Last month, we talked about being specific about what you are trying to succeed. The more specific you can be, the easier it will be for you to measure your success in achieving your goal. This month, we move on to the second letter of SMART:
The "M" in S.M.A.R.T stands for
MEASURABLE
Your ability to measure how close you are to achieving your goals is directly related to how specific you were in defining what it was you want to accomplish. (Read more about the "S" in SMART here)
Measuring your progress allows you to stay on track. Asking questions such as 'How much?', 'How many?' or 'How will I know when it's accomplished' will help to keep your goals measurable.
If my goal is to retire in five years with one million dollars in my savings account, it won't be too difficult to know how far away from my goal at any given time. A simple balance check on my account five years after I start saving will clearly show me if I was able to reach my goal or not.
However, measurement doesn't just happen at the very end. Ideally you will measure how far away you are from your goal at regular intervals. In the example I used above, it would make sense to measure how far away I am every 6 months to a year, so I'd want to see my account growing by $100,000.00 every six months or $200,000.00 every year.
Measuring at regular intervals will allow you to make informed decisions. If after a year of saving you only end up with half of what you expected to have you may need to push your retirement date out or you may decide to cut back in other areas to maximize your savings to stay within the desired 5-year time frame.
Choices to adjust what you're doing to achieve your goals are only available when you know exactly where you are in relation to where you want to be.
Shelley Brodie began her Project Management career in 1996, while in the Entertainment Industry. She spent a considerable amount of time working on projects across the Caribbean and in Canada, specializing in Casino start-up and development projects. On her way to Macau, China in 2004, Shelley stopped in Calgary to visit with family and decided to formalize her Project Management education.