In today’s fast-paced and ever-changing business landscape, organizations must have a clear vision and direction to achieve their goals. This is where strategic planning comes into play.
Strategic planning can be defined as defining an organization’s direction, making decisions on allocating resources to pursue this strategy, and guiding the implementation of the chosen plan.
It’s a structured approach that helps organizations set priorities, focus resources, strengthen operations, and ensure employees work towards common goals.
Below, we’ll cover examples of SMART goals to help organizations effectively utilize strategic planning for their success. Let’s dive into it.
What is a SMART Goal?
The SMART template is a powerful tool that can help you establish goals for strategic success. If you’re unfamiliar, SMART is an acronym for specific, measurable, attainable, relevant, and time-based.
Let’s better understand each element of the SMART approach:
Specific
Rather than setting broad and ambiguous objectives like improving strategic skills or climbing the corporate ladder, it’s crucial to specify what you want to devise a roadmap.
Whether increasing revenue by X% or seeking professional growth opportunities, be sure to have a well-defined strategic plan to fuel your journey.
Measurable
Quantifiable goals enable you to monitor progress and pinpoint areas that need enhancement. For instance, if your goal is to boost profits by 35%, then routinely tracking the financial metrics can help you ascertain whether this is being realized.
Attainable
While it might be alluring to aim for the stars, keep your feet grounded in reality. Setting unrealistic goals can often cause frustration, adversely affecting your performance. Therefore, evaluate what’s achievable given your current capabilities.
Relevant
Formulating goals that align with your core values is the secret to enduring tough times. Doing so can ignite an inner passion that resonates with us profoundly. Otherwise, it’s easy to lose steam and abandon our goals when confronted with hurdles.
Time-Based
Incorporating a timeline can ensure consistent progress and keep your aims in view. Understand that success isn’t an overnight phenomenon; it’s the cumulative result of persistent resilience over time.
13 SMART Goals Examples for Strategic Planning
1. Improve Employee Retention
“Our company will boost employee retention for three years by providing more opportunities for professional growth, implementing a fair and transparent promotion process, and creating a positive work environment.”
Specific: The actions taken are providing professional opportunities, implementing a fair promotion process, and fostering a positive workplace.
Measurable: Reduction in employee turnover rate can be determined. Employee satisfaction can also be tracked through surveys.
Attainable: As long as the company is willing to implement these changes, they are possible.
Relevant: This goal ties into promoting a positive work environment and improving employee retention.
Time-based: The actions should be implemented over three years.
2. Expand Market Share
“By the end of two years, I want to increase our market share by 30% through targeted marketing campaigns and expanding into new territories. I’ll evaluate the effectiveness of these efforts every 6 months to ensure we are on track.”
Specific: The goal is to increase market share by 30% within two years.
Measurable: Progress will be evaluated every 6 months to track the growth in market share.
Attainable: Although ambitious, this is doable through the listed action items (targeted marketing and expanding into new territories).
Relevant: This statement pertains to strategic planning as it focuses on the organization’s long-term growth.
Time-based: The goal has a time frame of two years for accomplishment.
3. Minimize Carbon Footprint
“The company will reduce its carbon emissions by 20% within three years by implementing energy-efficient practices, utilizing renewable energy sources, and promoting remote work options for employees.”
Specific: The goal is explicit in stating that the company will reduce carbon emissions by 20%.
Measurable: The company can track its progress through regular energy consumption reports and employee surveys about remote work options.
Attainable: Assuming the organization has the resources to implement energy-efficient practices and renewable energy sources, this goal is feasible.
Relevant: Reducing carbon emissions is essential for environmental sustainability and can also decrease energy costs for the company.
Time-based: There is a three-year window for strategic success.
4. Strengthen Brand Awareness
“We want to increase our social media presence by 20% for the next year through consistent posting and engaging with followers. That way, we can increase brand recognition and reach a larger audience.”
Specific: This goal specifies the desired result (20% increase in social media presence) and how to reach it (consistent posting and engaging with followers).
Measurable: Monitor the number of followers, likes, shares, and comments on social media platforms.
Attainable: Increasing social media presence is feasible with a consistent and strategic approach.
Relevant: Strategic planning must include marketing and promoting the organization’s brand.
Time-based: The goal is set for one year, providing a timeline for completion.
5. Develop New Products or Services
“Our company will develop three new products or services to expand our customer base. We plan to conduct market research to identify potential ideas and then allocate resources to create these products/services within the next 18 months.”
Specific: This specifies the number of new products or services to be developed and a timeline of 18 months.
Measurable: The outcome of conducting market research and allocating resources can be measured by successfully creating three new products or services.
Attainable: While it may require significant resources, launching new services or products is a matter of careful planning and execution.
Relevant: If the market research is conducted effectively, the new products/services will appeal to a larger customer base and contribute to the organization’s growth.
Time-based: Success is anticipated over the following 18 months.
