Smart Goals For Loan Officers
Setting SMART financial goals is an essential component of achieving financial success. SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound. Achieving financial success requires a proven plan, and SMART goals provide the framework for developing such a plan. In this article, we outline the importance of SMART goals while providing examples of the best SMART goals for small businesses.
Why Set SMART Financial Goals?
The importance of setting SMART financial goals cannot be overstated. SMART goals provide a clear and concise framework to achieving your financial objectives. By using SMART goals, you can ensure that your financial goals are Specific, Measurable, Achievable, Relevant, and Time-bound.
Without SMART goals, you may find yourself setting broad financial objectives without a clear roadmap for achieving them. SMART goals provide that roadmap; they help you break down your financial objectives into smaller, actionable steps that can be measured and achieved incrementally.
Best SMART Goals for Small Businesses in 2018
Below are 20 examples of the best SMART goals for small businesses in 2018:
1. Increase Revenue by 20% by Quarter 4
Specific: The goal is to increase revenue by 20% by Quarter 4. This is a specific and measurable goal that clearly illustrates the desired outcome.
Measurable: The goal of increasing revenue by 20% is a measurable goal that can be tracked and monitored.
Achievable: Depending on your starting revenue levels, a 20% increase in revenue by Quarter 4 may be an achievable goal.
Relevant: Increasing revenue is a relevant goal for most small businesses.
Time-bound: The goal is to achieve a 20% increase in revenue by Quarter 4, providing a clear target date to work towards.
2. Reduce Operating Costs by 10% by Next Quarter
Specific: The goal is to reduce operating costs by 10% by next quarter, providing a specific target for cost savings.
Measurable: Operating costs are a measurable expense that can be tracked and monitored over time.
Achievable: Depending on your current operating costs, a 10% reduction may be an achievable goal through careful expense management.
Relevant: Reducing operating costs is relevant for most small businesses as it directly affects their bottom line.
Time-bound: The goal is to achieve a 10% reduction in operating costs by next quarter, providing a clear target date to work towards.
3. Increase Website Traffic by 50% in Six Months
Specific: The goal is to increase website traffic by 50% in six months, providing a clear target for website optimization and content creation.
Measurable: Website traffic is a measurable metric that can be tracked and monitored over time.
Achievable: Depending on your current website traffic, a 50% increase may be achievable through targeted marketing and content creation.
Relevant: Increasing website traffic is relevant for most small businesses as it directly impacts their online visibility and potential sales.
Time-bound: The goal is to achieve a 50% increase in website traffic in six months, providing a clear target date to work towards.
4. Increase Social Media Engagement by 25% in Three Months
Specific: The goal is to increase social media engagement by 25% in three months, providing a clear target for social media strategy and content creation.
Measurable: Social media engagement is a measurable metric that can be tracked and monitored over time.
Achievable: Depending on your current social media engagement levels, a 25% increase may be achievable through targeted social media strategy and content creation.
Relevant: Increasing social media engagement is relevant for most small businesses as it directly impacts their online visibility and potential sales.
Time-bound: The goal is to achieve a 25% increase in social media engagement in three months, providing a clear target date to work towards.
5. Launch Two New Products by Next Quarter
Specific: The goal is to launch two new products by next quarter, providing a specific target for new product development and launch.
Measurable: The launch of new products is a measurable event that can be tracked and monitored.
Achievable: Depending on your current product development timeline and resources, launching two new products may be an achievable goal.
Relevant: Launching new products is relevant for most small businesses as it helps increase revenue and customer engagement.
Time-bound: The goal is to launch two new products by next quarter, providing a clear target date to work towards.
6. Increase Email Subscribers by 100% in Six Months
Specific: The goal is to increase email subscribers by 100% in six months, providing a specific target for email marketing and lead generation.
Measurable: Email subscribers are a measurable metric that can be tracked and monitored over time.
Achievable: Depending on your current email subscriber list and lead generation efforts, increasing email subscribers by 100% may be an achievable goal.
Relevant: Increasing email subscribers is relevant for most small businesses as it helps increase customer engagement and lead generation.
Time-bound: The goal is to increase email subscribers by 100% in six months, providing a clear target date to work towards.
7. Increase Customer Referrals by 50% in Three Months
Specific: The goal is to increase customer referrals by 50% in three months, providing a specific target for referral marketing and customer loyalty efforts.
Measurable: Customer referrals are a measurable metric that can be tracked and monitored over time.
Achievable: Depending on your current customer referral efforts and customer satisfaction levels, increasing customer referrals by 50% may be an achievable goal.
Relevant: Increasing customer referrals is relevant for most small businesses as it helps increase customer loyalty, brand awareness, and revenue.
Time-bound: The goal is to increase customer referrals by 50% in three months, providing a clear target date to work towards.
8. Improve Customer Satisfaction Ratings by 20% in Six Months
Specific: The goal is to improve customer satisfaction ratings by 20% in six months, providing a specific target for customer satisfaction efforts.
Measurable: Customer satisfaction ratings are a measurable metric that can be tracked and monitored over time.
Achievable: Depending on your current customer satisfaction levels and service offerings, improving customer satisfaction ratings by 20% may be an achievable goal.
Relevant: Improving customer satisfaction ratings is relevant for most small businesses as it helps increase customer loyalty, retention, and revenue.
