The key to SMART goals

Quick Insight

The power of SMART goals is accountability. You can't hold yourself or others accountable to a goal that's missing objective ways to assess achievement. When goals are vague, any effort can be described as "success".


The power of SMART goals (Specific, Measurable, Achievable, Relevant, and Time-bound ) is accountability. You can't hold yourself or others accountable to a goal that's missing objective ways to assess achievement. When goals are vague, any effort can be described as "success".
 
Developing a SMART goal means putting in the work to clearly describe what needs to be accomplished to meet the company's objectives. SMART goals allow clear communication of expectations. SMART goals provide a fair assessment of performance.  

I've developed budgets and key performance metrics at multiple companies. It's a process of translating broad aspirations into specific expectations. For example, "good earnings" is clarified as "a return on assets next year of at least 1%". 

I wish you the accountability that drives performance. I wish you well.  

- Rob Stephens


Further Insight


CFO Perspective Resources

  • Video: KPI Monitoring and Management - Your Key Performance Indicators (KPI) metrics and KPI dashboard are only effective when embedded in management processes and decisions throughout the year. I’ll cover your options for KPI reporting, the importance of comments on metrics and what to you do when you have an unusual event that impacts a metric.
  • Video: OKR Objectives and Key Results - Objectives and Key Results, also known as OKRs, have become very popular for improving company performance. OKRs are an effective way to measure progress towards achieving your business goals. Good OKRs follow a simple set of rules to be most effective. I’ll explain the characteristics of good objectives and key results.
  • Course: Key Performance Indicators (KPIs) and KPI Dashboards - KPIs are more than metrics. They’re the foundation of your most important decisions. KPIs define success to drive success. This course explains: how to choose metrics,  KPI dashboard tips, the process of implementing KPIs, and managing with KPIs.
  • Course: Objectives and Key Results (OKRs) - What performance secret can you learn from Google, Intel, and Intuit? Objectives and Key Results, also known as OKRs, have become very popular for improving company performance. OKRs can improve focus, engagement, innovation, and performance. I'll walk you step-by-step through how to implement OKRs at your company.

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