Using SMART Goals to Grow Your Business
You may have heard of using S.M.A.R.T. goals to build your personal resolutions into concrete results, but did you know what you can use them for your business growth too? These specific, measurable, achievable, relevant and tangible goals can help you better visualize where you want your company to go and how you can get there.
Making your goals specific can help you determine whether they are possible to meet as well as give you a concrete way to check in. An example of a specific goal for your company is ͞open storefront by January.
One of the best ways to keep your goals, and to give yourself confidence to meet them, is to make the goals measurable. This means keeping in mind the business metrics you have access to and what success looks like for you. For instance, if you want to reduce waste in your restaurant, then a measurable goal will include how many pounds of food you order versus how many you throw away.
Business growth goals are only useful to you if they are achievable. This means that instead of aiming for the stars, you aim for the clouds first. For instance, you want to be able to clear a year in the black before you make a goal of hitting the Forbes list. Having stepping-stones on your goal path can give you boosts of confidence that keep you walking.
The relevance of your goals is a big factor in making sure that they are the right ones for your company. This means making sure that your business will be headed in the right direction after you have accomplished the goals. For example, if your company is a retail store, then a goal involving internet sales is probably more relevant than one involving buying welding equipment.
A tangible goal is one with a specific payout for your company. For example, if your goal is to improve profits, it becomes tangible when you can see your books climb further away from the red. Having a tangible goal also helps you plan incentives for yourself and your employees and can keep you on track.
Business growth is about more than just showing up to your company every day and trying your best. By making S.M.A.R.T. goals, and writing them down, you can have a framework to move forward with purchase and grow your company. These goals can also help you make benchmarks and reward yourself and your employees for completing the steps towards growth.