Be SMARTER In Your Business

Do you ever feel like you are working hard but not getting anywhere?

Some people spend their lives drifting from one job to another, and some wander around daily in a state of inertia, simply responding to things that happen and by 4 pm they realise they did very little to help them get closer to their goals.

And some people don't have any goals at all.

It's the same in many businesses where owners don't know precisely where they're going, so they repeat the same work every day, year after year, without making progress.

Luckily there's a little tool in the Marketer's toolbox for goal setting.

It's called the SMART framework - the effective way to determine if your goals are ... smart!

SMART is the acronym for:

Specific (the goal has to be very specific)
Measurable (the goal has to be measurable)
Achievable (the goal has to be realistic)
Results-focused (the goal has to focus on results, not effort)
Time-bound (the goal has to have a date when it should be achieved)

Because I strive to be future-focused, I propose we make the SMART a tad SMARTER by adding on the following:

Evaluatable (to assess the efficacy of the goal)
Reviewable (the goal has to be dynamic to help avoid stifling creativity and disappointment if the goal isn't achieved)

HOW TO WRITE A SMARTER GOAL

It's super simple, but let's dive deeper into the framework, so you're crystal clear on how to write (and attain) your goal.

Specific

A specific goal is clear and well-defined, with a definite outcome or objective. It answers the questions of who, what, where, when, and why.

The goal should be specific enough that it can be measured and tracked.

For example, instead of setting a general goal of "increase sales," a specific goal would be "increase sales by 10% each quarter this year."

Measurable

A measurable goal has a quantifiable outcome or metric that tracks progress so you can see if the goal is achieved, or not. You compare your actual results to your desired outcome.

For example, instead of setting a goal of "gain more followers on Instagram, "a measurable goal would be "increase follower count on Instagram from X to Y each month."

When your goal is measurable, you can see when your tasks need adjusting. Using the follower count on Instagram as the example, let's say the tasks you set to gain extra followers include doing Reels three times a week. By changing one variable, you could see an increase or a decrease in your follower count. The variable could be the time of day you are posting your Reel.

Achievable

It's essential to set goals that are challenging but not impossible to reach. A goal that is too easy to achieve may not be motivating and may cause you to lose your zest for working on your business. A goal that is impossible to reach is demotivating and perhaps demoralising because if we don't achieve our business goals, we feel like giving up because we're disappointed in ourselves.

Please assess the feasibility of your business goals by considering the required resources to achieve your goal, such as having:

Enough time each day to work towards your goals.
Access to finances for product development, advertising, software and subscriptions, etc.
A network of personal and business support, especially when things get challenging in your business.
The required skills and capabilities to achieve the goal, and the wisdom to know when to upskill.

If your goal is challenging but still possible, it is considered achievable. An example of an achievable time-bound goal would be "within three months I will employ a full-time VA". An unrealistic goal would be "within three months I will move from working on my own at home into an executive suite in the city with five full-time staff"

Results-Focused

The goal needs to be focused on the desired outcome, rather than just the day-to-day tasks or activities that will be taken to achieve the goal. When you set results-focused goals, it helps ensure that your goal is clear, measurable, and of course achievable over a chosen time frame.

When you're results-focused, you look at the big picture, and this helps make the goal more meaningful and therefore, more valuable.

Ask yourself throughout the day, "does this task I am currently working on get me one step closer to my goal?" I often ask myself, "will this task help my FindHer members in their businesses?" because I am on a mission to give my members brand-building resources and marketing & business mentorship to assist these remarkable women in their brand-building efforts. Note: this is not my SMART goal. This is the FindHer mission. What's your brand's mission?

Sorry to jump left of field.

Time-Bound

A goal should have a specific deadline for completion or a clear timeframe within which it needs to be achieved. This helps to create a sense of urgency and ensures that the goal is actionable and not just a vague aspiration. It also helps to establish a clear time frame for planning, evaluating and reviewing the goal.

Without a set deadline, it is easy to push the goal to the back burner and let it become less of a priority.

An example of a time-bound goal would be "launch the new product line extension by the end of the financial year."

Evaluatable

Similar to measurable, evaluatable refers to the ability to assess the effectiveness or success of the goal. It means that there needs to be a system or procedure for measuring the efficacy of the goal. The evaluation process is the key element in understanding if the tasks you are currently working on need changing to make them more effective in achieving your goal within the time-frame. Implement systems to collect data, conduct surveys, and analyse the results. Without data, you'll be working on your business in the dark.

Reviewable

When you review your business goals, it helps it remains relevant and aligned with your overall priorities and your personal and brand values. It also allows for flexibility and adaptability in the face of unexpected challenges or changes in the business environment, and in your personal life too.

Having reviewable goals helps to avoid the stifling of creativity and innovation, as it allows for adjustments to be made as new information and insights become available. Regularly reviewing the goal ensures that the goal is still achievable and that any obstacles that may be preventing the goal from being met can be identified and addressed.

Regularly reviewing the goal also helps to avoid disappointment if the goal is not achieved. If a goal is not met, it is important to understand why and to make adjustments to the goal or the plan for achieving it. This can help to prevent the same mistakes from happening in the future and during the process, you will learn and grow as a businesswoman.

Reviewing your goals should be done at least once a month. It is also a good time to celebrate and share your successes and to make adjustments where necessary to help you keep the needle moving in your beautiful business.

Write down your goal and ask yourself, "Is it specific, measurable, achievable, results-focused and time-bound?" And then ask yourself, "How will you evaluate the goal, and can it be easily rewritten?"

SCIENCE BACKS UP GOAL SETTING

A study published in Harvard Business Review revealed: Only 14% of people set goals and when they do, they are ten times more likely to achieve a level of success than people who do not set goals. That 3% are three times more likely to be successful than those who didn't write them down.

If you write down your goal, you are 30 times more likely to succeed!

YOU NEED TO KNOW WHY YOU WANT TO ACHIEVE YOUR GOAL

The SMART framework is effective because it provides business owners with clarity and focus and this helps with motivation.

In her article, “5 Ways to Make Sure You Achieve Your Goals This Year,” author Allison Walsh writes that “achieving goals becomes easier when they’re connected to a reason and purpose.”

This is an example she uses: "I want to build a profitable business so I can retire early and spend time doing things I love. (The “why” is having the time and resources to do things you love, not earning more money.)"

However, retiring early is a lifetime goal and, for many of us, retirement is many, many years away so let's take Allison's example and make it SMART: "By this time next year I will generate an extra $25,000 in profit and I will invest this profit in my RAIZ portfolio."

Do you see how the example is still specific, measurable, achievable, and results-focused, but it's also time-bound because it has a deadline (ie. one year). Therefore, in one year's time you can see if you made the extra profit to help you get a little closer to your big life goal of retiring early.

BE ACCOUNTABLE

Research by Gollwitzer at New York University (2009) found that when you tell someone your goal you feel the same way you should after achieving your goal and because of these nice feelings, you're unmotivated to go after your goal because you've already felt good. This idea was challenged in a 2020 study published in the Journal of Applied Psychology by Klein et. al. who found that people are more likely to achieve their goals when they tell their goals to someone whose opinion they value.

If you're a member of my VIP Inner Circle, share your goals with the remarkable women in our community, and we'll keep you accountable because this may just be the motivation you need to get what you desire in business, and in life.

If you're a woman business owner in Australia looking for a supportive community of like-minded individuals, I invite you to join our FindHer VIP Inner Circle, because together, we can help each other achieve our business goals and make a positive impact in the world.

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