As some of you may already know, the Pink Ponies Etsy team is a group of talented entrepreneurs who create and/or cultivate unique goods and sell them online.
We're currently working to develop our business development plans with a short refresher on the basics. With all the fancy-schmancy apps that promise to do everything for us, it's important to get grounded on fundamental ideas once in a while.
We revisit Biz Planning by breaking it down seven simple topics.
Since we all have different schedules, we think it's important to focus on one specific topic at a time on our team board.
TOPIC #1: GOALS
This week's topic is about setting goals the S.M.A.R.T. way.
While there are many effective systems available, S.M.A.R.T. is one of the most commonly used by line managers and a good place to start.
What SMART Goals Are:
•Specific•Measurable•Achievable or Attainable•Relevant or Realistic or Results Oriented•Time Bound or Tangible
WHAT!??!!???!?!?!
Below are some examples of goals considering the S.M.A.R.T. model:
1. (General goal) Create a draft of a business development plan outline by June 30, 2012
2. (Personal/fitness goal) I will lose 2-5 pounds by June 25, 2012.
3. (Client service improvement goal) I will send a follow up email to >90% Etsy customers who have made purchases in 2012.
4. (Networking goal) I will respond to at least 3 Etsy team forum prompts/conversations once/week.
5. (Store expansion goal) I will add at least two (2) new items to my online store by July 15th.
Why is it important to have measurable (S.M.A.R.T.) goals?
What is the most important and most valuable asset to any professional?
(ding! ding! ding!) That's correct! One's REPUTATION.
How does one build reputation? (There are no Apple apps for this)
You build credible and professional reputation by consistently following through on what you say you'll do. Whether it's a promise to yourself or the a partner or client.
Creating measurable goals makes it clear to yourself whether or not you've achieved your objective.
Again, quantifying your goal makes it clear you've succeeded.
For example:
"I want to increase my network."
vs.
"I will attend one networking event that focuses on the local design community in L.A. each month."
How do you know when you've accomplished your objective in the first example? How do you know whether or not you've accomplished your objective in the second?
In other words, when you ask a client for payment, which statement would you prefer:
["Hi! Sorry I've been out of touch. I've been soooo busy. Anyway, I'll send my payment to you soon."]
or
["You'll receive the first half of my payment no later than June 30th, and the remainder no later than July 15th."]
Which of the (real) examples of team descriptions below sounds more credible?
[This is a team made to promote our work so that others will know how fabulous we are!]
or
[We enthusiastically focus on marketing our members' products and stories.
Through organized and collaborative effort, we take our members' enthusiasm for their art to an entrepreneurial level by increasing their online presence in major search engines through regular SEO analysis, providing quality business templates, creating exposure to a wider market base of non-Etsy clients, providing regular shop critiques, hosting weekly team workshops, providing team development events and other incentives.]
Which of the above is the dialogue of a pro? What type of customers and partners do you think would help you with your business objectives?
I'm not sure which you chose, but the point is, there's a certain set of expectations in the professional world, and this goal-setting exercise helps us become more and more familiar with how to conduct ourselves as professionals in the business arena.
Another reason to create quantifiable goals is it makes it easier to plan for. How else would you be able to add each step to your calendar? Increase the likelihood of success by planning and creating a schedule of each task needed to reach your final objective.
Once again:
S - Specific ("one book", "two dollars", "three people" vs. "expand", "improve", "increase")
M - Measurable ("...add three more people to my professional network..." vs. "...expand my network...")
A - Achievable ("I'll send my payment of $30 on July 1, 2012 vs. "I'll pay you some money soon!")
R - Realistic ("...have my design featured in Daily Candy L.A. ...." vs. "...I wanna be the next Oprah!")
T - Time bound ("... earn $1000 net from Etsy sales by 12.31.12" vs. "I'd like to make a lot of money doing arts/crafts!")
Thanks for reading!
http://www.myprettypinkponies.com/2012/06/development-topic-1-goal-setting-imgs.html
