As a service entrepreneur, it's crucial to set Specific, Measurable, Attainable, Relevant, and Time-bound goals. These qualities make up what are known as SMART goals.
Goals are an essential aspect of entrepreneurship as they give direction and purpose to your business. Setting goals allows you to keep your purpose and vision of your desires for your business at the forefront of your mind and, most importantly, your actions to get there.
Setting SMART goals allows you to track your progress and ensure your business remains on track. In this blog post, we'll discuss how service entrepreneurs like yourself can set SMART goals to keep their businesses growing and thriving for the rest of the year.
A Closer Look at SMART GOALS
To set SMART goals, you want to understand each component that makes a SMART goal fully. This will help you effectively approach setting your goals.
Here is an example related to a business that you will be able to relate to, as outlined by Dan Gartland:
Goal: I want to increase the amount of revenue my business is generating.
Specific: I will increase my revenue this year by obtaining more clients.
Measurable: I will increase sales over the next 3 months by entering contracts with 7 more potential clients.
Attainable: I will improve my current customer relationships and promote the business through referrals, networking, and social networks. This will help me find more leads and therefore see an increase in revenue for the business.
Relevant: The customer experience I provide is very important because it will help increase word-of-mouth referrals and therefore give room to the growth of profits.
Time-bound: I will have increased my profit by the end of the coming three months.
With this example, you can see how the goal has been expanded to be more attainable with clear guidelines for how it will happen. This way, you are not just stating what you want to happen but outlining the steps you will take to make it your reality.
Now that you know how to set SMART goals, let’s dive into how you can go about setting goals that are tailored to your business.
Review the performance of your business so far & identify the areas that need improvement
We will always preach about the importance of looking at your past accomplishments and lessons in your business to determine how you will move forward.
As you sit down and prepare to set new goals to reach as the end of the year approaches, it's important to review the performance of your business to determine its current state of affairs and identify areas where improvements are needed.
Analyze your company's performance, any missed opportunities, tools you want to incorporate, etc. You will begin to see what you would like to work on by identifying areas that need improvement.
Set specific and measurable goals that align with the vision and mission of your business
This is where the beauty of SMART goals comes in. We showed you how to create specific and measurable goals, so once you have determined what it is you want to achieve, add details and a timeline to them.
Having specific and measurable goals will allow for more clarity and focus toward a goal that is too general. It can be difficult to know where to start or when it has been fully accomplished.
By making goals more specific, it provides a clear understanding of what needs to be accomplished and what metrics will be used to measure progress. This helps to provide a sense of direction and purpose, as well as allow for adjustments to be made along the way if necessary.
Figure out which goals rank higher on your list of priorities compared to others
While you may have several things in your business, you are eager to improve. The reality is that not all of them will need your immediate attention.
Start by writing them all down, then ranking which goals are most important so you know which ones will require the most attention, and you can start first with. Separating them into long and short-term goals is also a great strategy.
Without a clear ranking, it can be easy to get overwhelmed with multiple goals, causing you to spread yourself too thin and ultimately resulting in none of them getting accomplished.
Knowing which goals to tackle first allows you to allocate your time, energy, and resources more effectively.
Develop an action plan for each goal that includes a timeline
Developing an action plan for each goal that includes a timeline will help you stay accountable.
A timeline provides a clear and realistic strategy for achieving your goal by breaking down the necessary steps into manageable timeframes. It also helps to prioritize tasks and keep you on track for both your short-term and long-term goals.
Without a plan and timeline, it can be easy to get lost in the details of everything you want to do. Developing an action plan with a timeline is crucial for setting yourself up for success and ultimately achieving your goals as a service provider.
Choose how you will monitor your progress and adjust your goals accordingly
It is great to have a way to track your progress to see if you are on track to achieving your goals.
There are many methods for tracking metrics, such as keeping a journal, using spreadsheets, or utilizing mobile apps. Choosing a monitoring method that works best for you and your business is important. This may mean exploring some of the different options out there before finding one that works for you.
From there, you can regularly review your progress and determine if you are on track. Some things you may want to track are the following:
Social Media Analytics (Followers, Engagement)
Newsletter Subscriber Count
Revenue Earned
Customers
Finally
Setting goals for the year that are Specific, Measurable, Attainable, Relevant, and Time-bound will help you to define your goals as an entrepreneur.
As you set out on your goal-setting journey, don’t forget to celebrate the small milestones in your accomplishments. Every step matters because it ultimately helps you reach your larger goal. Be patient with yourself on this journey and appreciate the ups and downs as they come.
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