8 Steps to Achieving Company Goals and Objectives
Achieving company goals and objectives should be a top priority for every business. But setting goals and objectives may be only half the battle. The rest is making sure you follow these simple steps to achieve them.
Many companies, especially small businesses, fail to keep track of objectives. For instance, one study reports that only 5% of small business owners achieve annual goals. Maintaining goals can be a challenge for any firm.
Specifically, you need to understand evolving customer needs while staying on top of industry trends. In this post, you’ll learn eight steps to achieving company goals and objectives.
How to Achieve Business Goals and Objectives in 8 Steps
Goals and objectives are the keystones of any business plan. But to achieve business goals consistently is crucial for success. Below are eight steps to achieving company goals and objectives.
Step 1: Define your company goals
Before you begin working towards achieving your company's goals, you must determine what they are. This step may seem obvious. Nonetheless, many businesses fail because they don't have clear goals or an understanding of their objectives.
Once you know your company's goals, it's time to create an action plan for achieving them. When creating this plan, ensure that each step relates directly to one of the company goals identified earlier in the process.
Typically, there are many steps involved in achieving one objective. You can quickly and efficiently break goals down into smaller tasks, steps, and milestones by using task management software.
Afterward, the tasks become easy to manage daily. Meanwhile, you can deal with any problems immediately if any problems or obstacles arise.
Step 2: Set realistic goals and deadlines
To set realistic goals and deadlines, consider these factors:
- Your company's resources, such as funding and staff time. Resources are the key ingredients needed to achieve your goals. If you don't have enough resources, you'll need to adjust your goals or scale back on the scope of your project.
- Your company's capabilities, or what it knows how to do well. Capabilities may include skills, experience, expertise, networks, and technologies that give you an advantage in achieving objectives. Suppose you want to improve customer service by responding more quickly to customer inquiries. Then, your capabilities might include knowledge about how the software works to quickly input data into a database.
Completing a SWOT analysis or review of your company's strengths, weaknesses, and opportunities provides helpful information for this step. This analysis can help you see where your company performs well and where you need to improve.
Once you understand your company's current state, it's time to set some goals. The first thing is that a good goal has two components: a target date and a measurable achievement.
For example, "Double our sales revenue" and “triple our profits” are not practical goals and milestones examples because they don’t indicate when or how much money will be generated. Instead, try "Increase sales revenue by 3% by June 30th."
Another way to make sure your goals are realistic is to break them down into smaller tasks that team members can complete within a specific time frame. These smaller tasks are called milestones.
For example, if your goal is to hire five new employees, what does hiring those employees look like? First, you need to interview candidates. The second milestone could be selecting the best candidates from those interviews. Finally, you need to onboard recruits.
Step 3: Get your team on the same page
When you’re building a company, it’s easy to get caught up with all the tasks you must do. But don’t forget about your team. Undoubtedly, employees must know what to expect from you and vice versa. Under those circumstances, everyone should be working towards achieving company goals.
If you want employees to succeed, you must ensure they receive your support and appreciation. Here are some ways to get everyone on the same page:
- Your workspace should reflect your company culture. Employees feel more engaged if they enjoy coming to work every day. If you're working remote, consider creating a water cooler space where everyone can chat about things outside of work. Check-in questions for meetings can also be a great way to involve your team.
- Be transparent with your employees about what’s going on. Having a bigger understanding of how operations work can help employees become more connected.
- Create a mission statement. Everyone must understand what your company does and why. A mission statement can be short and memorable, like “We help mom and pop shops get more customers through better web design.”
Without structure, it’s easy for team members to lose sight of what they’re working on and how their work impacts the big picture. Getting your team on the same page will keep people engaged, more productive, and motivated.
Step 4: Leverage asynchronous communication
Asynchronous communication is a type of communication where you're not interacting with the person right now. Instead, you send messages or information that they can respond to later. For example, you can send a task, document, or project proposal to a teammate with specific instructions.
Asynchronous work does not require the presence of both participants at the same time. For example, asynchronous communication removes the need for employees to be in the same room simultaneously, enabling team members to work from different geographical locations.
Task Management apps enable asynchronous work styles by creating a digital space for team members to collaborate toward a shared goal. Make sure to leverage asynchronous work more if you are wondering how to improve productivity in an organization.
Asynchronous communication has many benefits over synchronous communication, such as:
- You don't need to be present when your co-workers are responding. You can do other things while they're working on their responses.
- You have fewer daily meetings, and when you need to meet in person, interactions become higher quality and more meaningful because they are intentional.
- You can be geographically dispersed (or just too busy) to participate without requiring everyone's availability at once. Consequently, more people can participate than in person or via teleconference.
In other words, asynchronous communication involves using collaborative tools to achieve objectives without meeting too often. Unquestionably, it's a great way for remote teams to stay connected and do their jobs efficiently.
Step 5: Document relevant information
The best way to ensure company team members can work independently while effectively collaborating is to document information. Make documentation a recurring element in your communication strategies so people can find vital details by themselves.
