Why Setting SMART Goals Is Vital For The Success Of Your Franchise
When launching a franchise business, it’s imperative you have a series of personal objectives and small business ideas to help you navigate your growth. These goals are for your benefit and help to elevate your enterprise from startup to genuine industry contender.
However, figuring out how to achieve your goals is a different matter to setting them. To ensure your ambitions are truly within reach, we’ve put together a guide on how to write SMART goals – a form of goal-setting that keeps you focused on the path to success.
What are SMART goals?
SMART is an acronym that helps leaders learn how to set goals. It stands for specific, measurable, attainable, relevant and timely. These five features will force your objectives to lie within the realms of possibility and also enable you to measure how well you worked towards them.
Ensuring every goal you set hits all five elements encourages you to apply foresight to all decisions you make – from expansion to marketing.
For those in need of some inspiration, here’s a SMART goal example:
- Specific – Achieve four client wins this quarter, with help from the sales and marketing team.
- Measurable – Make 12 pitches to prospective clients, resulting in 8 leads. Ultimately, 4 contracts should be finalised by the quarter’s end.
- Attainable – In this example, the average franchisee secures six clients. As a new franchisee, this will be a good standard of success.
- Relevant – Achieving this goal will help towards this year’s income target.
- Timely – This goal is reviewed weekly with the sales and marketing team.
By applying the SMART logic to all objectives, you have a clear sense of your responsibility and can more easily keep things on track. There is an understanding of why you are working towards these aims, and the fact that it’s achievable prevents potential setbacks.
Once you’ve got the idea, the next step is to ascertain how to write SMART goals that are tailored to you.
How to set goals
When you’re exploring a franchise opportunity, the recruitment team will ask you for a business plan or equivalent. In this document, you’ll outline your short-, medium- and long-term goals, each specifically detailing what you expect to achieve should your application be successful.
While at this stage you may not need the level of detail that SMART goals provide, reflecting on that document and reverse-engineering some of your ambitions is a good starting place.
Don’t get lost in the big-picture mentality; it’s good to have overarching goals, but quick wins keep motivation up and build towards bigger successes. Aiming for a certain number of client wins or warm leads can help in this area, as well as keeping your employees (if you have any) from losing track of what you’re working towards.
In addition, consider the internal and external factors that might impact your objectives. Ignoring the likelihood that your target audience could struggle to pay for your service in light of national economic uncertainty, for example, would highlight a lack of perception of external dangers. The reason why we use SMART goals is so that our ambitions are articulated with threats and opportunities in mind.
Why is goal-setting important?
SMART goals, by their very nature, prevent you from becoming a generalist. A lot of entrepreneurs choose a franchise model as they’re simply hoping to escape the rat race and work for themselves. Unfortunately, that alone won’t create the drive necessary to launch you into franchise superstardom.
You need a niche or at least an aspect of your service that clearly places you a cut above the rest. SMART objectives enable that way of thinking. They promote exceptionalism, and that’s our answer when franchisees ask, “why use SMART goals?”
As you can see from the SMART goal example featured above, objectives will feel just that touch more attainable when you know the exact cost of achieving them. You’ll notice your time management improve drastically as a result of more focused targets, leading to greater productivity and helping you avoid burnout.
By working in this manner, you’re also constantly evaluating yourself so that you’re on a par with other franchisees. You’re then consistently aware of what’s expected of someone in your position.
How to achieve your goals
Ambitions need to be broken down into short-, medium- and long-term goals because, to some extent, they need to be versatile. If the industry changes and your clientele changes with it, you need to adjust what you’re aiming towards in order to stay commercially successful.
In other words, it isn’t enough to know how to write SMART goals – you need to understand how to implement them, tailor them to certain circumstances and when some of them are no longer relevant, remove them.
Rainbow International franchisees across the UK are encouraged to follow the SMART goals structure. We only work with those who are committed to driving both themselves and Rainbow forward – ensuring joint business prosperity.
We provide our franchisees with the training necessary to construct aims and objectives that are adaptable and adhere to the SMART model. In addition, our training is fully comprehensive of what you need to know in relation to specialist commercial and domestic cleaning, so you understand how to set up a business in this sector.
We don’t allow our franchisees to feel unprepared. So, if you’re interested in joining a team of experts primed for commercial success, explore our franchise opportunities and speak to a member of our team.