What are SMART Goals in Sales ?
The sale is an activity of selling goods or services by an organization. It is a revenue-generating task that needs to be performed by every organization which is intended to earn profits.
This crucial task calls for precarious actions on the part of the firm. How does the firm plan to do it? Are there goals for sales? And if yes, are they smart enough to fetch maximum results for the firm?
So we have 5 words defining- What are SMART goals in Sales.
What needs to be achieved should be specified. If you are planning to boost sales of a particular product line, it needs to be stated. For example, if you want to sell more quantity of your product in the coming year, you must specify a range or particular target, say, 200000 pieces a year. Therefore, it will help your team reach the goal accordingly.
It is also a prerequisite to set out who has to perform it. Proper guidelines should be mentioned about what is to be done. Different policies have to be framed so that no disruption is created while performing sales. What action has to be taken in a particular situation, should also be in knowledge of the person responsible for sales. Hence, goals for sales should be specific in all spheres.
There is no point in setting sales goals if they cannot be measured. A goal can only be achieved if it is in quantitative or measurable terms, otherwise, it’s more like building castles in the air.
A standard has to be set against which deviations can be measured. For example, in order to raise revenue, it has to be put in quantifiable terms.
If you are planning to generate more revenue from the previous year, you should set a goal of- 5% more revenue from the previous year. This is the only way the target can be achieved by your organization.
Or else, your team will keep lingering without any target to achieve.
The objectives can only be attained if they are achievable. One cannot set unrealistic targets. If you have just started your business you cannot expect to make profits the same as a 20-30-year-old organization. You have to be practical in your approach.
Therefore, set your goals such that they motivate you to work hard to achieve them. Otherwise, relying on impossible goals will only fetch dissatisfaction and lost hope.
Before setting a target, do ponder upon if it is a realistic one. Can it be realized with available resources?
Every multi-billion dollar company did not succeed overnight. Success is a gradual process. Hence, your goals should be such that they conform to the available resources and situations.
Be practical and consistent with your efforts. Hoping for the best is an optimistic approach, but, your best is also limited. Keep this in mind before labeling your sales goals Smart.
5. Time- bound
When do you define your target to be achieved? Obviously, at the end of some pre-decided period.
Every goal loses its relevance if it is not planned to be attained in a particular time frame. Deadlines have to be set. These deadlines analyze whether goals are as per standards or they deviate.
Limited time drives us to work hard and pull off our objectives.
It is the sales that make the organization thrive forward to increase its operation. Setting up goals is as necessary for an organization as an engine is to train!
How smartly you plan to drive your train requires prudent actions. Make your goals- SMART- in order to hit
the bull’s eye!
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