Posts Tagged ‘SMART Goals’

Business owners and entrepreneurs are renowned for having big dreams and ideas, but execution is another matter all together.  How can you succeed in executing those ideas?

How do you eat an elephant?

…One bite at a time

A simple answer often to complex questions:

How can we hit our 5 year goal? How to start the big project you have been putting off? How to grow to X?  Or how to turn your big dream into a reality.

Break it into manageable steps and focus on completing each step before moving onto the next.    It will allow you to start and you will be one step closer to succeeding.

Don´t underestimate the power of negative energy

We talk a lot about the power of positive energy but the same can be said for negative energy.

Feel overwhelmed?   Feel it is impossible?  How can you really expect to do that? What if you don´t succeed? What if you fail?  You fear the unknown. I am not qualified/experienced to do that. 

All of this uncertainty will hold you back and hinder your chances of success. It is natural, we all have doubts so we should recognise that it is the case for everyone not just us.  But instead of being beaten by them and focusing on the “what if” scenario, chose a small step forward and make that step this week.  You may still have the same nagging doubts after the first step but you will at least be one step closer to proving to yourself that you can do it. It is like crossing a river jumping from stone to stone, once you start you will find your path.

So what is your elephantine goal?  Are you hungry to eat it?

The Goal Setting Theory states if you set a goal you are more likely to succeed. But it does depend on the goal. You can´t just set a goal and expect it to happen, we probably have all had an unfulfilled New Year resolution. They need to be SMART goals – SMART goals help people achieve results.

A SMART goal is a goal that is Specific, Measurable, Attainable, Relevant, and Time-bound.

Specific and Measurable

Make your goal specific and measureable. E.g. “increasing online sales by 10%” is a good example whereas “wanting to impress more customers” is not so specific or measureable.

Why does making it specific or measureable help? If not, how would you know when you have reached your goals? There would be no accountability as they are too subjective – therefore set yourself something which will allow you to prove it and say “well-done, I did it” at the end. That positive reinforcement will set you up for your next 90 day goals too.

Attainable

Set something that is do-able. There is no point saying you want to be “as big as Microsoft” as that is just unrealistic and will not motivate you. In fact, setting impossible goals will have the opposite effect on you and your work-force, it will demotivate you.

Set something that is attainable but…on the flip-side… don’t chose a goal that is too easy as that won´t push you or your team to excel or motivate you either. Goals need to be challenging to really pull the best out of us (imagine yourself rolling up the sleeves to tackle your goal).

Relevant

Your goals should be relevant. To what? You, your team, the big picture, your business. Don´t choose a goal that won´t have a positive effect on one of them. You want to choose 90 day goals which are helping you build for the long-term too. Don´t set a goal for a setting a goal´s sake. Instead make it something you really want to achieve.

Time-Bound

The goal should contain a statement regarding when the proposed performance level will be reached. For example, “increasing sales to a region by 10%” is not a time-bound goal, because there is no time limit. Adding a limiter such as “by end of December” gives you or your employees a sense of time urgency.

A sample SMART goal: Bank Of America recently set a goal to reduce expenses by $ 2 billion by the end of 2013.

Think of a SMART goal you would like to achieve.

SMART goals motivate for a variety of reasons.

NOW … 3 more ways to make your SMART goals even more effective.

Feedback

To be more effective you, or your team should receive feedback on the progress you are making towards the goal. Any quantitative figures that can show you the progress you are making would help.

Ability

You need to have the abilities to reach your goals. What additional knowledge or skills do you or your team need? How can they be taught? Internally or externally? Working towards a goal is a great time to work on personal or team development too. Or outsource the knowledge or skills depending on your time frame and what is needed.

Goal Commitment

SMART goals are more effective depending on the level of commitment to the goal.

Goal commitment refers to the degree to which a person is dedicated to reaching the goal. What makes people dedicated or committed to a goal? Accountability to a manager, team/peers, or external source. When the individual has a supportive and trusted relationship with the person holding them accountable (so no good saying “do it or you are fired!”). Allowing the person entrusted to reaching the goal to participate in the goal setting and finally rewarding people for accomplishing their goal (that includes yourselves too, not just the team).

Now you have set the goals… how are you going to achieve them? What new strategies are you going to try? What are you going to change, improve and how many resources will you put to this goal? As business growth specialists this is when we work with small business owners to coach them to achieve their goals – everytime.

Good Luck, Edward