Setting and achieving goals has always been the secret to organisational success. The SMART methodology is one of the most trusted. The benefits include strategies that are focused, achievable, and positioned on a clear pathway towards success. Here’s how you can start feeling the benefits of the SMART philosophy today.
The SMART philosophy
The SMART philosophy was developed as a framework for organisational growth. At its core is the concept that big dreams are within reach, but only if the process of achieving them is broken down into smaller, manageable, realistic steps. Known generally as ‘goals’, these can be anything from purchasing an asset to achieving a financial target. Within the SMART framework, goals must be:
- Specific
- Measurable
- Achievable
- Relevant
- Time-bound
In other words, be very clear about what you want. Then, ensure that the goal is something that is realistic. Finally, set yourself a deadline. With these financial smart goal examples for business, you can climb the ladder of growth.
The Benefits Keep on Coming
The SMART approach is a simple one, but the benefits of smart goals are wide-reaching. One of the most strategically crucial is that they give you a clear direction. With this comes the motivation to achieve, encouraging the team to collaborate to solve problems, innovate, and create momentum. The use of a time-based framework keeps the momentum moving at pace while enhancing organisational time management. Satisfyingly, the measurable element of the SMART principle means that your entire organisation can see the fruits of its labour as each goal is reached.
Getting Smart About SMART
The key to reaping all of the benefits of SMART for business growth is the correct implementation of the framework. To do this, focus very clearly on the ‘specific’ element. Many organisations make the error of being too vague in their planning, but SMART demands precision at every level. For instance, our experts suggest that instead of placing ‘financial growth’ as your goal, take a deep dive into your data and pinpoint an area where growth is both realistic and manageable. Then, work with your team to zero in on the potential opportunities, barriers, and routes to meaningful growth.
Continual Improvement
One of the wisest ways of implementing SMART is to make it a central element of your continual improvement strategy. Organisations that adopt a continuous improvement benefit from agility, flexibility, and enhanced resilience. SMART can assist with this by giving clear and concise insights into successes and failures. From this, you can analyse how to refine your future goal setting. As such, some of the benefits of smart goals are that organisations become more attuned, aware, and alert to opportunities.
The Benefit of Expert Support
There is huge scope for organisations to adopt SMART to drive growth and success. However, getting the most out of the framework often benefits from an expert hand. You are likely to encounter several barriers if you try to implement SMART goals without some guidance. Typical barriers begin with a lack of clarity, which can spiral into a lack of commitment, a lack of enthusiasm, and a collapse of the SMART strategy. At Vanilla Accounting, our team of experienced advisors can help you to avoid the pitfalls, and optimise the SMART framework to empower your success.
Next Steps
To begin increasing your profitability, improving your work-life balance, and reaching realistic financial goals, our advisors are here to help. Get in touch today to start driving your small business growth.
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