Why do so many people fail to reach the goals they set for their businesses? One reason might be the structure of the goal itself. SMART goals focus on a set of standards that ensure you’re looking at the realistic possibilities while still stretching for better possibilities.
What Is a SMART Goal?
You may have already heard about SMART goals. If you haven’t, here is a quick definition before we jump into the steps you need to take moving into 2023.
Specific – The goal needs to be narrow in scope. Instead of saying, “Make more money,” you would say, “Increase revenue by 10% in 2023.”
Measureable – You must be able to measure the results in numbers or some measurable way.
Achievable – It’s okay to stretch yourself a bit but make sure it is a goal you can realistically achieve. You don’t want to set yourself or your team up for failure.
Relevant – The goal must matter to the growth and longevity of your business. Why does this particular objective matter?
Timed – Set a deadline for your goal. “Increase revenue by 10% in Q1 of 2023.”
You can see how sticking to very specific, concrete goals helps you measure results and see higher success rates. Here are some tips to set the best e-commerce goals imaginable.
1. Audit Your Business
Before you write out goals, figure out where your business currently is. Are there any areas where customers complain a lot? Can you make fixing at least one of those a SMART goal?
Pay attention to your weaknesses as a brand. Set SMART goals to overcome those challenges. You’ll see the most improvement when you focus on meeting customer expectations and keeping your current clients satisfied.
2. Find Balance
Don’t be so tied into SMART goals that you overlook other goal-setting methods that might work better for a particular situation. Although SMART goals are one of the most popular methods for goal-setting, you might also use another one alongside, such as big small quick (BSQ).
3. Talk to Your Staff
Your employees work the job day in and out. They know where the weaknesses and strengths are. Spend time meeting with staff and talking to them about your thoughts for SMART goals. Brainstorm with them about how you improve your objectives.
Encourage your employees to set personal smart goals to help them grow and thrive as a worker. What can you do to support them as individuals?
4. Stop Bad Habits
Setting SMART goals and reinforcing new, better habits strengthens any brand. However, you must first stop bad habits before you can enjoy new ones. For example, if your brand overspends in certain areas, how can you first cut spending before focusing on earning more revenue?
One way a lot of companies bleed money is by losing qualified employees frequently. Your brand’s churn rate can cost you a lot of cash. Experts estimate it costs as much as nine months of salary to replace a single worker. Change your company culture so your staff wants to stay.
5. Write the Goal Out
Don’t just say the goal and not keep track of it. Write it out so you remember exactly what the SMART goal says. Put your goal on a big poster board with a graph measuring progress. Cheer on successes along the way. Buy your team lunch when they hit a smaller goal.
Just having a goal may not do much for your business. Find out who will hold you accountable to take the steps needed to reach each goal. Break things down into tasks and report to your accountability partner each time you miss a mark or surpass it.
Everyone needs reminding or cheering on at times, so serve that role for your team and ask them to do the same for you. With SMART goals, you’re sure to find more success and grow your business to the next level.
Eleanor is the editor-in-chief at Designerly Magazine. She’s also a freelance web designer with a focus on customer experience. Eleanor lives in Philadelphia with her husband and dog, Bear.
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