable. This mean, you can easily track your progress and make proper adjustment to your strategy if it becomes stalled.

Although many people may argue that progress in your personal or professional life can be possible without setting goals, but when you have a goal it will increase your chances of success.

Step by Step Guide to Set SMART Objectives

Starting the process of setting your own smart objectives begins with considering some areas of your business that require more improvement.

These areas could range from your company’s plan of expansion to production streamlining.

So let’s see the following facts that will help you to start setting some realistic, attainable goals within these areas.

Step 1: Be specific.

Any goal that is generic does not usually go far because at some point it may reduce your chances of success. It is best for you to be specific with your objectives if you want to begin moving forward with plans.

Step 2: Make it measurable.

Measurability is the second step to consider when determining how to set SMART objectives. You won't know if you've succeeded if your goal isn't measurable.

Step 3: Make it achievable.

Measurability is the second step to consider when determining how to set SMART objectives. You won't know if you've succeeded if your goal isn't measurable.

Step 4: Choose a relevant goal.

Sometimes we set goals that we have no business setting. What you must consider when setting goals is the importance of that goal to what you want to achieve.  

Step 5: Choose a timeframe.

When creating SMART objectives, ensure you do add a deadline to them. Otherwise, it's all too easy to continue pushing your goal off into the future.

Businesses can become so preoccupied with day-to-day operations that long-term goals can fall by the wayside.