Goal Setting

Goal setting is an important part of your planning process. As a startup business owner, it’s important to carefully map out your business idea. For instance, break down your strategic goals and objectives according to whether they’re short, medium or long-term. In addition, it’s good practice to group your objectives. For example, according to whether they’re operational, financial, marketing, sales, recruitment, training & development related. By organising and planning your goal setting, you also organise your thinking, which will help you prioritise actions. Not only that, but SMART goal setting focuses your attention on achieving more measurable objectives.

What are SMART Goals?

The SMART acronym stands for’ Specific, Measurable, Achievable, Realistic and Time-Bound. SMART is a tool used to help you write goals and objectives. Each letter represents the criteria or best practice you need in order to achieve your objectives. Most importantly, when using this tool and criteria, you increase the chances of achieving what you want.

Specific

Be specific about what you want to accomplish and think about the following questions:

  • What is the goal meant to accomplish and why is it important?
  • Who is involved, especially in the case of group projects?
  • What are the specific requirements needed to achieve it?

Measurable

  • How can you measure progress and what’s been achieved?
  • Do you need to measure against a budget or a certain timeframe?

Achievable

  • Do you have the skills needed to achieve it? OR
  • How can you get the necessary skills to achieve it?

Realistic

This is also referred to as ‘Relevant’. Most importantly, your objectives need to be defined with a realistic and relevant purpose. Not only that, but one which is also achievable.

  • Why are you setting the goal now?
  • Is it aligned with your overall goals and objectives?

Time-Bound

It’s important to define when you want to achieve your objectives. In addition, whether they need to be broken down into different chunks. Most importantly, this needs to be within a realistic and achievable timeframe.

  • What is the deadline to achieve the goal and is it realistic?

Tips for Writing SMART Goals

  • Write concise and clear goals, which are easy to remember
  • Set measures that allow you to check if you’re on track
  • Develop goals that fit in with your personal and/or professional objectives
  • Keep to a manageable number of objectives in any given period (what is achievable and realistic to accomplish?)
  • Start by writing down what you have in mind
  • Ask yourself the above questions to see if it meets the SMART criteria
  • Use the following SMART Goals Template to help you write SMART objectives

Contact Maximum Solutions Consulting Ltd for more information about goal setting. In addition, visit the Business Coaching London page for details about business coaching services. Not convinced, watch this TED Talk; Want to be great at something? Get a Coach by Atul Gawande.