Tips for Setting SMART Goals for Your Business Plan: Part 5 – Time-Based

5 mins read

This article breaks down the 5th part of a SMART goal setting, along with tips to help complete this section and apply it to your business planning. There is also a downloadable template included to help with creating a Time-Based business goal.

Most business owners are aware of how important a business plan is for success. It lays out the different goals of the business, along with the plan for achieving those specific goals. However, do we truly understand what should be included in setting a business goal? Both in our personal lives and in business, it is essential to have clear objectives! Without goals we are not truly in charge of the direction we are heading, and usually end up drifting haphazardly, hoping not to run into any problems that will set us back from success – not to mention, it’s also hard to measure success without having set goals to accomplish! So, what is one of the best ways to set a business goal, you may be asking? Well, we think it’s a smart idea to set SMART goals! These are goals that are specific, measurable, achievable, relevant, and time-based. Let’s take a look at what the 5th part of SMART goal setting is, along with Time-Based tips to help you with your business goals.

Time-Based

The final section of SMART goals is considered one of the easiest! Now that your business goal is specific, measurable, achievable, and relevant, all that is left to do is decide on the target date or timeline to complete your objective. Setting goals that will be accomplished in a month vs. a year are a BIG difference. Adding the timeframe to business goals will help to make them more specific and measurable and will also help when it comes time for planning the schedule and creating a strategy for success.

The deadline to accomplish business goals should be a motivator to get the goal done, so ensure that the timing is realistic to avoid it being discouraging. It is also recommended that the timeframe not be too long, as it is meant to help avoid procrastination as well. Setting milestones within the timeline of achieving your goal is also a great idea as it will help to monitor the progress and allow you to review strategy where necessary. Once there is a timeframe for the objective and milestones are chosen, it is a great idea to divide out specific tasks that can be accomplished in order to reach those milestones which will help to accomplish the main goal.

Here are 3 questions to ask that will help in assuring business goals are Time-Based:

1. What is the deadline for achieving this objective?

2. What milestones would we like to accomplish, and by when?

3. When will we complete specific tasks to help in completing our overall goal?

Are Your Business Goals SMART?

We have now explained the 5 parts of a SMART goal: Specific, Measurable, Achievable, Relevant and last but not least – Time-Based! Setting the timeline for business objectives is the final detail, the bow on top, that allows you to stay on schedule and adjust your strategy towards success as needed. Having a plan set out will also empower you to keep moving forward and seek resolution when you run into bumps in the road – which will happen! Now that you have a better understanding of the Time-Based aspect of SMART goal setting, the question left to ask is: “Are your business goals Time-Based?”

This was the 5th step in completing a SMART goal! So, what now? For the final step see our article “Tips for Setting SMART Goals for Your Business Plan: Part 6 – Creating the combined SMART Goal.”

Download the SMART Goals: Part 5 – Time Based – Questions Template.

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Visit our Resource Library for all available downloads.

If you require assistance with any of the guides, forms or templates, please contact a BIG representative.

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