SMART business planning
Where do you want your business to be this time next month, next year or in 5 years time? Once you have a vision you’ll need to plan how you’re going to achieve it. It's important to have a plan of how you want to achieve your vision, but make sure your business plan is SMART. Thinking SMART will help you avoid the many pitfalls of vague and meaningless plans. Here's our guide to being SMART when forming your business vision:
Specific
What is it exactly that you want to achieve? Don’t just say ‘increase sales’, be specific and say ‘increase sales by 50%’. But is it really sales you want to increase, or do you really want to increase your profits?
Measurable
Make sure you can measure the results of what you do. If you can't measure results, how will you know you’ve achieved what you set out to do?
Achievable
Setting out to achieve the impossible will not help to motivate you, and could easily act as a de-motivator to you and your staff. Don't make it too easy though or you won't acheive anything. Break large tasks down into manageable chunks so you can tackle and achieve one small bit at a time.
Realistic
Be realistic with your plans. Can you do it within the time frame you want and using what’s currently available to you? or do you need to get more staff, different skills or additional finance. If you do need more of anything make sure it’s built into your costs.
Time bound
Set yourself a time deadline, with appropriate milestones along the way, to make sure you keep on track to achieve your goal.
SMART business planning
Where do you want your business to be this time next month, next year or in 5 years time? Once you have a vision you’ll need to plan how you’re going to achieve it. It's important to have a plan of how you want to achieve your vision, but make sure your business plan is SMART. Thinking SMART will help you avoid the many pitfalls of vague and meaningless plans. Here's our guide to being SMART when forming your business vision:
Specific
What is it exactly that you want to achieve? Don’t just say ‘increase sales’, be specific and say ‘increase sales by 50%’. But is it really sales you want to increase, or do you really want to increase your profits?
Measurable
Make sure you can measure the results of what you do. If you can't measure results, how will you know you’ve achieved what you set out to do?
Achievable
Setting out to achieve the impossible will not help to motivate you, and could easily act as a de-motivator to you and your staff. Don't make it too easy though or you won't acheive anything. Break large tasks down into manageable chunks so you can tackle and achieve one small bit at a time.
Realistic
Be realistic with your plans. Can you do it within the time frame you want and using what’s currently available to you? or do you need to get more staff, different skills or additional finance. If you do need more of anything make sure it’s built into your costs.
Time bound
Set yourself a time deadline, with appropriate milestones along the way, to make sure you keep on track to achieve your goal.