MN7181 - What is SMART Goal?

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Goals are really a great feature of an organization or personal life where provides awareness on direction, motivations, a clear focus and clarify importance. By setting up goals on your own, and it's providing yourself on a target to aim. A SMART goal is a helping guide on goal settings.
SMART stands for Specific, Measurable, Achievable, Realistic, and Timely.










SMART Goals are:
  • Specific: Well defined, clear, and unambiguous
  • Measurable: With specific criteria that measure your progress towards the accomplishment of the goal
  • Achievable: Attainable and not impossible to achieve
  • Realistic: Within reach, realistic, and relevant to your life purpose
  • Timely: With a clearly defined timeline, including a starting date and a target date. The purpose is to create urgency.   (Corporate Finance Institute, 2018)
SMART Goal – Specific
Goals that having a specific significance greater chance of being accomplished. In this “W” questions must be considered:
  • 1. Who: Who is involved?
  • 2. What: What do I want to accomplish?
  • 3. Where: Where is this goal to be achieved?
  • 4. When: When do I want to achieve this goal?
  • 5. Why: Why do I want to achieve this goal?

 For example, a general goal like “I want to get in shape.” But when it comes to a specific goal would be “I want to get a gym membership at the City Gymnasium club and work out for four days a week to be healthier.”

 SMART Goal – Measurable
A SMART goal should have proper criteria for computing or measure progress. If no criteria found, progress cannot be determined on the targeted goal.
Goal measurable queries as:
  • 1. How many and How much?
  • 2. How do I know whether I have reached the goal?
  • 3. What is my progress indicator?
For example, “I want to get a gym membership at the City Gymnasium club and work out for four days a week to be healthier. While aiming to lose one Kg of body fat in a week”.

 SMART Goal – Achievable
A SMART goal should be achievable and attainable. It will figure out the ways which can accomplish the goal and how it works towards. The sense of achievability of the goal should be challenged within yourself and should be understood it is actually achieved.
  • 1. Do I have the perfect resources and required capabilities to achieve the goal? If not, what am I missing with?
  • 2. Have others achieve the same successfully before?
SMART Goal – Realistic
A SMART goal should be realistically achieved with the available resources and timeline. It should be believed that the goal can be accomplished.
Ask yourself:
  • Is the goal within realistic?
  • Is the goal reachable on a given time and resources?
  • Ability to commit on achieving the goal?
SMART Goal – Timely
A SMART goal should be time-bound where start and stop dates properly demarcated. If the goal is not time forced, there will be no feel of urgency and motivation to achieve the goal.
Ask yourself:
1. Does my goal have a deadline?
2. By when the goal to be achieved?

 For example, “On January 1st , I will obtain a gym membership at the City Gymnasium club and work out for four days a week to be healthier. While aiming to lose one Kg of body fat in a week. By the end of January, I have realized that I’ve lost one Kg of fat the course of the month”.

References :
Corporate Finance Institute. (2018). SMART Goal - Definition, Guide, and Importance of Goal Setting. [online] Available at: https://corporatefinanceinstitute.com/resources/knowledge/other/smart-goal/.
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Comments

  1. Mahesh SeelarathnaDecember 20, 2019 at 7:59 AM

    Nice article. Explained well...

    ReplyDelete
  2. Dr Amila Shashanka RatnayakeJanuary 10, 2020 at 1:03 AM

    SMART goal is very applicable in Banking sector. You have discussed fundamentals comprehensively. It is relatively old framework for goal settings and gives long term results though it is being revalidated. There arguments for a framework beyond SMART goals in learning organisations. Just mentioning for knowledge update.

    https://doi.org/10.1080/09585176.2011.627213

    ReplyDelete
  3. Janith PrabashaJanuary 10, 2020 at 9:52 AM

    SMART goal setting is one of the most effective and one of yet least-used tools in corporate life to achieve goals. It's time to set specific intermediate goals once you've charted outlines of your objective. Well defined.

    ReplyDelete
  4. Mufthas RasikimJanuary 13, 2020 at 6:58 AM

    Simply Goals should be SMART. As Sri Lankan, we are little bit lacking behind in TIME as aspect. I hope you are in line with me.

    ReplyDelete
  5. Prasad KarunarathneJanuary 15, 2020 at 9:14 AM

    A popular goal setting. You have handled nicely.

    ReplyDelete
  6. Chathurika RathnayakeJanuary 17, 2020 at 8:04 PM

    GOALS!! Yes we know each and every one of us are towards achieving the goals. And thinking about the same, in a organization we have company's goals to achieve. As you have mentioned above each and every goal should be SMART where we should have potential to achieve it.

    ReplyDelete

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