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blog | May 03, 2016

Applying S.M.A.R.T. Goals Toward Your Business Development Efforts

It’s time your business starts functioning a little smarter, specifically about goals being set forth. For those that don’t know, S.M.A.R.T. is an acronym for five traits that a...

By WorkWiseSoftware

It’s time your business starts functioning a little smarter, specifically about goals being set forth. For those that don’t know, S.M.A.R.T. is an acronym for five traits that a quality goal should have. Without explicitly calculating in these five traits when creating a goal, it’ll be more of a vague hope than anything else. Below, we’ve defined S.M.A.R.T. goals and provided examples of high-quality business development objectives to help you begin brainstorming objectives for your business.

Specific

To begin, a business goal should always be as specific as possible, and include detailed information and/or metrics that will (hopefully) be achieved. Including specificity when creating a goal for the future will give you an easier way to measure and ensure that the objective has been achieved or not.

Example of a specific business development goal:

Increase the amount of visitors that come to your website through online searches on Google and Bing by 50% by the end of October 2016.

As you can see, every detail of this goal is specified, ensuring that everyone knows exactly what to aim for, and when it should be fulfilled.

Measurable

As mentioned above, a business goal must be quantifiable and exact. Adding measurable metrics or details will provide you with a benchmark for success, while an objective without any details of measurement can be challenging for businesses when creating a pace when moving forward.

Example of a measurable business development goal:

Have every employee on the sales team contact 25 prospects from the hot prospect list within the CRM software from May 1st to May 31st, 2016.

In this example, the number of prospects is listed, making the objective easily measurable. In addition, the goal states exactly where the prospects should be contacted from, making the goal clear and easily understandable to the sales team.

Achievable

When creating a business goal, you have to keep it within reach. Don’t simply set your sights for something that’s probably not going to happen. When setting goals, start small, and then work your way up. This way, you’ll know that with a little hard work, the target is attainable and worth fighting for. Without an achievable objective, employees will likely not be as motivated or willing to put in all of their effort.

Example of an achievable business development goal:

To obtain 150 visits to the company website and 15 sales leads from LinkedIn organic posts by the end of July.

The specificity of this goal helps clarify it and make it plausible to achieve. It will also allow for the marketing team to work with the sales team to create a plan of action.

Realistic

Similar to achievable, a business goal demands a sense of realism. Blasphemous or impossible objectives do nothing to help motivate employees or make strides forward. Realistic targets can pique the interest of employees and get them working hard toward success.

Example of a realistic business development goal:

To sign new contracts with 3 new suppliers within the next 4 months (by August 31st, 2016).

While it will vary from business to business, this target is specific and measurable enough to be realistic for the ideal company. Every important facet of a quality goal is emphasized.

Timely

A business goal without a specific time frame is doomed for failure from the beginning. Creating an exact time frame (days, weeks, months) serves as a great reminder to employees to stay on track and create a healthy pace.

Example of a timely business development goal:

To have every employee on the sales team attend 1 training program within 50 miles of the main office by September 30th, 2016.

In the example above, the goal emphasizes an exact, detailed time limit for getting it accomplished. Rather than putting the time limit off until the end of 2016 or later into the future, the target is set at the end of September; this is done in order for employees to stay motivated and on top of creating an action plan for accomplishing it. Making the time limit too far in advance will leave employees feeling unmotivated to get it done.

Applying S.M.A.R.T. goals to your company’s business development efforts can be the catalyst your team was looking for to step up sales efforts and make a big impact. After you’ve set your goals, created plans of action, and followed through (or missed the mark), it’s important to evaluate progress, look for areas of improvement, and look for feedback opportunities. Creating S.M.A.R.T. goals should never be a one-and-done thing, but rather a series of motivational objectives that bring your team and your company to grow and excel.

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