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Step 3. Set Your Goals (SMARTER)
Many of you will be familiar with the SMART goal setting structure that is rolled out by everyone who knows about goal setting. Well, don’t just work smart, work SMARTER.
The Elements
S = Specific
M = Measurable
A = Achievable
R = Relevant
T = Time-bound
E = Energised
R = Reviewed
First of all, let’s look at how a goal can be built up within the structure. Say you have a goal to increase your income. Having a goal “to bring in more money” is too vague – how will you know when you have achieved your goal – “more money” could mean an extra £ or two? Would that feel like an achievement to you? Possibly not enough of an achievement. This is where the first step, “Specific”, helps to focus our thinking.
A more specific goal would be “to be bringing in £2,000 in business income”. In a few extra words the goal is now more specific about the amount and the type of income you are aiming for. However, once you have achieved that amount will you stop there? Is the £2,000 to be a regular increase? Yearly? Monthly? Weekly? Adding this to your goal will make a significant difference to your business. So let’s agree that your goal could be “to be bringing in £2,000 per month in business income”. Hang on before you celebrate though – do you mean simply income, or do you mean profit – remember you will have business expenses to pay from that income. You will need to decide and be specific.
By being more specific using a particular amount of money we have also met the “Measurable” step of the goal setting too, because we can measure money. You can chart your progress on a monthly basis and see how close you are to achieving that goal regularly.
So is that it? Are we done? Well, no actually, because we need to consider how Achievable this goal might be. This will largely depend on the product/service you are selling. If you are retailing a relatively inexpensive product, say burgers and fries selling at under £2 you will need to sell more than if you are selling a premium product or service – remember to factor in your business expenses too!
Once you have slaved over that hot potato, there follows a relatively easy question – how is this goal Relevant to your business. If you are setting a goal directly associated with your business (for example, amount of profit per month, new customers per month) it will be a simple connection to make – so work your goal smarter, rather than harder!
The next step to grapple with is Time-bound. What on earth does it mean anyway? Well, it’s more straight forward than it sounds. It simply means setting a time by which to achieve your goal – say within 3 months or 6 months. Adding in this little gem to your goal statement enables you to be objective about whether you are going to be successful and, if it looks like you might struggle, look at what can be done differently to make it happen.
The Energised step is an important one. You need to feel excited at the prospect of achieving your goal, to understand what it will mean for you and your business that currently doesn’t exist or isn’t possible. It is this element that will keep you focussed on working towards achieving your goal.
Finally, Reviewed. Goal setting has been around for decades. However, only those who regularly monitor their progress towards achieving their goal will actually achieve it. Writing it down and then keeping it safe and hidden away often ends in only one result … you reach the deadline before you have achieved your goal.
You have the power to decide how often you review your goal and we recommend you do so at least 3 times before the deadline date. This gives you the opportunity to notice if things are not going to plan and to take a different course of action if you need to.
If you follow these goal setting steps for each of your goals, you will find them easier to achieve. As the process becomes more familiar, you will find goal setting easier to do, more satisfying, far more enjoyable and will approach it with greater enthusiasm.
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