The Importance Of Setting S.M.A.R.T. Goals As A Small Business
At Barrington Commercial Capital, we have the pleasure of helping many small businesses fund goals for growth with alternative capital solutions. But before small business owners even come to see us, we recommend they take the time to set some S.M.A.R.T. goals, especially as a new year approaches.
Goal setting is a powerful tool that every small business should utilize, and it’s applicable at any stage of your business journey. Whether you’re just starting out and have dreams to grow or expand, developing S.M.A.R.T. goals can help you get there. Many words have been used to make up the acronym S.M.A.R.T., but we think the following describes it best.
S = Specific
If you’re new to goal setting, you may have a general idea of what you’d like to accomplish. A specific goal should state clearly what you want to achieve. The more specific you can get, the better of you’ll off you’ll be.
M = Measurable
A goal is somewhat useless without the ability to be measurable. Creating a quantifiable goal entails the ability to measure your progress and your end result. A measurable goal should include a plan with specific targets and milestones that you can use to gauge whether or not you’re moving in the right direction. It should also clearly tell you when you have completed the process.
A = Attainable
Avoid setting yourself up for failure by setting goals around realistic expectations for your business. An attainable goal should be realistic while breaking your overall plan down into more manageable action steps to get you to the end goal in the timeframe you’ve set.
R = Relevant
You may be asking yourself, “how do I know if my goals are relevant?” A relevant goal will often determine the likelihood of achieving it. An excellent relevant goal will align with your mission statement, industry, and target audience. Goals that don’t mesh well with factors that directly or indirectly impact your business will not be achievable.
T = Timely
Having open-ended goals can set you up for prolonged goal completion and even failure. Your timeframe for different goals may vary by weeks, months, or even years, but setting a firm deadline is key to success and a great motivator for achievement. And don’t just set one date for each goal; set smaller scale dates to get you to the bigger end date goal.
We hope you’ve enjoyed reading about the importance of setting S.M.A.R.T. goals for your small business. If you still have further questions about alternative financing options that would be best for your future goals, please contact us by submitting a form online, email us at info@bccfirm, or give us a call at 404-602-9100. To stay up to speed on all things Barrington Commercial Capital, follow us on Facebook, Twitter, and LinkedIn. And lastly, sign-up for our monthly email to stay informed of the latest commercial capital options available to you and your business.