Create SMART Goals to Grow your Business

Posted on: November 19th, 2015 by Rob Baumhover

 

Setting and striving to reach goals is the key driver in continually growing your business. All businesses should be setting goals to try to improve, grow, become more profitable, and serve their customers better. With clear goals, everyone within the organization knows what their purpose is and how they need to operate.

But what makes a goal a good one? Think of the acronym SMART. Goals should be:

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It’s not enough to say you want to increase revenue or the number of transactions per day. By how much do you want to increase it? Is it 10% more, 30%, double? If you don’t know what number you’re trying to reach, you won’t be able to make an effective plan to reach it.

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Say your goal is to increase customer satisfaction. How are you going to track it? One way could be through customer surveys. The key is being able to see the change and track your progress throughout the process.

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Goals should push you, your employees, and your company but it’s also important that they are achievable. Set your goal so that it challenges you and your team, but so that it’s still achievable.

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We all like to dream big for our company. But setting goals that are too big for your business to handle can have a negative effect. Start with small goals. Once you reach those, slowly build up to big, lofty goals.

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Having a time-frame for your goals helps to keep you and team accountable for the actions you are taking to achieve the goal and it also helps in motivating your team. The appropriate time-frame will vary depending on the goal.

Now think about your business. What do you want to accomplish in the next week? In the next month, year, 5 years? What are you going to do to achieve those goals? Collaborate with your team to set SMART goals and watch your business grow!