For current and aspiring small-business owners, writing a business plan and setting clear goals aren’t optional—they’re essential. The U.S. Small Business Administration (SBA) calls a business plan your roadmap to success, guiding both the startup phase and future growth. And when it comes to turning your vision into action, the SMART-goal framework offers a powerful way to structure goals so they’re clear, measurable, and achievable.
Why a business plan matters
Think of your business plan as more than a document you file away—it’s what helps you think through your business, prove to stakeholders that you know your market, and stay on top of your own objectives. According to the SBA, the plan helps you anticipate roadblocks, map your structure, define your product or service, identify customers and competitors, and project finances. When it comes to creating your plan, you have options! A detailed plan is a good option if you’re seeking investment or a lender. A lean plan that is more condensed is a good option if you are looking for service for higher-level business needs. Writing a business plan doesn’t mean it’s set in stone—many experts emphasize that it’s a living document. Regularly revisit, track progress, and adjust as you learn.
Introducing SMART goals
Once you have your foundational business plan, you’ll want to define goals that aren’t vague aspirations but structured targets. That’s where SMART comes in. As defined by Forbes, a SMART goal is Specific, Measurable, Achievable, Relevant, and Time-bound.
- Specific: clearly stated, who, what, where, when
- Measurable: you can track progress (“how much?”, “how many?”)
- Achievable/Attainable: the goal must be realistic, given your resources
- Relevant: tied to your broader business strategy and is meaningful
- Time-bound: a deadline or timeframe to bring urgency
Putting both into practice
For a small business owner, a possible workflow for your planning might look like this—
- Draft your business plan. Define your business description, market, services/products, operations, and financials. Use SBA templates or guidance.
- From the plan, extract goals. What do you want to achieve in the next quarter, six months, or year?
- Write those goals in SMART format. For example, instead of “Grow social media presence,” have a goal like, “Increase Instagram followers from 1,000 to 1,500 by December 31 by posting three times a week and collaborating with two influencers per month.”
- Integrate the goals into the business plan. Your plan should include milestones and metrics tied to the goals. This makes the plan actionable rather than just descriptive. Remember, goals tied to your plan keep it grounded.
- Review and adjust regularly. Your business and market will evolve—your goals might need tweaking, and your business plan should reflect what you’ve learned.
A business plan without goals is like a map without a destination: goals without a plan are like trying to travel without a route. When you combine a solid plan with SMART goals, you give your small business strategy structure and intentionality. That’s how you move from dreaming to doing.
Whether you’re launching tomorrow or refining your established business for growth, investing the time in planning and goal-setting will pay off.
Need help setting goals?
Not sure where to start with your business plan or how to craft your next SMART goals? Let Growth Capital help! For almost 45 years, we’ve been helping Northeast Ohio small business owners map out and achieve their goals! Contact us today to get started!