Goals and objectives are used regularly to define what businesses and individuals would like to achieve, in both the short and the long term. In a business context, these goals generally are required to align to organisational strategy, and thus to the cultures and beliefs of the company. However, at both a personal or professional level, it is imperative that defined goals and objectives are the correct ones for both the organisation and for the individual at that time. Therefore, the process of goal-setting must be meticulous in order to not set goals which are impractical, achievable or even harmful. Hence why the SMART acronym is regularly used to provide a simple but effective framework by which goals can be developed in alignment with individual and organisational culture and values.
It is unclear who truly formulated the SMART model, as both Peter Drucker (1955) and George Doran (1991) have both been credited with developing the fundamental ideas behind it. SMART objectives are commonly used by managers and professional coaches to aid in developing individual objectives for employees.
Regardless of your industry or team size, being a leader is no easy task. You have to be a counsellor, a disciplinarian and a source of encouragement all at once. Finding a balance between those roles — some of which at first seem to conflict — requires a crystal-clear strategic vision, passion for your people and a commitment to developing your own emotional intelligence.
Budgeting can be a dirty word for small businesses, with many owners claiming they don’t have the time or the resources to do it properly. But SME budgets should be relatively quick and easy to set, and the benefits far outweigh any time and money spent.
Here we identify five key benefits budgeting can bring to small businesses.
Small businesses may sometimes find it difficult to spare the time to take part in networking events, however, it can be time well spent, bringing many short and long term benefits.
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