How Develop Smart Goals as an Entrepreneur

 Not a single business, whether small or large, can survive in the market without a solid plan based on specific and relevant goals. Defining your business goals is crucial to improving commitment, diligence, and motivation among your team members and employees.

According to Alan Safahi, an experienced entrepreneur, professional business expert, and founder of a successful startup company, if you don’t have a business goal, you can’t start and run your company reliably, efficiently, and cost-effectively.

You may find this statement by Safahi a little bizarre, but research studies show that defining business goals motivate entrepreneurs to understand what they want to achieve. SMART refers to:

• S: Specific
• M: Measurable
• A: Achievable
• R: Realistic
• T: Time-Bound

Smart goals foster clear and mutual understanding, leading to increased performance and efficient project completion. Today’s article will give you valuable information on smart goals and how to create them. Read on!

Specific

When setting a business goal, make sure it is specific and understandable. According to Alan Safahi, entrepreneurs must know what they want to accomplish. A specific goal is like a mission statement of your company. It does focus on the details of how you will meet this goal. Instead, it focuses on a few questions starting with the famous questions that begin with “W.”

Who: You must consider people who will work together to achieve this goal. Determining this is crucial, especially if a product you want to develop and launch involves a group of professionals from different fields.

What: Determine what you want to achieve and focus on the business, project, or product development details.

When: Although you will get more specific about “When” under the time-bound section when defining smart goals, Alan Safahi recommends setting a time frame at this stage is critical to streamlining the process.

Where: This question may not always apply, mainly if you run a small business. However, identify the locations at this stage to understand where you want to promote your products or services.

Which: Determine relevant requirements or obstacles because this can help you decide whether the goal you want to set is realistic.

Why: What is the reason for developing a specific goal? For example, you want to drive at least 2,000 people to your business website and convert 40% to 50% of the visitors into loyal customers.

Measurable

What metrics will you use to determine if you can meet your business goal? According to Alan Safahi, “measurable” is an integral component of the smart strategy because it makes the goal more tangible.

Not only does it provide you with methods to measure progress, but you also identify risks and opportunities. For example, if you want to develop a software system that requires a few months to complete, set milestones and consider specific tasks you want to accomplish, such as designing, blueprinting, or coding.

Sometimes, entrepreneurs find measuring the goal or relevant data sources and collection techniques challenging. Alan Safahi recommends performing thorough research to identify data collection and measuring tools to evaluate your goal and develop a solid action plan.

Remember, measurement methods, such as client reviews, testimonials, and surveys, are qualitative. Likewise, you can also use quantitative techniques, such as productivity results, financial stability, money earned or saved, etc.

Achievable

At this stage, you will determine the significance of the goal and find out whether the goal is attainable. Alan Safahi recommends performing thorough research to determine the steps you can take to achieve the goal.

Does achieving the goal require developing new skills, incorporating the latest technologies, and implementing sophisticated strategies, such as teamwork and communication tools? Likewise, answer the following questions:

• How do I accomplish the goal?
• What skills do I need to streamline the process?
• Can I achieve the goal?
• If not, how can I optimize the process?

Relevant/Realistic

Relevance focuses on something that makes sense. It is an integral part of your business strategy, especially when defining your company or product development goals. For instance, if your objective is to launch a new product or service, you must focus on strategies and tools that align with your business.

Time-Bound

According to Alan Safahi, making your goals time-bound is the most critical step when following a smart strategy. The purpose is to determine whether you can accomplish your business goal within a specific time-frame.

Safahi advises entrepreneurs to provide a target date for deliverables, discuss the requirements with their team members or employees, and ask questions about the deadline and techniques/tools they can use to complete the project.

For example, if your goal is to complete a software project in six months, define what you will achieve halfway through the process. Lastly, provide time constraints and develop a sense of urgency to ensure everything goes smoothly.

Originally Posted: https://alansafahiorindaca.com/how-develop-smart-goals-as-an-entrepreneur/