Time-bound: The goal is to improve customer satisfaction ratings by 20% in six months, providing a clear target date to work towards.
9. Increase Average Order Value by 15% in Two Quarters
Specific: The goal is to increase average order value by 15% in two quarters, providing a specific target for upselling and cross-selling strategies.
Measurable: Average order value is a measurable metric that can be tracked and monitored over time.
Achievable: Depending on your current average order value and sales strategies, increasing average order value by 15% may be an achievable goal.
Relevant: Increasing average order value is relevant for most small businesses as it helps increase revenue and customer lifetime value.
Time-bound: The goal is to increase average order value by 15% in two quarters, providing a clear target date to work towards.
10. Increase Website Conversion Rates by 20% in Three Months
Specific: The goal is to increase website conversion rates by 20% in three months, providing a specific target for website optimization and conversion rate optimization efforts.
Measurable: Website conversion rates are a measurable metric that can be tracked and monitored over time.
Achievable: Depending on your current website conversion rates and optimization efforts, increasing website conversion rates by 20% may be an achievable goal.
Relevant: Increasing website conversion rates is relevant for most small businesses as it helps increase revenue and online sales.
Time-bound: The goal is to increase website conversion rates by 20% in three months, providing a clear target date to work towards.
11. Increase Social Media Followers by 50% in Two Quarters
Specific: The goal is to increase social media followers by 50% in two quarters, providing a specific target for social media growth and engagement.
Measurable: Social media followers are a measurable metric that can be tracked and monitored over time.
Achievable: Depending on your current social media follower count and engagement strategies, increasing social media followers by 50% may be an achievable goal.
Relevant: Increasing social media followers is relevant for most small businesses as it helps increase brand awareness, customer engagement, and revenue.
Time-bound: The goal is to increase social media followers by 50% in two quarters, providing a clear target date to work towards.
12. Develop and Launch a New Lead Magnet by Next Quarter
Specific: The goal is to develop and launch a new lead magnet by next quarter, providing a specific target for new lead generation strategies.
Measurable: Launching a new lead magnet is a measurable event that can be tracked and monitored.
Achievable: Depending on your current lead generation strategies and resources, developing and launching a new lead magnet may be an achievable goal.
Relevant: Developing and launching a new lead magnet is relevant for most small businesses as it helps increase lead generation and customer engagement.
Time-bound: The goal is to develop and launch a new lead magnet by next quarter, providing a clear target date to work towards.
13. Increase Online Sales by 30% in Three Quarters
Specific: The goal is to increase online sales by 30% in three quarters, providing a specific target for online sales growth strategies.
Measurable: Online sales revenue is a measurable metric that can be tracked and monitored over time.
Achievable: Depending on your current online sales revenue and growth strategies, increasing online sales by 30% may be an achievable goal.
Relevant: Increasing online sales is relevant for most small businesses as it helps increase revenue and market share.
Time-bound: The goal is to increase online sales by 30% in three quarters, providing a clear target date to work towards.
14. Increase Webinar Registrations by 50% in Two Months
Specific: The goal is to increase webinar registrations by 50% in two months, providing a specific target for webinar marketing and lead generation strategies.
Measurable: Webinar registrations are a measurable metric that can be tracked and monitored over time.
Achievable: Depending on your current webinar marketing strategies and resources, increasing webinar registrations by 50% may be an achievable goal.
Relevant: Increasing webinar registrations is relevant for most small businesses as it helps increase lead generation and customer engagement.
Time-bound: The goal is to increase webinar registrations by 50% in two months, providing a clear target date to work towards.
15. Improve Email Open Rates by 20% in Two Quarters
Specific: The goal is to improve email open rates by 20% in two quarters, providing a specific target for email marketing and engagement strategies.
Measurable: Email open rates are a measurable metric that can be tracked and monitored over time.
Achievable: Depending on your current email marketing strategies and open rates, improving email open rates by 20% may be an achievable goal.
Relevant: Improving email open rates is relevant for most small businesses as it helps increase customer engagement and lead generation.
Time-bound: The goal is to improve email open rates by 20% in two quarters, providing a clear target date to work towards.
16. Increase Positive Customer Reviews by 50% in Three Months
Specific: The goal is to increase positive customer reviews by 50% in three months, providing a specific target for customer satisfaction and reputation management efforts.
Measurable: Positive customer reviews are a measurable metric that can be tracked and monitored over time.
Achievable: Depending on your current customer satisfaction levels and reputation management strategies, increasing positive customer reviews by 50% may be an achievable goal.
Relevant: Increasing positive customer reviews is relevant for most small businesses as it helps increase customer trust and loyalty, which in turn leads to increased revenue.
Time-bound: The goal is to increase positive customer reviews by 50% in three months, providing a clear target date to work towards.
17. Develop and Launch a New Mobile Application by Next Quarter
Specific: The goal is to develop and launch a new mobile application by next quarter, providing a specific target for mobile app development and launch.
Measurable: Launching a new mobile application is a measurable event that can be tracked and monitored over time.
Achievable: Depending on your current mobile app development timeline and resources, developing and launching a new mobile application may be an achievable goal.
Relevant: Developing and launching a new mobile application is a relevant goal for most small businesses as it helps increase customer engagement, accessibility, and revenue.
Time-bound: The goal is to develop and launch a new mobile application by next quarter, providing a clear target date to work towards.
18. Increase Online Reviews by 50% in Two Months
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