SMART or FAST
What type of goals are worth setting?
Goal setting is the process of defining specific outcomes to be achieved within a specific time frame. Below some of the reasons why it is important to set goals:
Clarity: helps define what is important and what is not, helps prioritize resources to reallocate them effectively and it also helps visualize what good looks like at the end of any given period of time.
Measure Progress: as the result of having absolute clarity.
Direction: enables teams to focus not just on specific outcomes but on a desired overall trajectory.
Motivation: helps create a sense of purpose and drive towards a destination, which if well managed should result in even greater commitment.
Accountability: creates ownership of outcomes, not just commitment to the effort.
Continuous Improvement: If goals are reviewed frequently, teams can identify areas of continuous improvement and are able to adjust course in real time, which leads to faster learning and greater efficiency.
There is probably no simpler, effective and more popular template for goal setting that the SMART framework.
A meaningful goal has to be specific and measurable above anything else.
One could argue that aspects such as achievable and time-bound are contained within the imperative of being ‘measurable’. Also one could say that being ‘relevant’ for a goal aligned with management should go without saying (it is true that it is not always the case). But these are all minor details because clearly this framework is a great guide that helps break a goal into its most fundamental parts. By setting specific, measurable, achievable, relevant, and time-bound goals, anyone can track their progress objectively (or as objectively as it can be).
But…
Where does the acronym S.M.A.R.T. come from?
In the 1954 seminal book “The Practice of Management”, Peter Drucker introduces the concept of Management by Objectives; a strategic model in which the manager and employees work together to define clear goals and deliverables. Fast-forward to today’s modern workplace and a survey published in 2018 showed that in 95% of organizations employees set goals for themselves or their teams; and most are done in a S.M.A.R.T way.
However, the acronym SMART was not coined by Peter Drucker.
In the November 1981 issue of Management Review (AMA Forum) George T Doran authored an article titled “There's a S.M.A.R.T. way to write management's goals and objectives.”, where he discusses the importance of agreeing on objectives while acknowledging at the same time the difficulty of setting them.
Below a snapshot of the original article from 1981. (it was not easy to find by the way):
Doran, G. T. (1981). There’s a S.M.A.R.T. way to write management’s goals and objectives. “Management Review”. Volume 70, Issue 11(AMA FORUM), pp. 35-36.
As already said, the popularity of SMART goal-setting lies in its simplicity and effectiveness. By providing a clear and well-defined framework, SMART goals can help individuals and organizations achieve their objectives in a structured and measurable way.
But, is there a possible evolution?
In 2018, Donald Sull and Charles Sull wrote an article in MIT Sloan Management Review titles “With Goals, FAST Beats SMART”
“To execute strategy, leaders must set ambitious targets, translate them into specific metrics and milestones, make them transparent throughout the organization, and discuss progress frequently.”
The authors argue that this goal-setting framework can be better represented by using the acronym F.A.S.T.
"Frequently discussed, Ambitious, Specific, and Transparent"
According to the author, there are several benefits to using the FAST framework:
Frequent discussions: By discussing goals frequently, individuals and teams can ensure that they stay on track and make adjustments as needed. If a goal is frequently discussed as opposite to being reviewed once or twice a year, they are more likely to remain top of mind for individuals and teams, which can help ensure that faster progress is made. This can also help to increase accountability, as team members are more likely to feel a sense of ownership over the goal. There are several benefits that can be drawn from making specific goals a frequent discussion.
Ambitious goals: Sull argues that setting ambitious goals can help drive innovation and creativity, and to push individuals to think outside their normal norms and boundaries to come up with novel solutions to achieve their objectives.
This is probably the area of major difference with the SMART framework. While one advocates for setting achievable goals, the other pushes the boundaries to set a type of goal that may not be 100% achievable but that by being ambitious, sets a trajectory towards higher ambitions in the long run. However one has to be cautious here as there is a balance between ambitious and unrealistic.
Specific goals: Specificity is important because it helps ensure that everyone understands what is expected and that progress can be measured. Specific goals also make it easier to identify areas for improvement for rapid adjustment.
Transparent goals: Transparency is important because it helps to build trust and accountability. When goals are transparent, individuals and teams are more likely to take ownership of their work and feel a sense of responsibility for achieving their objectives. FAST goals by being transparent become visible to everyone in the organization. This can help to foster a sense of collaboration and teamwork, as individuals and teams can see how their work is contributing to the broader objectives of the organization.
This is another important area of differentiation with the SMART framework. Transparency in the goal-setting process allows for goals to be seen by everyone. When goals are kept private, employees are often in the dark about what people on other teams are doing. When goals are transparent one can compare directly, calibrate and better understand context of what is going one in one’s own shop. It creates a sense of healthy competition having the potential benefit to push everyone up in the organization.
Overall, the value of FAST goals lies in their ability to foster a sense of ownership, accountability, and collaboration within teams and organizations.
“Goals are a powerful tool to drive strategy execution. To harness their potential, leaders must move beyond the conventional wisdom of SMART goals and their entrenched practices. Instead, they need to think in terms of being FAST, by having frequent discussions about goals, setting ambitious targets, translating them into specific metrics and milestones, and making them public for everyone to see.”
Final Words
Setting goals matters, irrespective of how SMART or FAST they are. However what these two frameworks teach us is that there are different ways to look at goals, possibly more nuanced ways depending on context.
For example, for strategic goals the FAST framework seems to provide us with a better way of thinking about long term trajectory, higher ambition and transparency that helps with generating momentum to drive execution across members of a team or even teams within an enterprise. However for more action oriented short term objectives, the SMART framework can help better define the specifics of what needs to get done in order to measure tangible progress.
Probably a combination of both frameworks can provide us with a less rigid and more sophisticated approach to goal-setting, better balancing between long term trajectory and short term deliverables, between strong team work and individual performance.
P.S. Before I go, here you have “The Treat,” where I share some of the music that kept me company while writing … Enjoy as you bid farewell to this post
“Lead yourself, Learn to live. Lead others, Learn to Build.”
P.S. If you enjoyed reading this post consider subscribing to the newsletter, joining the community and sharing your thoughts.
Loved the article Sebastian, and kudos for sleuthing the origin of SMART goals. I agree with your conclusion that goal setting in general is helpful, and either framework is useful. But for my money, the Sull framework of FAST is more useful in an environment of distributed work.
The idea of frequently shared and concrete goals are, I think, more important than ever, as organizations figure out hybrid/ remote work. That frequent sharing and transparency is also a good subject for conversation when teams do meet face to face. Gavin
This is a great topic to discuss and reflect on. My perspective is that emphasis should be more on how employees feel about goal setting, performance appraisal, how on board they are and how involved they are in setting goals and determining how to measure them. If setting goals and discussing them it's just another item on the to do list... it won't work. Motivating employees is key and keeping them motivated during the year so they own the process from the beginning to the end... this for me is more important than choosing between SMART of FAST methods.