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Setting SMART Business Goals

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Setting SMART Business Goals is essential for any business wanting growth and progression.

Setting SMART business goals may sound time consuming, and loads of work upfront, however this is a great way to identify your businesses targets and what you want to achieve, while having everyone in your organisation focusing on the same goals. By setting SMART business goals with your team you are setting a GPS for success, because if you don’t know what you’re aiming for, how do you measure success and growth?

Below we walk you through what to consider when setting smart business goals:

Specific: Make Your Goals Specific and Narrow for More Effective Planning

– Clarify your goal: Instead of setting a vague goal like “get fit,” specify what “fit” means to you. Is it running a 5K, being able to do 20 push-ups, or losing a certain amount of weight? The more specific you are, the clearer your path to achieving it.

– Break it down: Large goals can be overwhelming. Break them into smaller, manageable tasks. For example, if your goal is to write a book, start with outlining chapters or writing a certain number of words daily.

Measurable: Define What Evidence Will Prove You’re Making Progress and Re-evaluate When Necessary

– Track your progress: Use tools or apps to track your progress. If your goal is to save money, use budgeting apps to monitor your spending and savings.

– Set milestones: Establishing intermediate targets or milestones can help you stay on track and give you opportunities to celebrate small wins, which can be very motivating.

Achievable: Make Sure You Can Reasonably Accomplish Your Goal Within a Certain Timeframe

– Assess your resources: Do you have the time, energy, and resources needed to achieve your goal? If not, consider what adjustments you might need to make.

– Be realistic about limitations: Acknowledge and plan for potential obstacles. If your goal is to run a marathon, but you’ve never run before, start with shorter races and gradually increase your distance.

Realistic: Your Goals Should Align with Your Values and Long-Term Objectives

– Align goals with your values: Ensure that your goals are meaningful to you and reflect your personal values and beliefs. This alignment increases your motivation and commitment.

– Consider the big picture: How does your goal fit into your long-term plans? For instance, if career advancement is important, ensure your professional goals are stepping stones towards that larger objective.

Time-Bound: Set a Realistic, Ambitious End-Date for Task Prioritisation and Motivation

– Create a timeline: Establish a realistic but challenging timeline to create a sense of urgency. This helps in prioritizing tasks and staying focused.

– Allow for flexibility: Life is unpredictable. Be prepared to adjust your timelines as necessary while keeping your eye on the ultimate goal.

Below is an example of a SMART business goal for a transport company, purchasing a new prime mover.

  1. The specific goal is to buy a new prime mover by the end of the month to begin work on a new contact.
  2. A business will know it’s accomplished when they buy the new prime mover. It is measurable based on the businesses current financial situation and work load. Is it appropriate for the new contract.
  3. When thinking about purchasing a new prime mover, a business will need to take a good look at their financial position to see if it is achievable. Do they have enough money to pay cash or will they need to finance one?! Based on this, they may be able to buy more than one.
  4. Is the purchase of a new prime mover relevant?! Will it be put to work straight away? Will it benefit the business and help support its customers and continued growth or is the money better spent on the current fleet’s maintenance?!
  5. Will the new prime mover be ready in a timely manner?! Can it be achieved by the end of the month in time for the new contract?!

Setting SMART business goals means you can clarify your ideas, focus your efforts, use your time and resources productively, and increase your chances of achieving what you want within your business.

Some additional tips when setting smart business goals:

– Stay adaptable: Be willing to modify your goals as you gain more information or as circumstances change.

– Seek feedback: Regularly review your goals with a mentor or peer to get feedback and make necessary adjustments.

– Celebrate progress: Recognize and reward yourself for the progress you make towards your goals, no matter how small.

Chevron Finance proudly supports those across Brisbane, Melbourne, Sydney, Perth and wider Australia with reliable machinery finance solutions, founded on flexibility and transparency. With over 20 years of experience in the field, we are backed by the expertise and insights that allow us to provide best-in-class, tailored solutions to our valuable clients. Chevron Equipment Finance was established to provide a more personalised service to meet the needs of growing small and medium businesses that have been under-serviced by their bankers for years. We pride ourselves in acting with a sense of urgency in everything we do and our can do culture ensures service and results we can be proud of.

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