- The first step is to identify the specific information needed by your team members, whether it be a client or another employee. Then, determine how often you will need to update this information. The more frequently the information needs to be updated, the more time-consuming it will be for you to write and format the documentation. It may also require more than one person on your team to update it properly.
- After identifying what information needs documenting, you need to determine how to organize it best. You could create a database or spreadsheet in Microsoft Excel. But if you're creating documentation that covers multiple projects or personnel, a project management app can ensure that documents are up to date in real time.
- Third, you need to share documents within the correct tasks and tag relevant team members. List your documents so users can find them easily when they need them most. Your index page should also include links directly from each document
You can use documentation with your team across multiple departments or communicating with clients. With this in mind, the objective of documentation is to ensure that the right person receives the correct data at the right time, regardless of time or location.
Hiring a virtual assistant can help your business improve its documentation process. A virtual assistant can create and maintain accurate documentation for your business, ensuring that all data is up-to-date and accessible.
Step 6: Keep information up to date
It's expected that tasks change during their lifetime due to new requirements or priorities. When this happens, ensure that team members are aware of these changes as soon as possible. Picking the correct remote work tools can be crucial for this.
For example, provide updates when relevant. In tasks, you can update the assignee status, change lists, or leave a comment. This way, everyone else knows that you made changes to the task. Similarly, you can keep your team informed by using the task comments.
You can use comments to note what you did on a task or how it's progressing. For example, you just updated a bug report and want to let someone know.
Then, change the list of the task or update your assignee status. This way, team members know that you finished the task, and they can move on to other tasks. If you want to update the status of an assignee (e.g., change them from "to do" to "In Progress"):
- Check out "Assignees" at the top of a task. You'll see a list of all people in that project or conversation.
- After selecting, click on their name and "Change Status."
- Select "In Progress" or the status that best fits that task.
You can further organize your milestones by adding labels to tasks and highlighting the milestones. Then, you can filter tasks to the milestone’s progress. Lastly, you can assess the impact on a goal after all tasks under a specific milestone is complete.
Step 7: Assess and prioritize tasks
The most critical steps business owners can take are continuously assessing the importance of activities and prioritizing the strategies to achieve goals in business. First, you need to assess what needs to be done right now and what can wait until later. Second, you need to prioritize tasks based on their impact on the company overall.
This process sounds simple, but it's difficult because many people have trouble prioritizing tasks based solely on their impact on the company. Moreover, individuals often focus more on what they like doing or are good at doing. Instead, focus on what helps you achieve your goals in the long run.
Assessing the importance of activities is a continuous process that involves three steps:
- Identify key results (KRs) for your department or team
- Measure progress toward these KRs every day
- Use this data to adjust how you spend your time
Assess the importance of each activity by asking yourself, "What's the impact of this activity on our company's success?" Assign a score from lowest to highest based on how it will affect your company goals (e.g., lowest, low, medium, high, urgent). Then prioritize the tasks accordingly so that the essential activities are always at the top of your list.
This will help team members that wonder how to improve work performance. By focusing on what is urgent and has a high impact, they can spend their time effectively.
Step 8: Celebrate achieving company goals and objectives
If you’re achieving company goals and objectives, you may want to take the time to celebrate that achievement in a big way.
Celebrating your team's success is an effective way to boost morale and encourage future success while preventing a toxic work culture. Team members who feel valued and appreciated will work harder and be more loyal to their team and organization.
So how can you celebrate employee achievements? Here are some tips for celebrating team victories large and small:
- Invite employees to a virtual event. For example, a virtual cooking course, team-building exercise, board game, escape room, and movie night are all ways to connect remotely. Ensure all team members receive an invitation to the event, even those unable to attend because of conflicts or other commitments.
- Create a memorable experience. The celebration should reflect its purpose. Also, you want to create a fun time for attendees! For example, if you're celebrating a significant contract win with a travel agency, you might host an online event with a tropical theme where guests receive gift boxes or care packages delivered to their homes.
- Celebrate achievements that are measured in dollars or percentages. For example, if your team has increased sales by 20% over the last year, celebrate that achievement with bonuses. It's not always possible to celebrate every achievement with financial incentives. However, take opportunities when they arise.
- Hold an awards ceremony where everyone gets together for snacks and drinks. Additionally, you could present awards such as "Best Dressed" or "Best Smile." It's fun for everyone involved.
The celebration can be as simple as having a virtual coffee break. Or it could be something more elaborate like a virtual trivia party. By all means, the point is to recognize the team's accomplishments and help them feel valued.
Achieving ambitious company goals and objectives is always challenging, but having a foundation for how to achieve organizational goals and objectives can set you off on the right foot. Rock is an all-in-one system that makes communication and collaboration easy.
With Rock, you can create tasks and subtasks, assign them to others, keep track of due dates, attach files or images, and comment on each item separately from one window.
Rock integrates messaging and tasks in one platform, so there’s no need to toggle back and forth between email and other apps when there’s something to discuss regarding your business goals.