One of the most important things a company can do is set regular business goals. They point the business in the right direction and keep activities focused on achieving specific objectives. Now, writing down a general goal is a good start, but to make them happen, you must take action. And that is why your SMART goals must align with your business development goals.
You have more than likely heard of SMART goals. They are goals that are specific, measurable, attainable, relevant and time bound. Here are a couple of SMART goal examples to get you started.
Example #1: Expanding your wedding business’s regional footprint
Let’s say you want to expand your wedding business’s geographic footprint to open up new markets and to increase revenues. Here is an example of how a SMART goal would align with this business goal.
- Specific: I will lease a 2000 square-foot storefront in downtown Chicago.
- Measurable: The lease will be signed no later than January 15th.
- Attainable: I will contact three leasing agents who specialize in storefront properties in downtown Chicago and make a trip specifically to the area to find the ideal property.
- Relevant: I have bridal customers and consultants from the Chicago area asking if I would open another location in their area to make it easier for them to shop. This opens up a new market and customer base, with a high probability of successful growth.
- Time-Bound: All of this must be done by January 15th, to allow for the store to open in early February, near the start of the Spring bridal season.
Example #2: Lower Shipping Costs
Let’s say you want to lower your shipping costs but want to do it without lowering customer satisfaction. Here is an example of a SMART goal that aligns with this business objective:
- Specific: I will switch all of my shipping from UPS to Fedex.
- Measurable: I will complete the transition to Fedex by July 1st.
- Attainable: I will contact Fedex and set up a new merchant account to start the process. I will also order the appropriate labels and software updates to make this transition as easy as possible.
- Relevant: Fedex’s rates for shipping to the region of the country where most of my customers are is 20% lower than UPS. They also deliver within 3 to 5 business days, which is the same as UPS. The lower cost and same delivery time should maintain customer satisfaction levels while lowering costs.
- Time-Bound: I will make the change by July 1st to coincide with the beginning of the new quarter to allow clean tracking of the impact this change makes to shipping costs and customer satisfaction.
These SMART goal examples should help you develop your own. When you align your actionable goals with your broader business goals, you will see progress. Can you give any other SMART goal examples that align with your business objectives?