Are Your Goals SMART?

Specific: Goals must be very clear, not sort of vague ideas. We often set goals that are so generic, it’s nearly impossible to measure progress or successful achievement. You need to know what has to be done or what specifically the desired end result will be.

BAD EXAMPLE:

• I want to lose weight – Well who doesn’t? What does that mean?

GOOD EXAMPLE:

• I want to lose 20 pounds by September 1^st. I will perform a half hour of cardio and half hour of strength training per day, 5 times a week.

Measurable: Goals need to be measurable. They should be well-defined, concrete goals and must be in qualitative or quantitative terms. If your goals are not measurable, you will never know whether you are making progress toward their successful completion. Choose some unit of measurement that will allow you to see exactly how far you have come and how far away from the completion of the goal you are.

BAD EXAMPLE:

• I want to be rich.
• I want to be successful.

GOOD EXAMPLE:

• I want to gross 1 million dollars and have a team of 5 within 3 years.

Attainable: Goals need to be realistic and achievable. Time and again, success or failure depends on setting practical goals. The best goals require you to stretch a bit to achieve, but they aren’t out of reach. Don’t set yourself up for failure by setting goals that are too high. You should consider your skills and resources available to help you achieve your goal. Creating goals that are not attainable is very disheartening and will only serve to discourage you in life.

BAD EXAMPLE:

• I want to become a millionaire in 3 months (don’t we all!)

GOOD EXAMPLE:

• I want to make an extra $500 per month.
• I want to increase my savings account by $10,000 in 3 years.

Relevant: Goals must be relevant to your purpose (or your company’s.)  Relevant goals ensure that you are directing your effort towards goals that are focused on your mission statement, business objective or overall strategic long-term plan in life. The goal also has to be relevant or consistent with your responsibilities, knowledge, skill set, and access.

BAD EXAMPLE:

• I want to network more – Why? What does that get you? How?

GOOD EXAMPLE:

• I want to build a charitable foundation that helps feed the homeless.

Time Sensitive: Goals need to have a time frame, milestones and a deadline. Having a set amount of time will give your goals structure. It also helps you monitor your progress. Not having time constraints attached to your goal triggers procrastination. Without an end date there is no sense of urgency, no impetus to take any action today. Without this component we are tempted to put the goal off for a later time and never get around to it; or it simply gets overshadowed by the day to day grind.

BAD EXAMPLE:

• I want to write a book.
• I want to start my own business.

GOOD EXAMPLE:

• I want to write a book on financial planning and submit it to publishers 1 year from today.
• I want to have a retirement account with at least $500,000 within 5 years from this date.

By spending some time towards making sure that your goals fit the SMART criteria, you will make your success much more likely.