Tips for Setting SMART Goals for Your Business Plan: Part 1 – Specific
Tips for Setting SMART Goals for Your Business Plan: Part 2 – Measurable
Tips for Setting SMART Goals for Your Business Plan: Part 3 – Achievable
Tips for Setting SMART Goals for Your Business Plan: Part 4 – Relevant
Tips for Setting SMART Goals for Your Business Plan: Part 5 – Time-Based
Tips for Setting SMART Goals for Your Business Plan: Part 6 – Creating the Final SMART Goal
Following the previous 5 parts on SMART goal setting, this article explains putting every step together to create the final combined SMART goal. We have also included downloadable templates of all 6 parts together in one workbook, as well as the 6th part alone.
Most business owners are aware of how important a business plan is for their 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 the 6th and final step in SMART goal setting, which includes putting the 5 sections together to complete your goal.
For more in-depth explanations of the 5 sections of a SMART goal, please see the previous 5 articles in our series “Tips for Setting SMART Goals for Your Business Plan.”
Summarizing the 5 Sections of a SMART Goal:
Specific: Provides the details to understand what is needed to accomplish the goal. Who, what, when, where, which, and why?
Measurable: Indicates how the progress of the goal will be assessed by explaining what measurements will be used and what milestones will need to be reached.
Achievable: Reviews all the aspects required to reach the objective to make sure all the needed resources are accessible. Helps to ensure the goal is challenging the company, while still making sure it isn’t unreachable.
Relevant: Evaluates if the goal will help move the company in the right direction towards their vision and long-term success.
Time-Based: The timeline or deadline for completing the objective.
Creating the Final SMART Goal:
Now that we understand the 5 sections included in a SMART goal, it is time to compile all the information together into a final goal statement! In order to do this, we create a statement that explains the goal we are aiming to accomplish while including the necessary details to confirm the specifics, measures, and timeline, while also ensuring that those who read the goal will understand it is achievable and relevant to the company. Depending on the objective that is being explained and the details that have been included in the 5 sections, the SMART goal statement could be anywhere from a few sentences to a full paragraph. The aim is to ensure the needed details are included. Some sections may also have overlapping details that won’t need to be repeated multiple times in the final goal statement.
Below is an example of a completed SMART goal. We have included one sentence to summarize each of the 5 sections, along with a final goal statement bringing all the sections together.
Specific: We want to generate more leads from our landing page by switching from a two-column to a one-column form to gather our potential clients’ information.
Measurable: Our goal is to achieve at least a 25% increase in leads.
Achievable: When performing A/B testing of our two-column form vs. one-column form on our landing page, we found that the one-column form produced 55% more results and the feedback was that potential clients were more willing to fill out information that took less time.
Relevant: With more content leads from our landing page, sales staff are able to reach out to more potential clients which results in more customers and therefore more income.
Time-Based: We would like to achieve this objective in six months which means by January 31st, 2022.
By January 31st, 2022, our landing page will generate 25% more leads by switching from two-column to one-column forms when gathering potential client information for sign up. This will help further other long-term company goals of increasing sales and income.
Are Your Business Goals SMART?
You now have all the steps required to work through and complete a SMART goal! Thinking of the specifics of the objective, the measurements required, whether it is achievable and relevant to the company, and having a set deadline to reach completion will result in a clear, concise, and detailed goal. Putting all of these aspects together will also help set your company up for success in achieving the goals they set. Having a plan set out will empower everyone to keep moving forward and seek resolution when they run into bumps in the road – which will happen! Now that there is a better understanding of SMART goal setting, the question left to ask is: “Are your business goals SMART?”
Download our full SMART Goal Planning Package Workbook to break down the 5 sections of a SMART goal, including this 6th and final step.