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Your 5-Point Checklist To Setting Up SMART Business Growth Goals

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SMART Business Growth Goals

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Your 5-Point Checklist To Setting Up SMART Business Growth Goals

The relevance of setting appropriate goals and strategies should not be overlooked, whether in personal, professional, or business life. The right business goals will help you motivate and unite your team towards achieving shared objectives. While setting business goals may seem like an arduous task, following the right tips and having an experienced professional business advisor by your side will serve you with the best outcome.

Here we have a step-by-step checklist to help you set up SMART business growth goals.

Step 1: Set up mission and vision

Prior to setting up your business goals, it is imperative to work on your business mission and vision statements. These blueprints help you establish your business by acting as a source of guidance for your team members. While the mission statement will help you define your business, the vision statement will help you identify how you wish to see yourself in the future. Therefore, these shared vision and mission statements will enable you to unite your entire team by providing them with the same purpose to work for.

Step 2: Set up business goals

Once you are done preparing the roadmap for your business, you are ready to start with the next step — setting business goals. Setting up goals is like defining your business ambitions. Thus, it is a critical step in representing all your business actions and plans. You can consider using the SMART goal setting method to strategize your business goals effectively. 

  • S— Specific

Make sure your business goals are specific and not general. Moreover, if you want your goals to be 100% effective, ensure that they are simple and sensible. 

  • M— Measurable

Make sure your goals are easily measurable. If you cannot measure your performance or progress with the goals you've set, you should consider redefining your goals more clearly.

  • A— Attainable

Check whether your goals are workable or not. But make sure they push you out of your comfort zone a little to make sure you are doing more than just the usual, as this will not bring growth

  • R— Relevant

Make sure your business goals are realistic, as setting unrealistic goals will pull down your team's morale.

  • T— Timely

Make sure your business goals are bound by time. This will help you ensure that your team works effectively to make the best out of the available resources.

Step 3: Set up business objectives

In this step, you are ready to set up strategic objectives for your business. While your business goals can be broad, your objectives should be narrow and action-oriented. Thus, make sure your business objectives are precise and easy to achieve. For instance, if you are commencing a business that is regularly in need by customers, you should also focus on creating a strategy to retain your customers by introducing loyalty programs or prioritizing customer service to build robust relationships.

To implement this, consider consulting with a professional business advisor to help you set up realistic goals and objectives for your business.

Step 4: Set up a business action plan

Once you set up your business goals and objectives, it is time to break down these goals into specific action plans. These action plans will help your team plan and execute the strategies to achieve your business goals. Thus, it will prepare your team to combat any obstacle, whether expected or unexpected, in performing their duties.

Step 5: Set up tasks

A business action plan typically consists of various tasks that are small, precise, and easily measurable. For instance, if your action plan is to start social media marketing for your retail business, your tasks can include:

  • Setting up a relevant bio to showcase your company's branding.
  • Taking pictures of products for social media posts.
  • Posting images with engaging taglines.
  • Creating different ways to engage your targeted audience.
  • Sending data to the data analytics team.

Setting up such tasks accompanied by the assignee's name will help you effectively evaluate and achieve your business goals.

About us

Are you looking for a well-experienced accounting practice to boost your business growth? We are here to assist! At Chartfords Chartered Accountants, we work with our clients as an outsourced in-house solution to handle their various accounting needs. We are a professional accounting firm offering business advisory and coaching to help you structure your business for asset protection, tax benefits, and to save money. For more information, call us at 1300 163 817 or write to us at .

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