Strategizing for your small business is an important step in achieving your goals and seeing your initiatives through to fruition. Austin SCORE mentors are here to help with setting business goals that are SMART.
SMART goals have several traits. They are Specific, Measurable, Achievable, Realistic, and Time-based. Whether your goal is to increase revenue, gain market share, or create performance standards, setting SMART business goals can help your business achieve more and succeed.
After setting a business goal, it is important to elaborate on it so that it is specific and well-defined. In this stage, you will envision the scope of what work is to be done and then create a performance indicator that ties in with the goal. This stage will require you to envision what can be accomplished and how, and to document it, so that all stakeholders are aware of what is involved.
With a thorough understanding of your performance indicators, you can then create metrics that define what exactly will be measured. These metrics, and the overall goals themselves, must be achievable and realistic. Define your goals that are within your capacity or the capacity of your teams to accomplish, so that demands are met, and that your goals are achieved. Use the information you gather from measuring your performance indicators to track overall and actionable progress.
As a small business owner who is setting business goals, it is important to keep in mind that the goals you create should be realistic. It is not realistic to value your company at $10M if your sales are stagnant at $10K per month. This is another area in which the owner or management team envisions what can be achieved and whether the team can realistically meet the goal.
Lastly, set your business goals to be accomplished over a specific time. For example, a goal of 100% accuracy for a monthly physical inventory is realistic and achievable but generating 10,000 new business leads per day is probably not. In setting business goals, you can also create daily, weekly, and annual goals. The team of mentors at Austin SCORE are here to help your business achieve its goals and succeed.
Business Assessment and Goal Setting
Location: SCORE Office
Westland Office Park, Building M (at the rear)
5524 Bee Cave Road
Austin, TX, 78746
Date & Time: Thursday, February 7, 2019, 10:30am CST
As a small business owner, youre so busy running your business day-to-day, you dont have time to grow it. Business assessment and goal setting can help!