Setting SMART Goals for a Small Business
Updated: Jul 14
There are hundreds of ways to evaluate the effectiveness of your business including revenue and time management, but one of the things that help your small business track your personal and entrepreneurial efficiency is the process of achieving your goals.
A new year is not the only time when you, as an independent woman entrepreneur need to set goals and objectives. We at Shop a Small Business and WCE strongly believe in setting SMART monthly/weekly and project goals.
Women’s Council of Entrepreneurs has created a simple Goal Worksheet for you to use to help organize your goal and break it down so that you can easily achieve it!
Before you download the Small Business Goal Worksheet, we want to walk you through the worksheet so you know what each section means, and what does it mean to have a SMART Goal.
S – specific
M – measurable
A – achievable
R - realistic
T – timely
At the top of the worksheet, you are going to simply write your goal down.
Include a deadline to keep your objective in perspective and make your goal timely. This can be an estimated date, but your business results will depend on the timeframe.
After you write your goal down, give yourself the reason why you want to achieve this goal! This is important because it will remind you why you need to stay focused and your purpose. The reason has to be specific, not vague.
Onto the brainstorming section! What will you need to reach your objective? What are some routes to take to get there? What have done in the past that would help with this goal? Answering these questions will make your goal achievable. Brainstorming is important for planning out the next two sections, so grab an extra paper if you need it!!
What you will fill out next are your contact and resources that can help to achieve this goal. Who are some people that can help you? Where are some places you can go for help? This is your realistic plan to come closer to the objective.
Now you will be making your Action List! What are the small steps you need to take to reach the ultimate goal? Write each small step down, create a due date, and don’t forget to check it off when it is done! Include a section of how would you measure the success of the project. It could be the number of sales per week, number of new customers in a month, number of calls, etc. Keep it realistic. It is always better to over-deliver than under-promise.
We suggest after you fill this out hang it near your desk so that you see it every day. You want to be reminded of the small tasks you need to do to reach the goal you have set.
Good luck with setting and achieving your SMART goals!