How to set up SMART goals?

Why are SMART Goals important?

Often, individuals or businesses will set themselves up for failure by setting general and unrealistic goals such as “I want to be the best at X.” This goal is vague, with no sense of direction.

SMART goals set you up for success by making goals specific, measurable, achievable, realistic, and timely. The SMART method helps push you further, gives you a sense of direction, and helps you organize and reach your goals.

Research shows that in addition to the 98% of entrepreneurs who never achieve their goals, 20% of small businesses fail in their first year, 30% in their second year and 60% in their fifth year. Even in the tenth year of business, a whopping 70% of small companies close their doors.

There are many reasons businesses fail, from neglecting the importance of constant innovation to resisting the growth mindset necessary to push through hard times. The bottom line is that these companies failed to reach their goals, likely due to problems with the goals themselves. Failed businesses didn’t create SMART goals that would have facilitated success.

What are struggling business owners doing wrong, and how can we learn from their mistakes? Did they fail to grasp a key business principle, or were they not in the right mindset? As noted businessman and marketing guru Jay Abraham has observed, there is power in thinking differently. It’s time to use SMART goals to change your mindset.

Because of their effectiveness, SMART goals are commonly used in business, but you can also use them in your personal life, from creating fulfilling relationships to mastering a new skill. No matter which area of your life you want to improve, this strategy saves you the wasted time of not knowing precisely what you want or how to get it. SMART goals can help you “ladder up” to the bigger goals you set when you identify your purpose. Being purposeful and living with intention is what SMART goals are all about.