SMART Business Goals: What You Need to Know

What does the acronym SMART stand for in relation to good business goals?

Business professionals often use the acronym SMART to describe good business goals. What does the acronym stand for?

Answer:

The acronym SMART stands for Specific, ______, Achievable, Realistic, and ______.

SMART is an acronym commonly used in business to describe the characteristics of effective goals. Let's break down each letter of the SMART acronym:

Specific:

Set goals should be precisely defined and straightforward, to enable every party involved to understand expectations.

Measurable:

Ensure that the objectives are quantifiable as this helps in assessing progress made over some time.

Achievable:

Goals must challenge employees while still being achievable since this provides motivation for workers to aspire towards success.

Realistic:

Set goals should be feasible and realistic while aligning them with the existing capacities, capabilities, and overall strategy of the company.

Time-bound:

Finally, goals should have strict deadlines so that a sense of urgency is created amongst employees, allowing them to prioritize accordingly.