Goal Setting for Your Business

putting-ideas-on-paperWhen it comes to taking action or pursuing new endeavours related to your business, it is important to stop to think about what you want to accomplish. Change for the sake of change may lead us down a road that does not meet any goal or objective and may have results that were not expected or considered. For example, let’s say you would like to paint and refurnish your office. You can just move forward and do it, or you can stop to ask yourself, how will this endeavour meet a personal or business goal? What are the results that I seek? What are the details of this action?

It is helpful to distinguish between goals and dreams. Goals have specific objectives. Dreams are often confused with goals; however, with dreams there are no actionable items. Dreams can be seen as wishes and in some cases they do not get done with the results we may have envisioned.

It is recommended to use the following criteria to help define your objectives and keep you on track. These will also help you to differentiate goals from dreams.  The criteria below can help define and measure the outcome, and determine whether or not to take action or change.

SMART GOALS

S = Specific; the details about the goal. What are you looking to accomplish?

M= Measurable; how much?  This could be sales, units, or something measurable.

A= Attainable; can this goal be met with existing resources?

R= Realistic; do we have the skills and resources to do this?

T= Timely; when will this goal be met?

In summary, when pursuing a new business venture or personal goal, try using the SMART system to work towards your goals.  The results may surprise you.

If you want to talk more about starting or expanding a business, call us and book a free business consultation. We are here to help you. One of the goals of the Centre is to empower small and medium-sized enterprises and give you the tools to achieve success. For more information about Halton Region’s Small Business Centre resources, services, business events and seminars, contact us by dialing 311, 1-866-442-5866, online at www.haltonsmallbusiness.ca, by email at smallbusiness@halton.ca or visit us at 1151 Bronte Road, Oakville. You can also follow us on Twitter and find us on Facebook.

 

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