Welcome to Module 6 which will cover everything you need to know about goal setting! If you are just joining us, we recommend you start by completing Module 1: How to Write an Application 101, Module 2: Value Proposition, Module 3: Customers, Module 4: Target Market & Market Size, and Module 5: Business Model.

Overview

Simply put, a goal is a target you are trying to achieve. We set goals in all aspects of our lives, from small daily goals we hope to tackle in a short period of time to larger, more strategic goals we plan to accomplish in the long-term. As the founder and leader of your company it is your responsibility to set and drive forward its strategic vision. When speaking internally to team members or externally to customers, partners, or potential funders, it’s important to share aspirational goals, articulating a vision for the future that perhaps feels a bit out of reach at the moment. This helps stakeholders to see that you are dreaming big and planning to grow.

The more thought you put into designing your goals, the greater the likelihood that you will accomplish them. Why? Because a well-articulated goal provides not just a vision for the future, but also enough specificity, measurability, and timeliness to ensure that you can develop a plan to turn your vision into a reality.

Enter the SMART goal. By setting specific (S), measurable (M), achievable (A), relevant (R), and time-based goals (T), you give yourself a clear direction and way of measuring success, increasing your chances of succeeding in accomplishing said goals. The following steps provide a simple process for turning your vision into an actionable SMART GOAL:

1. Initial Goal: Write down the goal you have in mind. It should relate to something you want to accomplish in your business this year. Keep it simple - this is just the starting point!

2. S: Is it Specific? Reflecting on your initial goal, consider the following questions: Who is involved in this goal? What do you want to accomplish? Where is this goal to be achieved? When do you want to achieve this goal? Why do you want to achieve this goal? (You may not need to answer all of these - only include the ones that are relevant to your initial goal.)

3. M: Is it Measurable? What metrics are you going to use to determine if you meet the goal? Consider that data sources available to you and use a very specific indicator of success (i.e. x% or x# of something).

4. A: Is it Achievable? What knowledge, skills, and abilities are necessary to reach this goal? Do you have access to these? If not, what type of support do you need to seek?

5. R: Is it Relevant? How does this goal connect to your business's long-term objectives or values? Why is this goal important right now?

6. T: Is it Time-bound? What is your deadline for achieving this goal? What can realistically be accomplished within this timeframe?

7. SMART Goal: Review what you have written above and craft a new goal statement based on your responses. Use clear, specific language and frame your goal in a positive, action-oriented tone: "I will . . ." Note that a SMART goal may need to be 2-3 sentences long to incorporate all of the necessary components.

If you need some inspiration, these SMART goal examples are a great starting point.

Now that you’ve set your SMART goal, it’s important to ensure that it aligns with your personal and professional priorities. This quick assessment exercise will help to confirm the importance of your SMART goal. If you realize that it does not align with your priorities, you can return to Part 1 and modify your goal as needed. Ask yourself:

• Why is this goal important to me personally?

• How will this goal help me grow professionally?

• How does this goal work toward my business’s overall objective(s)?

While every goal you set might not check all three boxes, we recommend ensuring that each goal addresses at least two of the three prompts above to ensure that you are really committed to achieving it.

Now that you’ve set your goal, the hard part is over. Right? Nope - the work is just beginning. Think back to goals you’ve set in the past. What has helped you to accomplish a goal vs. abandon it mid-course? The difference was likely a clear plan of action to achieve said goal and a system to keep you accountable to taking those actions. For a SMART goal (or any goal) to be effective, you need to chart a course for how you will get from where you are now to what you hope to achieve. 

At AWEC, we begin each year by setting goals we hope to achieve in 12 months. Then, we break them down into quarterly sub-goals (smaller goals that will help us build toward our overall goal). We think through action steps we can take in each quarter to make progress toward those sub-goals, and we meet at the end of each quarter to check in against our progress and modify our sub-goals as needed. The following prompts are a helpful way to think through your action steps, ensuring that they are realistic and achievable:

• What progress can I realistically make toward this goal within the next quarter (three months)?

• Where do I foresee challenges or roadblocks within the next quarter?

• What short-term goal(s) can I set for myself within the next quarter to ensure progress toward this goal?

Scheduling team discussions on a quarterly (or more frequent) basis is a great way to build in a layer of accountability around taking steps to achieve your goals. Another option is to find an accountability buddy - perhaps it’s a fellow entrepreneur, a friend, a family member, or a regularly scheduled email to your Board or advisors - who you can share your goals with and plan time to discuss your progress. No matter how self-motivated you are, it always helps to know someone else is invested in your progress. Also, by speaking openly about your goals, you are inviting others to support you in achieving them. You never know who may be helpful, so the more you speak about what you’re trying to accomplish, the greater your chances of discovering supporters to contribute to your success.

AWEC is an experiential, applied learning program, which means we promote business growth by having fellows immediately apply what they learn to their own business. We have created the following tools to help you apply the knowledge from this module to your business. We encourage you to download the tools below to strengthen your application AND your business!

Well done to you for completing your sixth module. You can now move on to Module 7: Revenue & Profit.