We have all heard of New Year resolutions like getting fit, eating healthy and learning new skills but how about setting resolutions for your business? Just like setting resolutions for yourself, it is always better if the goals are SMART.
What’s a SMART Goal?
That’s Specific, Measurable, Achievable, Realistic and Timely (SMART).
A specific goal is not written vaguely, it gets down to the details. It’s not confusing and everybody can understand, especially your team members.
A very common statement we hear is
“We would like to get more out of our social media marketing campaign”
What if we make it more specific? (Assuming that you are really referring to Facebook platform)
“We aim to generate more traffic to the site and sales through Facebook advertisements”
If a goal is not measurable, then you cannot know if you had reached the goal. You have to be able to track your results and then you have true evidence that you have achieved it.
Building on the previous goal,
“We aim to increase traffic by 20% to the site from Facebook and increase conversions from this traffic source by 5%”
Achievable and Realistic Goals
If they are not achievable, then there’s very little motivation for the team to reach for it. However, setting a achievable goal doesn’t mean it has to be low, it just means that the team has to believe that it can be done. Realistic is similar but it is generally a constrain of resources. Do you have enough capital or manpower?
In the above goal, do you have the social media expertise within the team to achieve the goal you set? If you don’t then you have to either hire or outsource to a social media professional. Be sure to have a conversion with either your staff or your outsource team that these goals are achievable.
Set a time period for each goal. It doesn’t have to be a year long goal, in fact you should break up into interims like monthly or quarterly goals.
“We aim to increase traffic by 20% to the site from Facebook every quarter and increase conversions from this traffic source by 5% by end of the year”
Now there are really 2 goals within the statement, 1. the quarterly traffic goal and 2. the conversion goal for the year. Is that a SMART resolution? It depends on what stage your business is at, a new startup should be aiming for much higher growth while a more established business might find it to be reasonable. Other resolutions you can set are sales, team expansion, mailing list etc.
What’s your New Year resolution for your business?