SMART Goal Setting Review 29th Feb 2K16

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Bookkeepers Blog, Best Hints & Tips Guaranteed  by Tash-Ly 

SMART Goal Setting Review 29th Feb 2K16

Today’s blog post looks at the final step in the goal setting process – Review.  My previous posts 6th January to 10th February 2K16 have looked at the various elements of my favourite goal planning tool using the S.M.A.R.T acronym.  Further detail can be found by looking back through these if you haven’t read them or even just as a refresher.

Be very specific of what you want to achieve / what your desired outcome is

Set key indicators or targets that your progress can be measured against

What actions do you need to take to achieve your goal?

Ensure you are reasonable about your expectations on achieving your goals

Set parameters around how long it should take you to achieve the goal

To purposely grow your business, I believe strongly in setting and implementing goals. Using tools like the S.M.A.R.T method can help put a process in place to tackle a task that can at times seem overwhelming.  Remember the quote “A journey of a thousand miles always start with a single step” and the sooner you take that first step, the sooner you will start on your journey.

Once you have defined your goals specifically; set some measurable KPI’s; created actions to achieve your goals; ensured your goals and actions are realistic and drawn some clear timelines it is time to set to work. Some goals may be achieved in a short time frame of a week or two, and others may take longer – like a 5 year plan. Steadily persevere and you will be rewarded.

The final step of the goal setting process is the Review. You should be reviewing your processes as you progress through. Are you meeting your KPI’s? Is the goal still taking you where you need to go? Do you still have the passion behind it? Are you keeping up with your targets?

In our example we have been working through with Josie’s consultancy business, at the end of the 12 months, Josie should look back and see how she has done. Did she get to 24 networking events throughout the year? Did she meet with 48 new leads? Did she reach her goal of $12,500 turnover each month, or total of $150,000 per year if her work was seasonal? And did she achieve her profit goal of $75,000?

If Josie found that she had fallen short on any of these expectations, she could review to see if they were measured accurately, were they realistic but most importantly, how has she progressed from where she started.  Josie’s goal of a 50% increase in profit from $50,000 to $75,000 was a high target.  Hypothetically, if Josie resulted in a 40% increase in profit of $20,000 I still would not consider it a failure. She is still 40% further ahead than if she had not set a goal and worked towards it.

Remember, there is no such thing as failure.
Not achieving a goal is proof that you tried, you have learned and now it is time for you to try again.

• What goals do you have for your business growth in 2016?
• Have you set yourself some specific targets?
• Are they measureable?
• What actions do you need to take to work towards these goals?
• Are your goals realistic?
• And what timeframe have you placed on yourself to achieve them?

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.