Refine your objective by ensuring it meets each criterion of the SMART acronym: Specific, Measurable, Attainable/Achievable, Relevant/Realistic, and Time-based/Timely/Time-bound.
Make it Specific (S): Clearly define what you want to accomplish.
Business Non-SMART example: “Market my business in Cape Town”
Business Specific example: “Start a monthly networking group on event planning in Cape Town. Set a monthly attendance goal of 20 people, with two attendees per month signing up for my ‘How to plan a conference’ workshop”
Building a goal specifically: Starting from a vague goal like “I want to help my department stay on budget this year” applying the specific criteria could lead to “I will distribute a budget report”
Make it Measurable (M): Determine how you will measure progress. Identify specific criteria, metrics, or milestones. Ask how much/many, how you will know if you’ve reached the goal, and what your indicator of progress is. Apply trackable methods. Measuring allows you to track whether you are on the right track, assess progress, and refine strategies based on what’s working.
Business Non-SMART example: “Increase sales”
Business measurable example: “Increase sales by an average of R8,000 per month for the next year”. This could involve setting a milestone target of R8,000 in sales each month and checking sales totals monthly
Building a goal measurably: Building on the specific action “I will distribute a budget report”, applying measurable criteria could lead to “I will distribute a budget report to stakeholders that shows our department’s current expenses in comparison to our allotted annual budget and I will highlight areas where we are overspending”
Achievable or Attainable (A): Goals need to be attainable and not impossible to achieve. This relates to your goal being achievable within a certain time frame and having the necessary resources and capabilities. Goals should be stretched to make you feel challenged, but defined well enough that you can actually achieve them. You should ask if you have the resources and capabilities and what’s missing if not. Setting attainable goals boosts morale and reduces frustration. This is where you “get real”
Business Non-SMART example: “Build and equip a 20,000-square-foot factory by the third quarter of this year”
Business Attainable example: “Find and sign a contract manufacturer to produce and deliver 75,000 units of Product A by the third quarter of this year”. This might be attainable for a smaller company compared to building a factory”
Team context: Setting attainable goals for a team is essential for employee engagement and reduces frustration
Relevant or Realistic (R): Goals should be relevant to your business and align with your values and long-term objectives. A relevant goal will directly contribute to successful results. They align with your business’s vision, mission, and purpose. Goals must also be realistic, within reach, and achievable given the available resources and time. A SMART goal is likely realistic if you believe that it can be accomplished. Relevant goals propel company growth and should support the big picture vision and bottom line impact of your business.
Business Non-SMART example: “Create a network of in-person tutoring centers in the 10 largest school districts in Gauteng” (for a textbook publisher)
Business Relevant example: “Market our teacher-companion textbooks to existing third-party in-person and virtual tutoring centers in the 10 largest school districts in Gauteng”. This aligns with the core business of publishing textbooks
Building a goal relevantly: Building on the measurable/achievable budget report goal, applying relevant criteria (contributing to reducing expenses) leads to adding suggestions: “I will distribute a budget report that shows our department’s current expenses in comparison to our allotted annual budget and I will highlight areas where we are overspending. Based on our current spending, I will offer suggestions on how to cut expenses so that we are back within budget”
Time-based, Timely, or Time-bound (T): A SMART goal must have a clearly defined timeline or deadline7, including a starting date and a target date7. Setting a deadline or time frame creates a sense of urgency7 and provides accountability18. If the goal is not time-constrained, there will be less motivation7. Time-based goals clarify task prioritisation and increase motivation1…. They help you avoid procrastination and offer incentives as you meet smaller achievements (milestones) along the way
Business Non-SMART example: “Double our social media follower count and increase engagement on Instagram, TikTok and Facebook”
Business Specific example: “Double our social media follower count and increase engagement by 20 percent on Instagram, TikTok and Facebook by Dec. 31”
Building a goal time-based: Applying the time constraint to the budget report goal: “Each month this year, I will distribute a budget report to our stakeholders that shows our department’s current expenses in comparison to our allotted annual budget and I will highlight areas where we are overspending. Based on our current spending, I will offer suggestions on how to cut expenses so that we are back within budget”