SMART Goals

SMART goals are 5 principles of setting challenging yet realistic goals, that we can achieve. Let’s see them in details and action.

Why SMART Goals?

Many times we struggle to achieve our Goals. That is one of the very common problems. Have you been there sometime?

Many times, we fail not because our efforts, but how our goals were structured. There could be multiple reason but one common mistake is, we didn’t have straightforward task to do to reach our goals.

This is where SMART goals comes into picture. It is an acronym, or set of rules, which help us define our Goals or tasks needed to reach there, in such a way that there is clear visibility. Let’s first go through this acronym:

• Specific
• Measurable
• Actionable / Attainable / Achievable
• Relevant
• Timely / Time-Bound

As a bonus, we also have SMARTER Goals, as an extension of SMART Goals. Here, ER are:

• Evaluate
• Revise / Readjust / Reassess

Let’s understand them in details:

Specific (S of Smart Goals)

One of the most important prerequisite to achieve a goal, is to clearly understand what we want to achieve. If our objectives are vague, it can lead to confusion and lack of direction.

It’s easier said than done. Maybe we can ask few questions to ourselves to confirm if our goal is specific. These questions are called 5W, or 5W1H, or Kipling Method.

• Who: Identify the individuals or groups involved or crucial for the goal.
• What: Defining specific actions, events, or objects, needed for the goal
• When: Focusing on timing and deadlines of the goal
• Where: Know about the place or location, physical or virtual, needed for the goal
• Why: Understand the reason, cause, motivation behind the goal.

Most of the time, if we know these W’s, our goal may (or may not) be specific. Take it just as a guiding principle, not rule.

Examples:

• Read one book/month for 12 months.
• Yoga for 15 minutes every morning, for 30 days
• Invest ₹ 10000/month in mutual funds for next one year
• Publish one blog post on my site/Linked In/Medium every Sunday for next 3 months.
• Increase sales of my Product 1 by 20% in next quarter, by targeting new customer segment and geographical regions.
• Launch the MVP in three month.

Measurable (M of sMart Goals

If we have taken a big Goal, it is not easy to check if we are on track.

It is always good to be able to check our success. It gives us a good boost and encourage us to do better. Thus, able to measure our success is important.

Example: If you read the example covered in previous section, specific, are also measurable, well, may be except last two.

Last two may be specific, but not measurable on daily/weekly basis. This suggests, we need to break them further, to make measurable to avoid surprise at the end of our goal period.

Actionable / Attainable / Achievable (A of amArt Goals)

Setting impossible or very difficult goals can demoralize us or the team. We must target higher and have challenging goals but at the same time, targets must be realistic and achievable.

This needs some historical data. Example: What target we must have for next quarter?

• 15 % sales growth next quarter.
• 7-8 % sales growth next quarter.
• 5% Sales growth next quarter.

Which of them is both challenging and achievable? Well, we can’t answer it without current and historical data.

Now say our current quarterly sales growth is 5% since last 4 quarters. Now we can see it better:

• 15 % sales growth next quarter.
  • This is unrealistic. 300% growth from previous quarters/year, really? Be ready so see some resignations from sales team and/or unhappy, demoralized, tired team.
• 7-8 % sales growth next quarter.
  • This is both both challenging and achievable. However, another question will be: How? We can achieve that with some training, implementing customer feedback, some performance-based rewards, expansions etc.
• 5% Sales growth next quarter.
  • It’s achievable but not challenging. We are already there and need not to do anything extra for this.
  • So, this is not a good Goal.

Relevant (R of smaRt Goals)

Our goals are not the end of the world. Once we achieve them, there must be other bigger goals. We must understand and ensure, our current goals align with our future goals. They must be relevant to our (personal goals) or organization (professional goals) long term objectives.

For example, if organization/department budget is higher than revenue, we can set following goals

• Reduce cost by job cut or reducing employee benefits
  • By this, we can achieve our short-term goal but maybe it might conflict with organization’s long-term strategy.
• Increase revenue by increasing sales.
  • This might have some challenges, but it may better suite organizations long-term strategy.

Example: Personal goals

• Assume you need to improve on your salary and looking for salary hike (We all do, right?)
  • Learn some new technology/skills to support your performance and future salary hike.
    • This is organic method, may take some time and efforts, but will be good for long term goals.
  • Switch the job.
    • This may achieve the goal in short term, but you might not stay there for a longer period, if you do not improve your skills.

Time-bound (T of smarT Goals)

If there is no deadline, be sure, it will never be achieved. You will always get some other urgent tasks, which have higher priority.

Deadlines create urgency and focus, which help us give more focus to the goal. This more focus could be the change in strategy, more time and resources, or any other why to meet the deadline.

At the end, if there is a deadline, and we are delayed, our efforts increase. On the other hand, if there is no deadline, we will never be delayed and never increase our efforts to achieve the goal.

Evaluate and Reassess

SMART goals are good. However, setting a goal and achieving it are different things.

Plans do not work, until you do

Life is challenging and it never goes as planned. Even if we have SMART goals and a plan to achieve them, we need to continuously review them. We have measurable goals so that we can measure them. This is where SMARTER goals come into picture.

Evaluate (E of smartEr Goals)

We need to continuously evaluate our goals? Are they on track?

Revise / Readjust / Reassess (R of smarteR Goals)

Life never goes as planned and we may face some new challenges, change in goal, personal/professional emergencies etc.

While planning our goals, did we plan for COVID or Russia-Ukraine war or inflation, or recession etc.

While evaluating, if we find our plan are not going as planned, we need to reassess the situation, do whatever adjustment needed and revise.

We also need to plan, some emergencies.

For example, let’s say we have a goal to publish one blog post every week. What happen if you fell sick for a week? While we can’t plan for sickness, we can plan and write blogs for next 2-3 weeks and schedule them. This why, even if you are sick or not having internet for couple of days or something else, your goal will not be missed.

On the other hand, we sometimes can’t do that. For example, you are a freelancer and fell sick for a week. You have a deadline, what’s next? We need to reassess, revise and readjust. Talk to your customers, may be they will understand and allow the extension. If it is not possible, check the possibility of overtime or get help from some extra resources (friend or hire another freelancer yourself)

In short, there is no silver bullet. SMART goals become SMARTER, if you continuously Evaluate and reassess them.