Having clear, well-defined goals can help give your business a clear sense of direction, benchmark your progress and ensure that the whole team strives towards an achievable aim.
We recommend setting in place S.M.A.R.T. objectives to bring structure and tractability to your business goals.
S.M.A.R.T. is an acronym often taken to mean the following (although there are a few variations!):
Make sure your objective is detailed and pinpoints a specific obstacle to overcome or opportunity to grasp.
Check that your objective can be quantified through a metric or includes an indicator of progress e.g. 5% rise in sales.
Don’t set the mark too high. Make sure your objective is a realistic one that you will be able to attain within the time stated, with the given resources.
Your S.M.A.R.T. goal should fit your wider business plan and mission statement.
Be sure to include a specific amount of time to achieve the objective within.
Here are some examples of S.M.A.R.T. objectives;
- Increase in-store sales of sports products by 10% in the next 6 months
- 5% of existing customers from the customer database to register for a new online account by the end of the financial year
- Acquire 400 new online customers this financial year at an average cost per acquisition (CPA) of £20 with an average profitability of £5.
This style of objective can be used to create overall business objectives but can also be used in specific areas such as project management, employee-performance or marketing.
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