6. Enhance Customer Satisfaction
“The goal is to improve customer satisfaction by enhancing the quality of our products and services. Over the two years ahead, we aim to increase our customer satisfaction score from 85% to 95%.”
Specific: The goal is clearly defined as improving customer satisfaction.
Measurable: Gauge progress by the customer satisfaction score, increasing from 85% to 95%.
Attainable: Any company can strive to improve customer satisfaction by enhancing the quality of their services and products.
Relevant: High customer satisfaction is crucial for strategic planning as it can lead to positive word of mouth.
Time-based: The SMART statement will be met after two whole years.
7. Streamline Business Processes
“Our organization aims to streamline business processes by automating repetitive tasks within 10 months. This will involve thoroughly analyzing current processes and selecting appropriate software solutions.”
Specific: The goal is clearly defined as streamlining business processes using technology and automation.
Measurable: This can be evaluated based on the number of tasks successfully automated within the given time frame.
Attainable: With proper resources and planning, automating repetitive tasks is a feasible goal for a company to achieve in 10 months.
Relevant: Streamlining business processes through automation is an excellent strategic goal for organizations looking to improve efficiency.
Time-based: Your company has an end date of 10 months for optimal success.
8. Increase Revenue
“For this fiscal year, we will increase revenue by 20% by implementing a new marketing strategy and expanding into international markets.”
Specific: This goal states the desired outcome—increasing revenue and the methods to achieve it.
Measurable: The 20% increase in business revenue is a quantifiable target.
Attainable: Implementing a new marketing strategy and expanding into international markets are feasible actions that can lead to increased revenue.
Relevant: This strategic goal relates to the organization’s overall objective of growth and expansion.
Time-based: The deadline for this statement is within the fiscal year.
9. Foster Innovation and Creativity
“I’ll help foster a culture of innovation and creativity within my department by creating a dedicated team and providing resources for brainstorming. Within 15 months, I aim to increase the number of original ideas generated by 50%.”
Specific: The SMART goal clearly outlines steps towards fostering innovation and creativity.
Measurable: You can track the number of new ideas the team generates over time.
Attainable: A well-defined plan is in place to encourage innovation within the department.
Relevant: It aligns with the organization’s strategic plan of promoting innovation and staying ahead of the competition.
Time-based: Goal achievement is expected over the following 15 months.
10. Build Stronger Partnerships
“We will develop a partnership with two local businesses to support our community initiatives for four years. That should allow us to expand our reach and increase our impact in the local area.”
Specific: You’ll help build partnerships with two specific local businesses.
Measurable: Assess if the partnerships are formed and how strong they are.
Attainable: As part of your strategic planning, forming partnerships with local businesses for community support is feasible.
Relevant: This goal aligns with your organization’s mission and values to positively impact the local area.
Time-based: Four years are allotted for the partnership to grow and expand.
11. Review and Update Company Policies
“Within two years, I’ll review and update all company policies to ensure they align with current laws and regulations. This includes conducting a thorough analysis of any changes needed and seeking legal counsel where necessary.”
Specific: The SMART goal is evident as it outlines the steps involved in reviewing and updating company policies.
Measurable: Keep a record of policies that have been reviewed and updated within the two-year time frame.
Attainable: Commencing the review process and seeking legal counsel are not extremely difficult tasks.
Relevant: Adhering to updated company policies is relevant to the organization’s strategic success.
Time-based: There is a two-year end date for goal attainment.
12. Improve Work-Life Balance
“I’ll limit my work hours to 40 per week for three months and use my weekends to disconnect from work and spend quality time with my family. I must balance work and personal life, so this is my first step.”
Specific: This explains what you’ll do (limit work hours) and how long you will do it for (three months).
Measurable: Counting the hours worked per week can determine if the goal has been met.
Attainable: Limiting work hours is reasonable with proper time management and prioritization.
Relevant: Your strategic plan might be less effective if you constantly feel overworked and lack quality time with loved ones.
Time-based: The SMART statement will be achieved in three months.
13. Reduce Production Costs
“By implementing more efficient processes and sourcing materials at lower costs, I aim to reduce the overall production costs of my company by 20% within the next two years.”
Specific: The goal states what will be done (implementing efficient processes and sourcing materials) and how much production costs should be reduced (20%).
Measurable: Many tools and metrics can track production costs, like cost per unit or total production expenses.
Attainable: The goal is feasible by implementing practical process changes and materials sourcing.
Relevant: Cost reduction is an important aspect of maintaining a successful business.
Time-based: The deadline for this SMART goal is two whole years.
Final Thoughts
Strategic planning is a vital process that helps organizations succeed. Using the SMART method, you can ensure that your organization’s strategic goals are specific, measurable, attainable, relevant, and time-based.
This framework boosts the likelihood of success and provides a roadmap for accomplishing goals. Remember to review your goals to align them with your company’s vision and objectives.
Keep striving towards these goals to stay ahead of the competition and drive organizational success. With proper planning and execution, strategic goals can pave the way for a prosperous future.
