How To Set Business Goals
|Business : Running Your Business|
When setting goals for a business, you should remember the acronym SMART. This is the model around which all your goals should be based. It stands for the following:
S - Specific.
You must ensure that all your goals are specific - e.g. easily identified and understood
M - Measurable.
There is no point having a goal if you cannot measure if it has been achieved or not
A - Achieveable.
It is fine to set goals that are stretching, but if there is no chance of reaching them they will be demotivating.
R - Relevant.
If you are selling ice cream, don't set a target to your staff to sell more chocolate biscuits! If you want to increase profits by 5%, don't set it as a target for your secretary - set it to your salesman who impact on sales.
T - Timely.
Ensure there is a clear timeframe for the goal to be achieved - e.g. by the end of the year.
Questions about business goals: