Setting goals is an important part of business and professional development. Yet, simply having an objective isn't enough. To set yourself or company up for success, you need to take an intelligent or SMART approach to the project. Here's a closer look at how this five-point methodology can help you reach your target. 

5 Components of SMART Business Goals

1. Specific

One of the biggest mistakes of goal creation is using generalized terminology, such as "boost profits."  While increasing revenue is an excellent aim, broad language leaves too much for error. Instead, create a very specific objective, like "increase sales by 20% in the third quarter." Such defined intent provides focused direction and erases uncertainty. 

2. Measurable

A SMART goal is one that can be tracked. Being able to measure the outcome not only allows you to identify when the target is reached, but it also makes it simple to break up the end product into digestible steps. For example, if you set a marketing goal to double website traffic within 12 months, then your monthly objective is an increase of around 8.4% visits per month. Monitoring the results as you go allows you to make any necessary adjustments to ensure your end-goal is reached.

3. Attainable

Being overambitious may seem like the perfect way to push yourself harder, but it can actually set you up for failure. For instance, trying to move 10,000 units in a month when the business currently averages around 100 isn't practical. Instead, target realistic goals, like increasing your average by 50 or 100 units for six months and then reevaluating. 

4. Relevant

Setting a goal for the sake of setting one doesn't aid your long-term professional development or company aims. There are also environmental and industry challenges to consider. For those reasons, you need to consider how the objective plays into your extended focus as well as the market's current state. For example, if the economy is entering a recession, then maintaining sales is more logical than chasing a significant increase. 

5. Time-Based

Placing perimeters on objectives is an excellent way to motivate yourself or your team. The formality of setting an exact timeframe makes facing the challenge seem like less of an option, which helps combat procrastination. For optimal effect, choose a full-project end date, like 12 months, and then break it down into smaller milestones, like three, six, and nine months. 

Membership in the ACA Business Club St. Louis offers career changing opportunities. Based in Chesterfield, MO, the private business club provides a host of professional development services. From leveraging connections to setting SMART business goals, the organization is committed to personalized guidance. St. Louis County professionals can learn more about the organization online, and direct questions to (314) 628-0690.