As a small business owner, you have a lot of responsibilities. You wear a lot of hats and have multiple tasks in the air on a daily basis, so it can be challenging to focus on the bigger picture. But January is a great time to widen the lens and examine what your bigger picture for the year ahead looks like. To work towards business growth in 2023 and beyond, setting SMART goals is essential.
SMART stands for Specific, Measurable, Attainable, Relevant, and Time-bound. Setting goals that meet these criteria will ensure that you’re taking meaningful steps towards achieving success for your business this year. Let’s dive into what each of these elements mean for goal setting.
Specific and Measurable
Specific goals are more likely to get accomplished because they provide direction and clear objectives that you can work towards achieving. They should also be measurable so that you can track your progress throughout the year. For example, if one of your goals is to increase website traffic by 10%, then you will be able to track how close you are to reaching this goal at any given point in time by tracking website visitors or other key performance indicators (KPIs). This will help keep you motivated as you move closer towards achieving your goal!
Attainable and Relevant
Your goals should be attainable but also challenging enough to push yourself out of your comfort zone. It’s wise to set realistic expectations to avoid becoming overwhelmed or discouraged when something doesn't go as planned. Additionally, make sure the goals are relevant to where your business currently stands and where it could potentially go in the future. For example, if your current customer base is primarily local customers, then setting a goal of increasing international customer numbers might not be feasible or relevant right now.
Lastly, all goals should have an end date attached so that there is an element of urgency and motivation behind achieving them by a set time frame. Without a deadline in place it can be easy to procrastinate, leading to decreased productivity levels over time. So make sure all of your goals have an end date attached!
When setting goals for your small business this year, remember to keep them SMART—specific, measurable, attainable, relevant and time-bound—so that they are achievable yet still challenging enough for growth! Doing so will help ensure that 2023 is a successful year full of progress towards achieving bigger and better things!