Best Practices for Setting Goals

A formal strategic execution approach is used by only approximately half of firms. Those with a systematic strategic execution procedure, on the other hand, report exceeding their peers 70% of the time.

We advocate creating weekly, quarterly, and annual goals at the very least to put your company in that outperforming group.

  1. Annually:  to explore initiatives
  2. Quarterly:  to understand progress and plan for the next
  3. Weekly:  to foster accountability, information sharing, and problem-solving

Annual Planning

Annual planning is linked to your vision statement at the top. Your three-to-five-year perspective is what keeps your staff and stakeholders focused on long-term objectives.

When you create an audacious objective, go backwards to set smaller size targets that your staff may use as quarterly and weekly checkpoints.

If you establish aggressive targets, the team should be able to achieve around 75% of them. Getting 100 percent on a regular basis is frequently a sign of poor goal-setting.

Quarterly Goals

Your company’s quarterly goals are a sweet spot.

According to research, 90 days is the ideal length of time to ensure continuous output throughout the year.

These objectives should be challenging for your staff to achieve. As a general rule, around 70% of initiatives should be completed on time.

The stretch goals should make your teams feel a little uneasy, but they should be eager to chase them since everyone engaged believes in the vision and purpose.

Weekly Meetings

Weekly meetings act as a reminder and a means of resolving issues.

Employees, management, and leadership should meet weekly to identify and address issues that afflict strategic initiatives so that the work stays on schedule.

Long-term goals are kept evident with weekly reminders. The majority of strategic project activity occurs in the days preceding up to a strategy review conference, according to evidence. As a result, weekly progress reports and issue resolution boost productivity and keep the momentum going.

Ask Yourself

Knowing the tempo is one thing; knowing what goals to incorporate is quite another. This is the most common step in goal-setting, yet it’s also the most misunderstood among leaders. We’re not the type to overthink things. Be certain that your business already has the knowledge you need to develop actionable, trackable goals. Assume the role of a Jeopardy champion. Your responses are presented in the form of questions below. You’ll need these prompts to flesh out and personalize your objectives.

  •         What is our long-term plan (3-5 years)? 
  •         What is our short-term plan (1 year)? 
  •         What are next quarter’s objectives will help us reach the short-term plan?
  •         What industry standard goals should we be tracking per department? 
  •         How will these goals be measured? 

Communicate the objectives you set for your company. According to a Dominican University of California study, simply writing them down to share enhances your chances of reaching goals by 42 percent. The study’s author, Dr. Gail Matthews, discovered that “writing the goals creates clarity and keeps an individual focused.”