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If you're in business, it goes without saying that you want to be a success. But what is the definition of success? To decide that, you need to set yourself goals. But not just any goals. You need SMART goals.

It's not enough to declare that you want to increase your turnover or open two new branches. That's vague thinking. The truth is, the best goals in business are SMART goals.

Clearly, SMART is an acronym. It stands for Specific, Measurable, Achievable, Relevant and Time-bound.

With SMART goals, you get to track your progress and stay motivated. Assessing your progress keeps you focused, helps you hit your deadlines, and creates a sense of excitement when you get nearer to hitting your targets. SMART goal-setting can also stop you feeling overwhelmed by the enormity of a project.

Let's look more closely at each of those five elements.

Firstly, let's clear up where the term began. SMART goals were born in 1981, when George T. Doran, a consultant for the Washington Water Power Company, published an article in the November issue of Management Review. "There's a SMART Way to Write Management's Goals and Objectives" introduces SMART goals as a way of setting out criteria that improve the odds of achieving a goal.