It is important to identify relevant parameters that enable you to track your progress towards a certain goal. Doing so allows you to understand whether your efforts are bringing you closer to the defined goal, and will also tell you whether you ultimately reached the goal in question. A properly formulated goal, therefore, should have clear milestones which are conducive to the fulfillment of the overall goal, and also have a set deadline at which point the goal, and all associated milestones, shall be completed.
Which types of goals you wish to track will naturally vary depending on numerous circumstances, but taking a methodical approach as exemplified below will allow you to track goals:
- Goal: Increase profitability. Milestone: Secure $1 million new client sales per month by the end of Q1 2021.
- Goal: Increase customer retention. Milestone: Reach monthly recurring revenue of $5 million by 30 June 2020.
- Goal: Grow market share. Milestone: Generate 100 potential client leads by 30 September 2020.
- Goal: Increase profit margin. Milestone: Reduce annual software license costs by $900,000.
Check out Pembio for further examples of how you can track goals and a ready-to-use tool to facilitate the process for you and your team to formulate, execute and track goals and milestones/deliverables.
By: Johan Flodgren