SMART Business Planning for 2021
If your business survived in 2020, it's time to start planning for 2021. How to incorporate SMART planning in your business.
The business cycle has changed dramatically during 2020. Businesses have to adapt and change at lightning speeds just to survive. But the principles of good business with regarding planning have not changed, they have just compressed in the timing!
What is SMART Planning?
S = SPECIFIC
In your planning make your goal SPECIFIC.
Example of specific goals are
- By the end of Quarter 1 we will concentrate our 75% of our marketing to generating online sales
- In the next six months we will target our growth to +$96K
M = MEASURABLE
Goals in the planning process that are measurable enable you to focus on the goal with an end result that can be measured
A = ATTAINABLE
If you set the goal post too high, you are setting yourself up for failure. Our advice is to make the goal achievable. You can always revise your goal again if you are knocking out of the park!
R = RELEVANT
Relevancy is important because some goals are long term and others are short term, but in 2021 you should be looking more towards short term goals because relevancy is relative in these times of the 2nd wave of COVID-19.
T = TIME SENSITIVE
Time sensitivity is more important than ever in this rapidly changing business climate, so be aware that time sensitivity has compressed and therefore time sensitive goals must be short and quick.
To read more about our tips for setting smart goals, click here.
For a great discussion on business planning, check out our podcast with business consultant, Anna Yu.