Using SMART Goals to Elevate Your Tax Practice

Whether you're a solo practitioner or part of a larger firm, setting clear and actionable goals can be the difference between just getting by in a reactive business, and a proactive, thriving practice. That’s where SMART goals come in.

The idea of SMART goals was introduced in 1981 by George T. Doran, the Director of Corporate Planning for Washington Water Power Company. But they’re just as relevant today.

SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. The SMART framework helps professionals set goals that are clear, attainable, and aligned with business objectives. For tax professionals, SMART goals can streamline operations, improve client service, and drive growth.

Why SMART Goals Matter in Tax Practices

Tax professionals manage multiple responsibilities—like compliance, client communication, continuing education, and business development. Without structured goals, it’s easy to get overwhelmed or lose sight of your long-term priorities. SMART goals can give you clarity and direction, helping you and your practice:

• Prioritize tasks effectively
• Track progress and performance
• Stay motivated and accountable
• Align team efforts with strategic objectives

Let’s break down how you can apply each of the SMART goals to your tax practice.

SPECIFIC

A goal should be clear and unambiguous. Instead of saying, “We need to grow our client base,” a specific goal would be: “We are going to sign up 15 new small business clients in the next six months.”

This level of specificity helps you focus your marketing efforts, tailor your services, and measure success more accurately.

MEASURABLE

Measurable goals allow you to track progress and determine when a goal has been achieved. For example, “Increase client retention by 15% over the next year” or “drive at least 10 positive online reviews” gives you a concrete metric to monitor.

Use data from sources like CRM tools or client feedback surveys to assess whether you’re meeting your targets.

ACHIEVABLE

Goals should stretch your capabilities but remain realistic. Setting a goal to double your revenue in one month may be inspiring, but it’s likely unattainable. Instead, aim for something like: “Increase monthly revenue by 20% through upselling tax planning services.” Achievable goals keep you motivated and prevent burnout or discouragement.

RELEVANT

Set goals that are relevant to your broader business strategy. If your practice specializes in individual tax returns, setting a goal to expand into corporate tax might not be relevant unless it supports a strategic pivot. A more relevant goal could be: “Develop a referral program to attract more individual clients during tax season.”

TIME BOUND

Without a deadline, goals won’t be met. A time-bound goal might be: “Ensure all staff completes IRS continuing education requirements by December 15.” Deadlines create urgency and help you allocate resources efficiently.

Examples of SMART Goals for Tax Professionals

Here are a few SMART goals tailored to common objectives in tax practices:

• Client Acquisition: “Gain 10 new clients through LinkedIn outreach by March 31.”
• Efficiency: “Reduce average tax return preparation time by 15% by implementing new software by January.”
• Professional Development: “Attend three tax law webinars and earn 10 CE credits by June.”
• Marketing: “Publish one blog post per week on tax tips for freelancers from October through April.”

Implementing SMART Goals in Your Practice

To make SMART goals work for you:

1. Write them down: Document your goals and keep them visible.
2. Break them into tasks: Create actionable steps for each goal.
3. Review regularly: Set aside time monthly or quarterly to assess progress.
4. Adjust as needed: If circumstances change, revise your goals while keeping the SMART framework intact.