How a S.M.A.R.T Goal can help you succeed

26 September 2024, 6:17 am

When you know your why and can lead a purposeful life, you are likely to be more successful and less prone to being pushed or dispersed off course.

Life throws a lot of curve balls and in our fast-paced modern world, it is easy to feel like you aren’t getting anywhere, despite being busy and working hard.

The secret is to align your desired outcomes with one of the most successful goal-setting and getting methods ever developed.

More has been written about the acronym S.M.A.R.T and the goal-setting tool it represents than any other goals-based method. Why?

Simply because it works.

Call Finwell Group on (03) 9017 3235 or email better@finwellgroup.com.au for a no-obligation and complimentary appointment to discuss your undiscovered country. Or click this link.

When done well, it is an almost foolproof method for you to achieve what you want out of life.

The issue is that 90% of people fail to reach their goals because they don’t write them down and they don’t put in the work to get them.

You can be different. You can be in the successful 10%.

Just be S.M.A.R.T

The S.M.A.R.T. framework was developed to break down the process of both writing goals and systematically working towards them.

The acronym stands for five words

Specific

Measurable

Achievable

Relevant

Time-bound.

Each element of the S.M.A.R.T. acronym serves a distinct purpose in enhancing the likelihood of success, and ignoring any of these components can undermine the goal-setting process.

In this article, we wanted to define each of the five elements and provide not only the description but also the purpose of each part.

1. SPECIFIC: Focus on Clarity

The first element of a S.M.A.R.T. goal is to make it Specific. A specific goal is clearly defined and unambiguous.

Instead of saying, “I want to save money for a holiday,” a specific goal could be written this way

“I want to save $5000 in twelve months so I can go on a holiday to Greece in winter 2025”

Reason: Specific goals provide clarity and focus. Knowing exactly what you want to achieve eliminates confusion and allows for a well-defined path toward success. Vague goals, on the other hand, lead to scattered efforts and a lack of direction.

Outcome: Without specificity, goals can become broad and overwhelming, making it hard to determine where to begin. This lack of focus increases the chances you’ll give up or procrastinate because you have no specific idea of where and when you are aiming to achieve the goal.

2. MEASURABLE: Track Progress

The second part of a S.M.A.R.T goal is to include some form of measurement.

In the goal above, we have measures of time and amount – so we can measure the amount of money saved, and the amount saved each month towards our overall target.

Reason: Measurable goals show you your progress. You get wins along the way and can stay motivated knowing you are on track.

Outcome: If a goal is not measurable, it becomes difficult to gauge whether progress is being made.

3. ACHIEVABLE: Be Realistic

The world is not populated by fairies, not every one of us is going to be a billionaire or marry a princess. We’re not saying ditch your dreams but our goals need to be realistic within the confines of our own universe.

If you currently earn $8,000 a month and you want to have a million dollars in 3 months, this is unrealistic. But saving a deposit for a house and having a realistic goal of a property portfolio worth a couple of million dollars in 10 years could well be within your reach.

Reason: Goals should stretch you but remain within the realm of possibility. An achievable goal will build your confidence and foster a sense of accomplishment.

Outcome: Setting an unrealistic goal often leads to burnout, discouragement, and eventual abandonment. On the flip side, setting a goal that’s too easy doesn’t challenge you,

4. RELEVANT: Align with Broader Objectives

If you know your why, then setting a specific goal should be relevant to your overall life goals and purpose.

If there is no alignment, you’ll be less likely to pursue it, and challenges or barriers will stop you more easily than if you align it with what you want out of life.

Reason: Relevance ensures that the goal is worthwhile to you. It becomes a priority for you.

Outcome: If a goal isn’t relevant you might find yourself working hard on something that doesn’t truly contribute to your overarching goals.

5. TIME-BOUND: Create a Sense of Urgency

Set a deadline and you create urgency for yourself to achieve. Too far in the distance and you’ll procrastinate as life gets in the way. Too close and you’ll feel overwhelmed at the size of the task.

Set a time that makes sense, creates urgency but doesn’t demotivate you.

Reason: Deadlines create a sense of urgency and prevent procrastination. A timeframe ensures that the goal doesn’t drag on indefinitely and provides motivation to take consistent action.

Outcome: Without a set timeframe, it’s easy to push off progress and avoid taking action. The goal can become a “someday” project that never happens.

The team at Finwell Group are experts at helping you set S.M.A.R.T goals. As a goals-based advice business, we help clients every day to set their desired goals and have an aligned plan that leads to achieving them.

We offer a complimentary initial review with a Finwell Group Senior Consultant where you can get help with identifying your S.M.A.R.T goals, know whether you are currently on track for them and understand what you can change to get on the right path to achieve your desired outcomes.

Book your complimentary review today via this link and select a day & time that is convenient to you.

Alternatively, you can call Finwell Group on (03) 9017 3235 or email better@finwellgroup.com.au

You’ve got nothing to lose, and everything to gain.

This complimentary appointment offer is for a limited time only. Take the first step TODAY towards your ideal financial future.

The information in this article is general in nature and does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.