Getting SMART: Setting the right goals for your business

Setting the right business goals | Easy As VAT

Much like using a business plan, setting goals is an essential part of your business. Without them, you have nothing to measure how well you're doing and it will be difficult for your business to thrive and grow.

However, setting the wrong goals can be just as detrimental to your business as setting no goals at all.

By "wrong" I mean goals which are vague, unclear and not thought out properly. When you set targets for your business, you should be using the SMART formula. Which is both an acronym and an accurate description of business owners who use it to set their goals (ba-dum-tss).

So what do your goals need to be in order to help you?

Specific

Each goal you set should be specific and focused. Think about what you want to achieve, why you want to achieve it, who will you need to help you and which resources you will need.

Measurable

How will you track your goal; when will you know that it's been successfully accomplished? Think about numbers - how much will you sell? How many people will you reach?

Achievable

You have to be realistic about your goals, otherwise you're setting yourself up for a fall. Think about how you will achieve your goal and whether there are any threats which could prevent you from doing this, for example financial issues or time constraints.

Relevant

Do your goals align with the plans you have for your business? If not, then they aren't relevant.

Timely

Finally, all goals should have a target date to be completed by, otherwise they tend to be forgotten about and not prioritised. A time-bound goal also means that you can plan the time spent working towrds your goal ccordingly.

Do you set SMART goals for your business? Leave a comment and tell me!


I'm a financial coach and mentor helping female business owners to gain the knowledge and confidence they need to manage their finances successfully and have a positive relationship with money. If you're ready to take control of your finances, click below to find out how I can help you.

I also have a range of amazing resources which you can use to help improve your business finances.