In business, strategy is everything.
In drawing a business strategy, a business entity must be clear on the direction they want to take, what they want to achieve and within how long.
It is for this reason that the entity must set clear targets that would then guide their strategy.
Such targets are best described as SMART, an acronym for Specific, Measurable, Achievable, Realistic and Time-bound.
1. Targets must be Specific
A business enterprise must be clear and precise on what they want to achieve. Vagueness or lack of clarity will work against such an objective.
2. Targets must be Measurable
In order to gauge whether or not activities that are aimed at achieving a given target are on the right track, there have to be parameters that would be used to gauge progress or lack of it. That way, it would be easy to tell when change of direction is needed, when improvement is necessary and, overall, what needs to be done to ensure that the target is achieved.
3. Targets must be Achievable
You need to set targets than are within your means and that you can attain, otherwise your efforts will fall flat.
4. Targets must be Realistic
Set targets that are practical, not utopian. It should not be a case of wishful thinking.
5. Targets must be Time-bound
Targets can only make sense if they are set to be achieved within a definite time-frame. A target that is not pegged to a timeline cannot pass the test of being referred to as such.
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