Setting Short Term Goals for Business

Here we are…a full 7 weeks into the new year and I’m checking up on ya. Have you planned out your business goals yet?

Back in early January I wrote a post about using the SMART formula for setting goals. If you need a refresher, S.M.A.R.T. stands for: S: Specific M: Measurable A: Attainable R: Realistic T: Timely

Specific Goals

Specific goals are easier to attain than vague or very broad-based goals. For instance, simply stating, “I want to grow my business this year,” is very vague and you’ll waste lots of time figuring out the next steps to make your business grow.

Instead, try saying, “I want to increase my profits by 150% this year.” Now you have a specific number goal in mind and you’ll have more concrete ideas for reaching that number. Even if you consider your goal small, such as finding a bookkeeper or a property manager for your business, put them on your list so they are given priority.

Measurable Goals: Short Term

Short-term goals serve as “stepping stones” that help to achieve long-term goals. These kinds of goals are “enabling” because they:

• Move the plan closer to the final, long-term goals. They are like preliminary steps along the way to realizing an outcome. For example, securing a down payment would be an important short–term goal for someone launching a plan to purchase a home.

• Inspire the work – once a short-term goal is realized, that success can help to inspire further efforts along the journey to final, long-term goals. For example, producing a new business product that is met with praise will inspire you to create another product which will create additional revenue for your business.

• Help to keep efforts focused on the long-term goals by serving as stepping stones across what might be considered a “stream of competing and distracting” activities, occurrences and events. With short-term goals in place, you can ask yourself if the newest opportunity or information product can help you reach your goals or if it’s “off track.”

• Implementing short-term goals can make a long-term goal seem more realistic if broken down into smaller parts. For instance, those with large business debts may be paralyzed by fear at the idea of paying off thousands of dollars. But broken down into smaller monthly payments allows you to see the “light at the end of the tunnel” or a final payoff date in the future.

Think of these short-term goals as your life’s to do list. The more small goals you can check off your list, the harder you’ll want to work to check off the rest of your list. Some goals may be fun, others may be tedious but they will all lead to your ultimate long-term goal of improving your life.