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SMART GOAL SETTING FOR BUSINESS

By Shai Patel

2021-01-25

On our journey together, we have so far:

 

 

The rubber has hit the road, and your arborist business is running.  You have some confirmed projects you are working on, chasing suppliers, issuing invoices, following up on potential enquiries, providing quotes and scratching for leads. Things are busy. Somehow, you feel that you are not getting anywhere and unsure if the business is heading in the direction you spent your time thinking over.

 

In business, setting SMART goals means that you clarify your ideas and ambitions, focus your efforts, use your scarce time and resources productively, and hopefully fulfil your business mission and vision.

 

Continuing our series of business development tips and techniques articles, we will focus on what SMART goals are and how you can use them to set, follow and achieve your business objectives. The methods discussed can also apply to developing personal and family goals too.

 

When thinking SMART goals, look towards setting goals for the next 12 months.

 

What is SMART?

 

As you’ve probably guessed, SMART is an acronym used to guide your goal setting. The criteria, attributed to Peter Drucker, an American management consultant who developed ‘Management by Objectives’ later published in the 1954 book “The Practice of Management”. George Duran explored the concept further introduced the SMART acronym in the 1981 November issue of ‘Management Review’.

 

SMART stands for Specific, Measurable, Achievable, Relevant and Time-bound. (for others it can also mean Simple, Sensible, Significant, Meaningful, Motivating, Agreed, Attainable, Reasonable, Realistic, Resourced, Timely, Time-limited or Time-sensitive)

 

 

Using SMART as A Guide To Goal Setting

 

The author of this article provides us with an extract of an earlier article on SMART:

 

“But what does it (SMART) really mean, and why is it relevant to modern businesses? Let us give an insight into why setting your own objectives is vital for success.

 

Specific
Establish what your overall objective is and what your goals along the way are by asking yourself these five questions:

1. What do I aim to accomplish?
2. Why is this objective important?
3. Who is going to be involved?
4. Which resources are needed?
5. Where will this take place?

Asking yourself simple questions such as these allow you to narrow down your aims and ideas into specific objectives.

 

Measurable
Your goals and objectives need to be measurable to enable you to track and monitor your progress. This way, you can keep track of feedback and success when implementing your goals. Include the following in your considerations:

1. How much?
2. How many?
3. How will I know when I have achieved the objective?

Asking the ‘how’ questions will allow you to stay in the loop of whether or not you are meeting your targets to achieve the objective.

 

Achievable
Your objective needs to be something you can achieve. To ensure you are setting achievable goals, ask yourself questions such as:

1. What isn’t working for the company?
2. Can the company improve this?
3. Can I make a difference?
If it is something that you can directly change or adjust to make a positive impact, then you know your objective is achievable.

 

Realistic
Having realistic goals and objectives is vital for them to be fulfilled and successful. To be sure that you are setting a realistic objective, consider these questions:

1. How can this objective be accomplished?
2. Is anything constraining the goal to be achieved?
3. How will it be measured?

It is essential to be realistic, but not to restrain the growth and potential of the company.

 

Timely
Objectives need a timescale, and this is so that you can work towards a deadline each step of the way. Ask yourself:

1. By when does this target need to be completed?
2. Can it be completed sooner?
3. Where do you want to be six months from now?
4. What can be done about it today?

Creating a schedule for your goals keeps you focused on the overall objective, making it a priority to achieve”.

 

 

Some SMART Goal Examples

 

Having explored the theory, what does a SMART business goal look like?

 

Below we explore some goals that may be suitable for your business.

 

  1. “Complete work for 120 new clients this calendar year”:
    1. Specific: 60 NEW clients.
    2. Measurable: 60 and calendar year.
    3. Achievable: 5 projects per calendar month, meaning between 1 to 2 new clients per week. Last year we managed, on average, one new client per week.
    4. Realistic: With recommendations from each completed project, our clients could refer new clients to us through their friends, family and business contacts.
    5. Timely: Ensure we quote accurately taking into account the resources required to complete projects on time.

 

  1. “Pay off £10,000 business loan in 12 months”:
    1. Specific: £10,000 and 12 months.
    2. Measurable: Track payments made and outstanding. Set up a direct debit or standing order.
    3. Achievable: By ensuring we quote accurately and reduce unproductive, time-consuming dependency on others, we can complete more projects.
    4. Realistic: Identify low-cost project opportunities over the 12 months and blend with larger projects.
    5. Timely: Pay off within 12 months.

 

  1. “Complete ‘Home Buyer Mortgage Report Writing’ training Course via Consulting Arborist Society”:
    1. Specific: ‘Home Buyer Mortgage Report Writing’ training course.
    2. Measurable: 1-day onsite course at Pershore College.
    3. Achievable: Schedule one-day away in the diary.
    4. Realistic: Covid19 regulations permitting travel.
    5. Timely: Can be completed in the first half of the year.

 

The ability to keep updating your business to move with the times is key to any organisation’s success. SMART objectives can be a massive help for this process as it allows a company to continuously review their performance, recognise where improvements need to be made and begin to strategise in the aim of growing and adjusting.”