Now that we moved into the second quarter, it's time to reflect on what worked and what didn't work with your business, or have you started your business? You may have heard of SMART goals. They are a framework for setting objectives that are: Specific, Measurable, Achievable, Relevant, and Time-bound – it's an acronym. Let's break down each component.
Specific goals should be clear, and precise, leaving no room for ambiguity. They should answer the questions of who, what, where, when, and why. An example of a specific goal would be to increase monthly revenue by 20% by the end of the quarter through targeted marketing efforts – that's very specific. You are specifically noting your revenue, what you're going to do by the end of the quarter, and how you're going to do it.
Measurable goals should include criteria for measuring progress and success. Measurable goals provide a sense of accountability and motivation as progress becomes tangible. An example of a measurable goal would be to acquire 50 new customers through social media advertising campaigns by the end of the quarter.
The next one is achievable goals. Achievable goals should be realistic and attainable within the time constraints, such as time, resources, and capabilities. An example of an achievable goal would be to attend three networking events per month to expand professional contacts and generate at least five new leads each month.Â
So, the last couple of weeks, (one was last week, so I apologize), I worked the spa show the weekend before and it was so great, I was so tired and in so much pain, and I was just like, “I can't. I can’t do it,” but I love doing the spa show. So sorry, I missed you guys. But we talked about networking and how to build our business through networking – that is a specific, achievable goal is to attend your networking events and expand your contacts.Â
So, relevant goals. Relevant goals inspire commitment, and passion, driving you to overcome and stay focused on what truly matters. An example of a relevant goal would be to enroll in a leadership development program or business coaching sessions to enhance strategic planning and decision-making within the next six months. That way, you are making it relevant to you.
T is for time-bound. Time-bound goals prevent procrastination and ensure that your efforts are concentrated within a specific timeframe, increasing the likelihood of success. An example of a time-bound goal would be to launch an online course on entrepreneurship skills within three months with a target of enrolling 100 participants in the first month of availability. That is time-bound because you're putting the time constraint of the first month that you launch it.
Let's get to setting our smart goals for this quarter, and let's make things happen! Let me know in the comments some of your goals. I look forward to reading that so let me know.
