The FinLab Toolkit

STRATEGY, INNOVATION & IMPACT | PLANNING & PROJECT MANAGEMENT

SMART Goals

30 Min

SMART is an approach to actionable goal definition. It is an acronym that stands for Specific, Measurable, Achievable, Realistic, and Timely.

USE CASES

  • Define clear goals that team members can be held accountable to.
  • Build consensus within a team on next steps.

LIMITATIONS

Whether goals are eventually SMART or not is dependent on how teams choose to define them.

UNDERSTANDING THE TOOL

  • The key goals for the team should be mapped at the top. Each goal should then be viewed through the five SMART lenses.
  • Specific’ is the box in which to clearly define the core focus of the goal.
  • Measurable’ focuses on metrics that help track progress towards the goal.
  • Achievable’ should describe feasible results and actions that can help achieve the goal.
  • Relevant’ is to describe why the goal is relevant for the team, and how so.
  • Time-bound’ defines time constraints — short and long term, for achieving the goal.
  • A revision of goals can be made based on a team's learnings from the mapping of the SMART lenses.

STEP BY STEP

  1. Pick a goal or set of goals: Take the goals in your Activity Plan and use this worksheet to clarify them.
  2. Clarify: Define each goal through the five lenses in the left column.
  3. Get buy-in: Discuss what SMART goals mean for the team.

HOW TO FOR FACILITATORS

  1. At the start: Help participants think through the way they are defining goals. Use previously completed activity planning or roadmapping to guide discussion.
  2. During the exercise: Help participants formulate SMART goals, and identify challenges in meeting them.
  3. At the close: Have participants share goals to make sure everyone is on the same page.

FACILITATORS QUESTION BANK

  • How do you set goals in your team?
  • How would SMART goals be different from what you have been doing?
  • What goals or milestones have you identified so far? Are there any other shorter-term goals to address?
  • How achievable are your goals? Do you have the right resources (staff, time, money) to pull them off?
  • How do these goals map to your overall strategy as a business or organisation?