Jeff Peyton
How often have you heard an employee or co-worker fret about being bombarded with literally too much information? How often has your business plan fallen behind because there is so much to do that you just don’t know how to even start?
Wait. Let me back up a bit.
I am an avid reader of email newsletters. Everything from national defense to micro-economics. My current obsession (don’t judge me!) is data analysis. I am fascinated by forecasting in general, and how, in the wake of the COVID pandemic, data modelers are reinventing the science.
My favorite read on the subject comes from Martin Weiss, an analytical consultant with Google who puts the math into words that simple publishers can not only understand, but deploy. (If you’re into forecast modeling, or just plain old data analysis, check out his blog analyticalmarketer.io.)
In a recent discussion on data analysis, Weiss reminded me of a management model I’ve used so often that I forgot how much I relied on it — S.M.A.R.T.
SMART was developed back in the early 1980s by George Doran, Arthur Miller and James Cunningham, in an article in Management Review titled “There’s a SMART way to write management’s goals and objectives.” The acronym has resurfaced across the spectrum of management training, motivational speaking and convention keynotes, but its original use still works:
Specific
Measurable
Achievable
Realistic
Timely
So here’s the thing. When you’re feeling overwhelmed, dealing with too much information, juggling too many commitments, or just have more on your plate than your plate can handle, you just need to take a breath and be SMART about it.
First, set aside whatever is vexing you at the moment. You’ve already got too much to do, so another five minutes won’t make a difference. I promise, we’ll circle back.
For now, let’s just look at your business itself. What is your goal? What is your biggest challenge? What, simply put, are you trying to achieve? With that one thing — what the masters call your “business challenge,” you can now plot your course with purpose by setting a few goals.
Remember to be Specific. No generalities here. “Make a lot of money” is not a SMART goal. “Gross $20 million at 20% margin” could be.
The more specific you are, the easier it is to Measure your progress. If you’re aiming for $10 million in five years, what’s that look like in two?
Don’t squander your time, energy and effort on the impossible. Make sure your goal is actually Achievable and Realistic. If $10 million is a bit of a stretch, is $5 million in the realm of possibility?
Finally, give yourself a hard deadline, so that your effort is Timely.
With both the big picture and a few SMART goals in mind, NOW you can circle back and take another look at the pile in front of you. NOW you know precisely how to prioritize, and even where to start.
If something doesn’t help you move the needle on your SMART goals, it goes to the back of the line. If something can REALLY move the needle, that moves to the top of the list.
I realize that even SMART goals can be complex. After all, the bigger the business, the more interlocking wheels are turning. And the closer you are to the top of your business’s food chain, the more complex the decisions, the more dire the deadlines.
But look, you can’t just sit there staring at the pile waiting for inspiration. Trust me, the only thing that gets you is a bigger pile.
Remember the old joke about how you eat an elephant one bite at a time? SMART works that way with your business, too. Don’t try to solve every problem with a single SMART goal.
Break it down.
Do you have three sales problems? Set SMART goals for sales. Do you have issues with your production plant? Set a SMART production goal.
Just keep each goal within reach by being Specific, Measurable, Achievable, Realistic and Timely.
Jeff Peyton is the publisher of The Northeast Georgian. Reach him at 706-778-4215 or jpeyton@TheNortheastGeorgian.com.