SMART Business Goals

SMART

Business Goals

This is a post for those of us who still did not set any goals for the next year. After reading it you will be able to set a SMART goal for half of the aspects in your business model. It is crucial to constantly improve the business model, to fit the ever-changing market and maximize profits.

If you do not know what a SMART goal is, we added an image. Remember, it has to be Specific, Measurable, Achievable, Relevant, and Time-bound.

So, there are 9 blocks in a traditional business model canvas:

Key Activities. Define a SMART goal for your activities next year. A good choice, considering the changes, will be going digital if you haven’t done so. Other goals may be to open 2 more stores or to participate in 5 trade shows.
Key Resources. These goal needs to focus on increasing your physical, intellectual, human, or financial resources. It can be to register a new patent or hire 50 more employees.
Key Partners. Think of other companies, that your business depends on. The goal can be to find a better supplier, strengthen relationships with an existing partner, or raise funds from investors.
Value Proposition. This is the foundation of your business model. Before setting this goal, try to think of the existing value you provide to your customers. After it, find a way to improve, for example, solve additional clients’ pain or enhance service to add value.
Customer Segments. Do you know your clients’ segmentation structure? If not, set a goal to study your market niche. If you do, your goal can be to start targeting a new market segment or cover 35% of customers in your existing niche.
Channels. Through which channels do you reach your customer segments? If you only have one channel, set a goal to establish more. Many businesses closed this year because they had only one offline channel of client acquisition.
Customer Relationships. Goals in this block can be either to improve client support, automate service, or boost client satisfaction. Do not forget to add numbers and make the goal measurable!
Costs. The goal here looks simple – decrease costs. But it is easier said than done. You need to realistically analyze what part of the cost structure you can improve and what % of the costs you can reasonably expect to cut.
Revenue Streams. Do not get carried away when setting a goal for next year’s revenues. Analyze your previous years’ financials and make appropriate projections.

Remember to be SMART!

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