The business world is flooded with acronyms, buzzwords and buzz phrases. Some of the ones you are most likely to encounter include mission statement, vision statement, business plan, SWOT and SMART. What are these, and why do they matter?
A mission statement focuses on what your business does and why it exists. You should include a mission statement as one of the key elements of your business plan.
A vision statement constitutes a more explicit version of your mission statement.
A well-written vision statement clarifies long-term planning.
A business plan details a logical, structured approach to how your business is, or will be, operated.
Two additional elements of your business plan are your SWOT — strength, weakness, opportunity and threat — analysis and SMART — specific, measurable, attainable, relevant and time-bound — goals.
This column focuses on setting and implementing SMART goals, starting with a brief description of each element:
Specific: Your goal should be detailed enough to answer the who, what, when, where and why of the objective.
Measurable: You should have a strategy to determine when you’ve met the goal or how far you are from attaining it.
Attainable: Consider what you’ll need in place to ensure you can achieve your goal.
Relevant: Your goal should fit with the broader vision of your organization.
Time-bound: You should know the timeframe in which you want to meet your goal.
Each business goal needs an associated SWOT analysis and set of SMART goals. Your SWOT analysis forms the basis for creating relevant SMART Goals.
For example, here’s a simple set of SMART goals for hiring a sales manager:
Specific: XYZ must hire a sales manager to serve increasingly diverse markets and ensure sales staff is properly trained and effectively used.
Measurable: We will allocate three months past the hiring timeframe to validate the suitability and job performance of the new sales manager. The evaluation and determination of success will be tied to increased sales and successful expansion into new markets.
Attainable: We’ve identified multiple search and recruiting avenues to find suitable candidates. We will use recruiting firms, professional associations, online job boards and employee incentive and referral programs to search for as wide a variety of potential hires as possible in the shortest amount of time. Past hiring experiences for positions at similar levels indicate this approach is highly effective.
Relevant: To meet the goal of expanding sales locally by
25 percent in 2023 and developing a national footprint and exposure,
our sales professionals need increased direction and skills development. We expect our new sales manager to provide this direction and development.
Time-bound: As an essential part of our growth plan for 2023, our new sales manager must be in place by the end of the first quarter.
Taking time to develop or update your mission statement, vision statement and business plan and then perform a SWOT analysis will enable you to develop and implement SMART goals. Properly managed and implemented, SMART goals are key to business growth and success.
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609 North Avenue Suite #5
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About Janet Arrowood
Janet Arrowood serves as founder and managing director of the Write Source, a Grand Junction-based firm that offers a range of services, including grant and proposal writing, instruction and technical writing. For more information, visit www.TheWriteSourceInc.com. 609 North Avenue Suite #5
Grand Junction, CO 81501
970-424-5133
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