Playing it SMART: A Q1 Goal-Setting Guide For Small Businesses

The Bureau of Labor Statistics estimates that 20% of new businesses fail within the first two years. Another 45% do not survive beyond five years, and 65% shutter before hitting the 10-year mark.

At first glance, it’s easy to attribute these failure rates to insufficient capital, weak customer acquisition, or other usual suspects in the startup story.

The truth, however, is that these issues are often byproducts of a larger issue—failing to set a long-term growth strategy. To avoid becoming a statistic, business owners must create SMART goals: specific, measurable, achievable, relevant, and timely objectives that provide a clear roadmap for success.

Let's explore what SMART goals are, why they matter, and how to use them to drive long-term success.

What are SMART Goals?

Most business owners have goals. The trouble is vague aspirations like “grow the business” and “increase sales” lack focus and strategy, which leads to scattered efforts and disappointing results. SMART goals ground objectives in reality, transforming fuzzy thinking into focused action that is:

• Specific
• Measurable
• Achievable
• Relevant
• And timely

To illustrate the difference between vague and SMART goals, let’s explore each aspect of the acronym.

Specific

Specific goals explicitly state what you want to achieve. Getting specific often begins with answering the five “W” questions:

• What do I want to accomplish?
• Who will help?
• Where will it happen?
• Why is this important?
• Which resources do I need?

Consider the difference between a non-specific goal like:

“Improve my online reviews.”

And a specific goal like this:

“To increase our Yelp rating by one star, we will remove defamatory reviews and designate a communications team member to respond to all customer feedback within 24 hours.”

Measurable

If you cannot quantify success with hard data, how can you possibly know you’ve achieved your goal?

The trouble with an unmeasurable goal like “increase website traffic” is that it lacks benchmarks and accountability. There’s no way to know if you’ve succeeded—or by how much!

Conversely, a measurable goal like the example below puts success on a timeline, lays down hard numbers, and states how you will achieve it:

“By the end of Q2, I want to improve website traffic from 10,000 to 15,000 visits per month. To do this, I will increase Google Ad spending by 15%.”

Achievable

Pie-in-the-sky goals aren’t goals—they’re dreams. Achievable goals, on the other hand, offer a perfect middle ground, stretching your capabilities while keeping you grounded in reality.

Consider the difference between a non-achievable goal like:

“Convert every website visitor into a customer.”And an achievable one like:

“Improve website conversion rates by 10% through audience segmentation and A/B testing.”

Notice how the achievable goal is grounded in hard numbers and actionable steps?

Relevant

While your goals will likely evolve, especially in the early stages of the company, too many businesses lose focus, chasing shiny new opportunities that distract from the greater long-term vision.

Both short- and long-term goals should align with your broader mission while remaining flexible enough to adapt to market conditions and available resources.

To illustrate, consider these contrasting examples: 

“Expand into three international markets by Q2.” While ambitious, this is an irrelevant goal if you lack a foothold in your current market or are neglecting your current customer base.

In such a case, a relevant goal might be to “Achieve an 80% customer satisfaction rating from our existing customer base by surveying customers and responding appropriately.”

Timely

Without deadlines, even simple tasks can go on forever. Likewise, goals without deadlines can become perpetual works in progress—a neverending quest for perfection. Long story short? Put a deadline on every goal.

Deadlines are powerful motivators that not only create a sense of urgency but keep you accountable. As you develop your SMART goals, consider the difference between untimely and timely goals:

Untimely goal: “I want to sign 10 new clients.”

Timely goal: “I want to sign 10 new clients by February 1, 2024.”

Let WISE Help You Get SMART!

Need help putting your SMART goals into action? Book a 1-hour strategy session with our Founder, Patrick Dillon. Whether you need help developing a cohesive brand, boosting website traffic, increasing visibility, or simply want to maximize your digital presence, this is your time to get answers to your most pressing questions. Plus, you'll receive a complimentary website audit that measures your site’s performance against industry standards. Book your session today!