SMART Principles Explained
We all know the well-tried and trusted SMART model or process that is used in all businesses to help make decisions, establish priorities and assist in the design of strategy, but often entrepreneurs merely run through the process and attach well-intentioned but wishy-washy statements in the hope that things just work.
For the blissfully unaware, the SMART algorithm breaks down into the following decision making routine where a good decision meets all of the pointers below:
S – Specific
M – Measurable
A – Achievable
R – Realistic
T – Time-bound
All well and good.
What makes a business successful, especially in these Covid-19 times, is digging far deeper and asking some really challenging questions underneath the algorithm, such as:
- Specific. What am I really good at doing and what can I say is excellent about the business? Do my customers share this opinion?
- Measurable. Is the business well-managed and is it successful in exceeding the expectations of my customers? (Hint – if you don’t know this already then you had best find out, and quickly!).
- Achievable. Am I, and the business, really committed to the targets that have been set?
Is there a rigorous and systematic daily focus upon delivering outcomes for my customers?
- Realistic. Are the targets set both effective efficient in getting to where I, and the business, needs to be? Are all available resources well managed and used flexibly to grow the business?
- Time-bound. Am I fully committed to delivering goods and services when it is needed and at the customer’s request? Do I have a consistent and clear appreciation of the need to plan to honour promises?
SMART is a solid and reliable technique to deliver business growth but only if it is supported by in-depth underpinning questions.
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