How To Set Goals for Your Company and Track Their Progress

By Cam Velasco

CEO & Co-Founder
Published: Apr 5, 2024
Master the art of setting and achieving company goals with our SMART strategy guide that drives success and monitors growth.
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Setting and tracking goals is crucial for any company’s success. This guide provides a step-by-step approach to setting impactful goals, tracking progress, and ensuring performance to drive your company forward.

Defining Business Goals

Business goals are the big achievements a company wants to reach in the next 1-5 years. Good goals are like signposts that help everyone work towards the bigger picture. They should be SMART:

  • Specific: Make it clear what you want to achieve. Goals should explain the “what” and “why”.
  • Measurable: You should be able to track your progress with numbers.
  • Achievable: Make sure your goals are realistic and can be reached with what you have.
  • Relevant: They should fit with the bigger plan and what the company stands for.
  • Time-bound: Set a deadline to keep everyone on track.

For instance, a S.M.A.R.T. goal could be “Boost our yearly money coming in by 30% by the end of 2025 to help our company grow more.”

Aligning Goals to Company Vision

Your business goals should always match with your company’s big dreams and values. To start, look back at your:

  • Mission: Why does your company exist? This helps decide what’s most important.
  • Vision: Where do you want your company to be in the future? This guides your goals.
  • Values: What principles are important to your company? These influence decisions.

With a clear understanding of these, leaders can set goals that help different parts of the company work towards that big dream. Goals help everyone know what to focus on.

The Benefits of Thoughtful Goal Setting

When you set goals the right way, it brings a lot of good stuff since goals help decide where to put time and resources, when these are clear and measurable, you can easily see how you’re doing. Having clear goals gives everyone a clear purpose.

Step-by-Step Guide to Set Goals Impactfully

First, doing a SWOT analysis helps you understand where your company stands and what you can work on to set good goals.

Conduct a SWOT Analysis
  • Strengths – What is your company good at? What special things can you do?
  • Weaknesses – What needs to get better? Where do you fall short?
  • Opportunities – Where can you grow or improve in your market or field?
  • Threats – What outside challenges or competition could hurt your business?

Knowing these things helps you create SMART goals that use your strengths, fix weaknesses, grab opportunities, and avoid threats.

Get Stakeholder Input

It’s important to hear from your team when you’re about to set goals. You can have open talks to brainstorm goal ideas from everyone.

Using ideas from different people helps make sure goals fit well with the whole team.

Make Goals SMART

As we mentioned before, SMART stands for the traits of good goals. For example: “Increase how many customers stick with us from 75% to 90% in the next 6 months.”

Break Down Larger Goals

Big goals are easier to handle when broken into smaller parts. Like:

  • Larger Goal: Make 20% more money this year
  • Milestones:
    • Start selling 2 new products
    • Spend 10% less on getting new customers
    • Get 100k more people on our email list

Setting smaller goals helps you reach the big ones.

Tracking and Measuring Progress

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Choosing Goal Tracking Software

There are lots of tools out there to help keep an eye on your set goals and how you’re doing. Some good ones are Databox which is great for keeping tabs on the key numbers for your business, Smartsheet which is a bit like a super-powered spreadsheet that’s good for planning and tracking big goals, and Looker Studio, a free tool that lets you make your dashboards to track your goals. 

When picking a tool, think about how easy it is to use, if it works with other stuff you already use, how well it shows your data, and if it can grow with your needs.

Getting Regular Feedback

It’s important to check in regularly to see how things are going. A way to do this includes doing monthly reviews to look at what’s working and what’s not. You can try elaborating anonymous surveys that let people share their thoughts without having to say who they are.

Getting feedback often helps you tweak things to make sure your goals still make sense and are something you can achieve.

Recognizing Achievements and Learning from Setbacks

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Celebrating Small Wins

It’s key to stop and celebrate when we reach mini-goals on our way to the big ones. Plan to organize a team lunch or a fun online meet-up when a goal is met. It’s a great way to bring everyone together and enjoy the progress.

Send out an email to praise the team and say thanks for their hard work. People feel good when their efforts are noticed. Put up a board that shows what you’ve achieved. Seeing progress visually can boost the team’s spirit.

Taking time to appreciate even the small victories keeps the energy up and makes people eager to tackle more.

Analyzing Missed Goals

When we set goals, sometimes we don’t hit our targets, and that’s okay. What matters is looking into why it happened, not just feeling upset about it. Have an honest chat to figure out if the goals got set too high. It’s important to be realistic.

Learning from these discussions helps make better goals and plans for the future. Also, remember to avoid blaming people or teams. Focus on how to improve.

Understanding why a goal wasn’t met and discussing it openly turns setbacks into valuable lessons for next time. The aim is to build a culture where it’s safe to talk about what went wrong so that everyone can work together on setting more achievable goals in the future.

Conclusion and Next Steps

Making sure your company has clear, doable goals that match what your projects are all about is important. It helps everyone know what they should be working on, keeps track of how things are going, and makes teams excited to keep pushing forward. Just follow the steps we talked about, and you’ll set your company on the right path.

The first thing to do is to decide that setting and keeping track of goals is important for your business. Be ready to put in the work. Make clear plans for how you’ll set goals.

Put times to review goals on your calendar. Use the tips and tools we’ve shared to make SMART goals and follow them. And don’t forget to celebrate when you do well!

Be ready to listen, learn, and try new stuff. Stay flexible but keep going towards your goals. If you keep at it and make small changes over time, you’ll start to see big benefits like better focus, more motivation, and real progress.

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Cam Velasco

CEO & Co-Founder

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