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Bookkeepers Blog, Best Hints & Tips Guaranteed by Tash-Ly
SMART Goal Setting – 3rd February 2K16
The S.M.A.R.T goal setting protocol is a method which can be used effectively by small business to set, track and achieve their goals. In previous posts this month, I have been working my way through the S.M.A.R.T acronym one letter at a time, and this week will be discussing the letter R. Feel free to review my previous posts to catch up my introduction and the letters S.M & A.
Realistic
Ensure you are reasonable about your expectations on achieving your goals
This letter can actually be used for other definitions in various writings by others and can include Relevant, Reasonable or Ready however I prefer Realistic. It is important with all goal setting that your goal be realistic, or you may find yourself not achieving your goals and you may become discouraged. That said, I once was told that your goals should also sometimes be a little bit scary, perhaps feeling a little out of reach so that you extend your capabilities and when you achieve your goal you will experience significant growth and advancement. Alternatively, if your goals are set too low, there could perhaps be no real sense of purpose or commitment to your goal, and you may not experience the full potential possible.
Josie needs to ensure her goal is realistic. Although increased profitability is desirable, is the goal she wishes to achieve realistic in the timeframe given and with the resources to hand? Josie has set herself a 50% profit increase which is a high bar, however if she is only working at a fraction of her capacity, perhaps this is quite achievable. If Josie is however already working 60 hours per week, her goal may not be realistic unless she was to look at alternatives, like bringing on additional resources to help her.
To attend two local networking events and have 4 coffee meetings each month you would expect should be quite achievable.
Are your goals realistic?
Have you pushed your comfort just a little to extend yourself and or your business?
Are your goals set high enough?
Have you allowed sufficient timelines to achieve your actions?
Disclaimer: All or any advice contained in this blog/newsletter is of a general nature only & may not apply to your individual business circumstances. For specific advice relating to your specific situation, please contact your accountant or other professional adviser for further discussion.