December 3, 2018

Setting SMART Goals Your Business Can Deliver On To Start The New Year

With a few weeks left to go in 2018, it’s time to start thinking about your business in 2019. Every New Year sees business owners revisiting their business goals. Yet, according to Forbes Magazine, research shows most business owners have given up on those goals by the time February rolls around.

Now business owners don’t give up on their goals because all New Year resolutions are doomed. They let those fresh goals slide because owners lack a disciplined, focused approach on how to execute those goals.

SMART goal setting is a popular technique for validating your business goals. Its focused approach saves you time and energy by streamlining the goal-setting process.

SMART Goals Defined

Numerous small business owners have embraced SMART goals. The SMART goal setting process is proving to be a popular technique thanks to its efficient and productive framework.

Each letter in the SMART acronym corresponds to one of 5 elements that a SMART businesses goal should have:

  1. Specific: have you clearly defined what you want to achieve?
  2. Measurable: What are the targets and milestones leading to success?
  3. Attainable: Are your goals realistic and deliverable?
  4. Relevant: Do your goals align with your business?
  5. Temporal: Have you allocated specific timeframes to each goal?

3 Tips For Setting SMART Goals

Here are three tips for helping you to maximise SMART goals for your business.

  1. Consider The Big Picture

SMART goals are about breaking goals down into their components. Start with the macro picture then work backwards. Once you are clear about where you want to take your business, you can build details goals to help you get there.

  1. Deep Dive Into The Weeds

Once you have your big picture framed, you can begin to flesh out the details and break your goal into smaller initiatives to define the “measurable” and “attainable” SMART criteria. The smaller the steps you need to take, the easier it is to make forward progress and build momentum.

  1. Monitor Progress

Once you are committed to your goal and focused on the daily actions you need to deliver, it can be easy to lose sight of where you are in the process. Map out regular monitoring sessions to assess your progress, review potential next steps and celebrate success.

7 Business Resolutions You Should Make For 2019

If you are ready to implement some powerful changes in your business, here are seven potential New Year resolutions you should adopt in 2019.

  1. I Will Manage My Cash Flow More Effectively

This is a smart resolution for any small business owner, particularly if your business has significant seasonality, which impacts its cash flow. This is especially important if you are still learning the ropes of your business’ day-to-day cash flows or if you lack sufficient capital to reinvest into the business.

  1. I Will Improve My Businesses’ Digital Footprint

If your website is looking tired or it isn’t mobile-friendly, you have work to do. Similarly, if you lack a good email marketing list or social isn’t part of your customer conversation, it’s time to step up to this resolution in 2019.

  1. I Will Embed Social In My Business

If social media gives you a headache, 2019 is time to scratch that itch! Look at kicking off a regular blog and mapping out a content strategy and calendar for your business in 2019.

  1. I Will Be More Focused And Productive

This is a fabulous 2019 resolution for those of us who find ourselves being easily distracted from our core business drivers. It’s great to explore new opportunities and marketing ideas but not at the expense of your focus and productivity.

  1. I Will Charge What My Brand Is Worth

Feeling underpaid and undervalued? If so, this is the resolution for you in 2019. Market your business to the right audience, revisit your strategy and change your pricing strategy to reflect the value embedded in your brand.

  1. I Will Add Talent To My Team And Delegate

If you find yourself inundated with work and struggle to find the time and focus to growing your business and achieve its potential, it’s time to bring in some fresh talent and delegate support tasks to your team.

  1. I Will Improve My Communication Skills

If you find yourself continually having to clarify your instructions or requests with your employees, it’s time to devote some time and effort into improving your communication skills.

Final Observation

So 2019 is just around the corner and time is ticking. Now is the time to take stock of your business, frame some 2019 New Year resolutions and commit to a plan to put them into action. Make your resolutions stick by framing them as SMART goals and make 2019 the year you finally transform your business and take it to the next level.

Filed Under: Business Advisory, Growth, Management and Strategy

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