Smart Goal Setting

With the beginning of a new year or planning cycle, it is human nature to look back over the previous time period to gauge our accomplishments and to look forward, thinking about what we want to achieve moving forward. But merely “thinking” about what we want to achieve is simply not enough. If we truly want to get somewhere, don’t we need a map? Just thinking about goals is tantamount to starting on a journey without a map or a compass! While we may finally reach our desired destination, we will have wasted a great deal of time and energy meandering around trying to get to our objectives. 

Whether you want to take your business to the next level or achieve some personal goals, follow the advice of virtually all goal-setting experts: Write them Down! There is something inherently powerful about committing your goals to paper (or computer, if you prefer). It’s almost as if by seeing them and touching them, they become palpable and important. And you are much more likely to conscientiously strive consistently towards their attainment. You will make decisions that support your goals.  In addition, if you utilize the S.M.A.R.T Goal Setting Technique, you are much more likely to attain those written goals.  SMART is simply an acronym that defines how you should frame your goals. It is a process for goal setting that leads to effective, measurable and motivational goals. SMART stands for:  Specific -Make sure your goals state exactly what you want to achieve, e.g., increase net profit. Don’t set vague goals, such as “improve sales”. This is neither inspiring nor motivating. Measurable – If you can’t measure it, it’s not a goal but an aspiration, e.g. how do you measure “Improve customer service”? Remember, you have to set goals with metrics that you can measure directly, such as better scores on customer service surveys. Achievable – While goals should be challenging (e.g., stretch goals), they should be realistic and attainable.  If the goals are too high, people will feel frustrated and simply give up rather than strive to achieve excessively lofty goals. Relevant – Set goals that will make a real difference in your business or organization, e.g., Number of new clients or % increase in sales. Figure out what the drivers are in your business, and set goals for these critical benchmarks. Focus your energy on the important metrics and forget the targets that you cannot measure, such as employee morale. Instead, measure employee turnover rate as a surrogate for morale.  Time Specific – Goals should be assigned an intended time frame, such as one year or even six months, depending on the appropriate length of time. And measurement should occur on a regular basis, not only at the end of the time period assigned. Ideally, you’ll measure progress towards goal attainment on a weekly or monthly basis. In this way, you’ll see whether you’re making progress and can make corrections along the way if necessary. By following the SMART formula, you are assured of having a clear blueprint of what you want to achieve and by definition, a way to measure your progress towards goal achievement. Providing a clear vision of where you want to go also empowers you and/or your staff to allocate resources and set priorities more effectively and efficiently, critical ingredients for a successful organization. You are more likely to reach your desired end point using fewer resources and getting there more quickly than you would otherwise.   Developing SMART goals will provide you with the roadmap and compass necessary for a successful journey. And remember, organizational goals (as opposed to your personal goals) should, at a minimum, be well publicized. Better yet, if you have not cast your goals in concrete already, have a goal setting meeting with several key staff members to brainstorm what’s possible, what’s doable and what matters.   Remember, it’s never too late to start goal setting and planning. “Success” is a moving target.