Small business management requires constant attention to how well the current strategy is working. Setting realistic goals is very important to obtaining financial success. Small business owners must look at finding ways to measure how well their sales are going and be prepared to modify actions based on this assessment.
When setting goals for your small business, remember to use the acronym SMART as a foundation
Specific Each goal developed should be very specific in nature. Some key areas to focus on include financial growth, new customers, product line expansion, holiday sales, etc.
Measurable Business owners must be able to measure whether they have reached a goal or determine how far they fell from the reaching the goal. Weekly or monthly profits would be one area to track. New customer orders or repeat customer orders are also area where a small business can measure growth.
Attainable Each goal must be reasonably attainable. Setting unrealistic goals will not allow for true evaluation of growth or progress.
Relevant Setting relevant goals based on the developed small business plan to extremely important. Business owners must use their business plan as a guide to developing goals for growth.
Time-bound Goals should be locked in to a dead line. In other words, make sure your goals are specific and locked in to a deadline. Time measurement will vary with each goal. Days, weeks, months or quarter are units to be considered when developing a time line for each goal
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