Want to increase profitability in business? Want to reduce the entrepreneurial overwhelm and increase clarity? Work less but make more?  

You’ve got to get strategic about WHERE you’re placing your focus and WHAT you’re measuring. You improve productivity. But, how do you do this? You set S.M.A.R.T. goals. 

But if you’re like most people, you know the acronym, and you have a vague idea of the criteria, but you aren’t truly using the method to accelerate your business growth. In fact, most people won’t or don’t know how to create S.M.A.R.T. goals in a way that increases productivity and leads to greater PROFITABILITY. Until now. 

Increase Productivity Using Smart Goals

The acronym SMART stands for:

S – Specific: Your goal should be clear and specific. Outline exactly what is expected, why it’s important, who’s involved, where it’s going to happen, and which resources might be needed.

M – Measurable: The goal should have measurable indicators to track progress and know when the goal has been achieved. You need to answer questions like how much, how many, and how will I know when it’s accomplished.

A – Achievable: The goal should be realistic and attainable. This means that it can’t be out of reach or below your full potential, given the resources you have available and any time or money constraints.

R – Relevant: The goal should be relevant to the direction that you and/or your team want to go in. You want all short-term goals to connect with your greater vision and long-term goals.

T – Time-bound: The goal should have a deadline or a timeframe to provide a sense of urgency. This helps to prevent daily tasks from overshadowing the longer-term goal. (THIS IS WHERE I SEE BUSINESS OWNERS GETTING STUCK THE MOST.) 

Like I said above…most business owners know all about the S.M.A.R.T. goal method…but many implement it incorrectly. Here are three examples of what I mean: 

Vague Goals (Not Specific or Measurable):

• Incorrect SMART Goal: “I want to increase sales this year.”
• Why It’s Incorrect: This goal lacks specificity and measurability. It doesn’t detail how much the sales should increase, how it’ll be done, or by when.
• Corrected Version: “I want to increase online sales by 15% in the next six months by expanding marketing campaigns on social media platforms.”

Unrealistic Expectations (Not Achievable):

• Incorrect SMART Goal: “I will gain one hundred new customers in the next month.”
• Why It’s Incorrect: For most online businesses, especially smaller or newer ones, this goal might be far too ambitious and unattainable in the given time frame. It sets the business up for failure by creating unrealistic expectations.
• Corrected Version: “I will gain 5 new customers in the next month through targeted advertising and special promotions.”

Misaligned with Business Objectives (Not Relevant)

• Incorrect SMART Goal: “I will add 2 new services to our offerings by the end of the year.”
• Why It’s Incorrect: If the business’s main challenge or focus is improving the quality and efficiency of existing services, rather than expanding the service line, this goal may not be relevant to the primary needs of the business. Adding more services could spread resources thin and take attention away from enhancing current client satisfaction.
• Corrected Version: “I will improve client satisfaction ratings by 20% by the end of the year through enhancing current service quality, providing additional team trainings, and implementing client feedback.”

7 Ways to IMPROVE Productivity and INCREASE Profitability

Now that you understand WHAT S.M.A.R.T. goals are and HOW business owners struggle to implement them effectively, I’m going to share WHY you should be leveraging S.M.A.R.T. goals to improve productivity and increase profitability. 

1. Specific Goals for Clarity and Focus

What to Do: Define clear and detailed goals that outline exactly what you want to achieve, how, and why.

Benefit: Having specific targets removes ambiguity, helps to align team efforts, and keeps everyone focused on the same outcome. This clarity can lead to better time and resource allocation and higher efficiency.

2. Measurable Goals for Tracking and Accountability

What to Do: Create measurable benchmarks and milestones to gain clarity on progress toward your goal.

Benefit: Regularly assessing progress ensures that you stay on track, identify areas for improvement, and make necessary adjustments in real time. This constant feedback loop helps maintain momentum and can contribute to greater profitability through consistent improvements.

3. Achievable Goals for Realistic Planning

What to Do: Set goals that are challenging but within reach, considering your resources, skills, and time frame.

Benefit: By avoiding overly ambitious targets, you can better allocate resources and set up a plan that is more likely to succeed. Achievable goals keep you motivated, leading to higher productivity and potential profitability.

4. Relevant Goals for Alignment and Strategy

What to Do: Ensure that each goal aligns with your overall business strategy, values, and objectives.

Benefit: Alignment ensures that all efforts are directed towards the most critical areas of growth or improvement, helping to use resources wisely and potentially increasing profitability through strategic focus.

5. Time-bound Goals for Urgency and Efficiency

What to Do: Set clear deadlines for your goals to create a sense of urgency and enable better planning.

Benefit: Time constraints prevent procrastination and ensures you stay on schedule. This improves efficiency and helps avoid wasted time and resources, leading to more predictable outcomes and better profitability.

6. Regular Reviews and Adjustments

What to Do: Conduct regular reviews of your goals and progress, making adjustments as needed.

Benefit: Regular reviews allow for quick course corrections, keeping the project or business on track and aligned with changing circumstances. This adaptability can lead to more predictable success.

7. Integrate with Other Tools and Processes

What to Do: Combine SMART goals with other business tools such as Key Performance Indicators (KPIs) and budgeting.

Benefit: A 360° approach ensures that SMART goals are part of an overall business strategy, allowing for greater coherence, control, and effectiveness in pursuing profitability.

Said more simply…

Predictability + Productivity = Profitability 

What Gets Measured Gets Managed

There is a higher probability that you’ll act on what you measure. And what you act on determines your OUTCOME. Educating yourself on best practices is pointless if you never take ACTION. So it’s time to take action to increase profitability by improving productivity.

Whenever you’re ready, there are 3 ways I can help you:

1. Founder Fast Track: Imagine taking focused and consistent action everyday in your business, so you meet and exceed your revenue goals, allowing you to change your life and the lives of your clients. This program gives you a method for creating a strong foundation on which your business can grow.  

2. Scale to CEO: A 6 month business accelerator that teaches you how to achieve maximum revenue growth and step into your CEO role. This program is for the experienced business owner who has a proven offer. Learn how to lead a team effectively, and create a scalable, self-led, and sellable business all while preventing burnout, prioritizing your personal life, and creating your personal & professional legacy. 

3. 1:1 Consulting: This is for you if you want a business growth strategist in your corner who gives you support in transitioning from business operator to a visionary CEO. If you are a founder who has built a baseline of success (Minimum of 1 hundred thousand per year) who wants to achieve the next level of vision, strategy, and growth that supports your 7-figure revenue goals, book a call to learn more. (2 spots available beginning in September. This is a multi-four figure investment per month/five-figure plus annually.) Book a call HERE.