Most entrepreneurs would not want to meet me at a party.
Here are just a few of the questions I'd hit you with:
What's your business? How are you different from your competitors? Where do you find your customers? Advertising, word-of-mouth, a referral system, joint ventures? Do you have a back-end? How much do you want to earn? By when? Are you making progress? How do you know? Is what you want to accomplish even possible?
Why am I grilling you with all these questions? Let me explain with an example.
Let's say your goal is to make more money. Okay, then here's how: Close your business today so you don't make any sales. Open your business tomorrow and make one sale for $1.
Goal achieved, right? Technically, yes. But that's not really what you meant by making more money, is it?
Before you can ever hope to accomplish your business goals, you must know in detail what those goals are in the first place.
S.M.A.R.T. Goals for Entrepreneurs
The S.M.A.R.T. goal-setting technique is popular because of its simplicity and power. Clarify your goals according to the following criteria:
Specific
Measurable
Achievable
Results-oriented
Time-bound
Let's give it a try with the goal of "making more money."
Specific: How much more? Do you mean revenue, profit, or net worth? From new customers or existing customers? At the initial point of purchase or on the back-end? In a windfall or over time?
Measurable: How will you track your progress? Daily, weekly, monthly, quarterly? By dollar increase or percentage increase?
Achievable: How big is this challenge for you? Have you ever done anything like it before? Has anyone else? Yes, there's always someone who's first, and you may be that person, but make sure you know that's the kind of goal you're setting before you get started.
Results-oriented: Why do you want more money? Do you want to buy a new house? Expand your business? Go on vacation? Feel more peaceful and secure? Take more time off?
Time-bound: By what date?
Vague goal: Make more money.
SMART Goal: Increase revenue from consulting by 50% this quarter (compared to the same quarter last year). Do this by asking for 3 referrals from each customer at the point of sale, and contacting those referrals by phone within 2 business days.
It's important to note that with any goal, the details will change as you progress. Goal setting is not about stubbornness. It's about clarity. The more clarity you have from the very start, the more you can invite new opportunities into the process. Those opportunities can be measured against the original plan and explored (or not) as a conscious choice. And greater choice leads to a feeling of empowerment.
Entrepreneurs who learn to use the SMART goal-setting strategy will earn more money and grow their businesses faster than their competition.
Copyright 2006 Curtis G. Schmitt
About the Author:
Curtis G. Schmitt invites you to learn the 5 Master Keys to Effective Time Management and Planning in a teleclass people are calling a "life-saver," "powerful," and "inspirational"! When you apply these 5 master keys, you'll progress faster and feel more fulfilled in all areas of your life. Register for this teleclass today: www.TurnOnToLife.com
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