TIME MANAGEMENT (CH-1 Notes)
What are SMART goals?
SMART is a best practice framework for setting goals. A SMART goal should be specific,
measurable, achievable, realistic and time-bound. By setting a goal, an individual is making a
roadmap for a specific target. The elements in the framework work together to create a goal
that is carefully and thoughtfully planned out, executable and trackable.
At present, the SMART acronym refers to the following:
Specific refers to being as specific as possible with the desired goal. Generally,
the narrower and more specific a goal is, the clearer the steps to achieving it will
be.
Measurable refers to ensuring there will be evidence that can be tracked to
monitor progress.
Achievable refers to ensuring the set goal is realistic and possible to complete or
maintain within the set time frame.
Relevant refers to making sure the goal itself aligns with values and long-term
goals and objectives.
Time-bound refers to making sure the goal is set within an appropriate time
frame.
Benefits of SMART goals
SMART goals provide numerous opportunities for both personal and business success and
can help achieve short-term and long-term objectives.
The following is a list of benefits that individuals and businesses can realize by incorporating
the SMART mnemonic into their management by objectives philosophy:
Focus and direction. SMART goals break down broader goals into specific
and actionable objectives, thus providing a sense of direction and focus on the
desired result.
Evaluation of strengths and weaknesses. While setting up objectives, people
can establish benchmarks and evaluate their strengths and weaknesses in meeting
their goals.
Motivation to succeed. Once the goals are laid out, most people will want to work
hard to achieve them. For example, a company that wants to increase sales can set up
an employee incentive program that will propel the employees into reaching certain
milestones.
Taking action. SMART goals are attainable, but also challenging. The challenging
aspects of SMART goals automatically force people out of their comfort zone so that
they can act.
Faster results. When following SMART goals and objectives, people waste less time
doing irrelevant tasks and spend more time delivering the results.
Identification of potential problems. SMART is a performance-enhancer tool, as it
can identify the areas that require improvement. For example, a student using this
framework can determine if their timeline to study for a test is realistic.
The following is a breakdown of each SMART goal and how it can be crafted:
1. Specific. Being specific means there is no ambiguity surrounding the end goal. While it
does not provide a detailed list of how the individual will achieve the goal, it eradicates the
vagueness in terms of what they want to achieve.
To create specific goals, it is important to answer the following questions:
Who needs to be involved to achieve the goal?
What is the individual trying to accomplish?
Where is the goal located?
Why is the goal important?
Which resources or obstacles are involved in achieving the goal?
When should the goal be achieved?
2. Measurable. A goal should be measurable, which means the person should be able to
track and quantify the goal's progress. This helps the goal maker stay focused and on track
with reaching deadlines.
A measurable goal should be created by answering the following questions:
How much?
How many?
What are the indicators of progress?
How will the goal setter know when the goal is reached?
3. Achievable. To achieve goals, they should be realistic. Depending on how important the
end goal is, the individual might need to develop new skills and attitudes. While a realistic
goal should amplify that person's abilities, it should remain doable and inspire motivation.
For example, setting a goal of running a marathon in under three hours would be impossible
for most people.
When setting an achievable goal, the following points should be considered:
How does the individual reach the goal?
How realistic is the goal?
Are the necessary tools and skills available?
What would it take to attain the goal?
Which tools and skills will be required to achieve the goal?
4. Relevant. A goal should align with the broader business goal and must be appropriate to
what that person is trying to accomplish.
A relevant goal should answer the following questions in the affirmative:
Does the goal seem worthy enough?
Does it reflect other efforts and needs?
Is it the right time to carry out the goal?
Is the assigned person the right one to carry out this goal?
Is this an appropriate goal for the current social and economic environment?
5. Time-bound. Finally, a goal should have a time period or a target end date. If the goal is
expansive, it could be broken down into smaller, more manageable chunks. Setting up a
realistic end date can create a sense of urgency, which can be beneficial in achieving the goal.
When setting up a time frame for a goal, the following questions should be answered:
When will the goal be achieved?
What can be done six months from now?
What can be achieved six weeks from now?
What can be accomplished today?
