Large corporations often use academic-style tools to improve their processes, and this should be even more important for small businesses. These large companies have such a large pool of clients and opportunities that there is actually more room for error without noticeable effect, yet large corporations are much more prone to fine-tuning with analytics than small businesses. Let’s face it, small business owners are time constrained and often too busy just trying to step on the water, especially during tough economic times. So let me remind you of some of the little things you can do to help you and your employees focus again.
Most motivational speakers and self-help experts emphasize the idea that goal setting is critical to success. It helps you focus your efforts and is, after all, a key ingredient to success. This is where SMART goals come in. But before we look at SMART goals, let’s take a look at another acronym, SWOT Analysis. The reason is that doing a SWOT analysis is a great way to think about identifying and articulating your goals. A SWOT analysis is a way to find out where your company is operating at a specific time.
This allows you to view your strengths, opportunities, and threats at a specific point in time, and then you can build your goals around further developing your strengths, ways to overcome your weaknesses, strategically realizing your capabilities, and thinking about how to minimize your strengths. threats. A SWOT analysis can be easily visualized as a matrix of four cubes. In the upper quadrants, you list your strengths and weaknesses, and in the lower two quadrants, you list your opportunities and threats. Once you analyze the situation and get a clear understanding of it, you can begin to formulate your goals.
That’s where you need SMART goals. The acronym stands for goals that are specific, measurable, achievable, realistic and time-bound. In other words, these are goals that will bring about change if achieved, and more importantly, they are goals that can be achieved. First, they must be specifically designed to improve the situation, as indicated in your SWOT analysis. These should be goals specific to each of the four sectors.
Second, there should be goals that you can measure, a certain number of new customers or an additional income goal. Then they must be achievable, that is, goals that you can actually achieve, and they must also be realistic; In other words, the goals that you are likely to achieve if you put your effort into them. Finally, there should be goals that have a deadline; goals achieved within a certain time frame.
Now that you have completed this exercise, it is important to make sure that each employee is aware of their role in achieving these goals. The more they believe in an idea, the more likely you are to achieve the success you want.
As well as
Realistic and relevant
Limited in time.
I suggest that you continue to use these tools at all times. I mean keep them available for review and evaluation at all times. Likewise, it is important to update them periodically to ensure that strengths, weaknesses, opportunities and threats have not changed. As markets and competition change, these things can change over time. It would be wise to change your goals to accommodate any changes in your SWOT analysis.