Setting goals for your business can help set your business up for success. Learn how to set specific, measurable, achievable, relevant and time-bound goals for your business.
Why goal setting is important
Goals are an important part of running a successful business. They can give you a clear focus, motivate employees and set targets for your business to work towards.
Goal setting can also provide you with a set of criteria to see if your business is succeeding. Having clear, well-defined goals can help you take control of your business’s direction and increase the chances of achieving your larger business targets.
Setting SMART goals
Setting specific, measurable, achievable, relevant and time bound goals can help you focus your efforts and increase the chance of successfully completing them. These aspects are important to consider when creating your goals.
Example of a SMART goal
Overall goal: I want to grow my gardening business.
Specific: I will gain four new clients for my business.
Measurable: I will measure my progress by keeping track of how many new clients I gain while maintaining my current client base.
Achievable: I will gain four new clients as I currently have four available spaces in my fortnightly client scheduling diary.
Relevant: Adding clients to my customer base will allow me to grow my business and increase my income.
Timely: I will have four new clients within three months.
SMART Goal: I will gain four new clients for my gardening business within a three month period filling my current available diary places. This will allow me to grow my business and increase my revenue.
Achieving your goals
Once you’ve got your list of business goals, you’ll need to get to work achieving them. Here are some things to consider when planning your strategy to achieve your business goals:
- Actions – describe the individual actions you will take to work towards your goal. For example, research five different ice-cream suppliers in Hobart and make a list of their pros and cons.
- Timeframe – set a deadline for completing your goal. Ask yourself how long you expect the task to take and set a realistic date to work towards.
- Resources – detail your budget, staffing requirements and any supplies you’ll need to accomplish the goal.
- Accountability – tell your staff, customers or a group of people you trust about your goals. These people can help you to stay on track and make sure you are working towards your goal.
- Review – consider how you will measure the success of your goal. Set time aside to regularly review how you are tracking towards it. Consider what actions you can take if you are not on track.
For more information visit www.business.gov.au