How to Set Business Goals

Dreams are the lifeblood of every great business. But dreams alone won’t get your business off the ground or pay the bills. To accomplish big things, you have to set clear business goals that help you steadily take new ground. As radio broadcaster and motivational author Earl Nightingale said, “Success is the progressive realization of a worthy idea”—aka a goal.

Did you catch the word worthy? You can’t just set random goals and hope for good results. Winning in business is an intentional act that takes a strategic plan with goals that match your vision and mission.

So before we dive into how to set business goals, let’s talk about how your company’s vision and mission are key to keeping you on track. Then we’ll outline how to work hard and smart to create the future you want.

Vision: Giving Your Dreams Focus

A vision is a dream pulled from the clouds and given focus. A vision statement goes a step further—it’s a declaration of what it would look like if your organization was 100% successful in fulfilling its purpose.

For example, over 30 years ago, Dave Ramsey, CEO of Ramsey Solutions, had a dream to teach people how to manage money the right way. He gave that dream life when he tied it to a vision statement:

We see a world in which so many lives are radically transformed, the toxic culture is disrupted.

Dave’s dream has grown over the years, but every new part of it still has to align with his big-picture vision before he acts on it. And every Ramsey team member knows exactly what they’re working toward.

Is a strong vision statement really that important? Absolutely. As Proverbs 29:18 warns, without a vision, people perish. That sounds scary, right? It is! In business, perishing looks like low morale, high turnover, treating team members like cogs in a wheel, and eventually struggling to make payroll. All because there’s no clear direction . . . no vision.

So how do you turn your dreams into a solid vision?

• Reflect on the skills and passion that drive you.  
• Use that reflection to write a clear, focused vision statement.
• Share your vision with your team members every chance you get.

Once you’ve got that down, you’re ready to pair your vision with a clear mission statement.

Mission: Giving Your Goals Boundaries

Your company mission statement answers two key questions: “Who are we?” and “Why do we exist?” Without it, as career coach Dan Miller explains, you could climb to the top of the ladder only to find it’s leaning against the wrong building. Your mission statement serves as your out-of-bounds marker to keep you going after the right things.

Surprisingly, many businesses fail, not because they weren’t successful, but because they were too successful. Sounds crazy, but it’s true. They grow too fast, lose focus, and collapse under their own weight. Or as Dave Ramsey puts it, they “take on stuff outside their wheelhouse and get distracted.” Few companies can expand into new areas and do it well.

The bottom line: Create a solid mission statement and stay true to it.

Once you’ve dreamed the impossible dream, clarified it into a vision, and directed it with your mission statement, it’s time to get tactical.

Step-by-Step Guide to Setting Business Goals

Goals are dreams in work clothes that move you forward. J.C. Penney once said, “Give me a stock clerk with a goal, and I will give you a man who will make history. Give me a man without a goal, and I will give you a stock clerk.”

So how do you create practical business goals? Follow these steps:

1. Set goals in every area of your life.

Your business is important, but it’s not the whole picture. To stay balanced and successful, set goals in each of these key areas.

• Career: Define what success looks like for your business.
• Financial: Set both business and personal financial goals.
• Spiritual: Think about how your faith and values guide your actions.
• Physical: Don’t forget your health—staying active and well affects your work.
• Intellectual: Challenge yourself to keep learning.
• Family: Make time for those who matter most.
• Social: Build and maintain meaningful relationships.

You’ll naturally be strong in some areas and not in others. As tempting as it is to skip over what you’re not good at, don’t. Only focusing on your strengths and ignoring your weaknesses is like driving with a flat tire—dangerous and hard to move forward. When you address each part of your life, things run more smoothly across the board.

2. Make your goals specific.

Let’s be honest—vague goals are just wishes. So instead of saying, “I want to do better with money,” ask yourself, “What does better mean—earning more, saving more, spending less, or giving more?” A stronger goal would be, “I want to earn $100,000 a year in sales commission.” Now you’ve got something you can work toward.

3. Make your goals measurable.

Measurable goals allow you to keep track of your progress. In business, metrics like Key Performance Indicators (KPIs) help show where you stand and what needs adjusting. For instance, a sales KPI could be increasing inbound leads by 3% per month. You’ll see progress and stay motivated or spot trouble early and adjust your strategy.

4. Give your goals a time limit.

Every goal needs a deadline. Time limits create urgency and help you break big goals into smaller, manageable steps. For example, turning a goal like losing 30 pounds into a four-month challenge with weekly micro-goals makes it more achievable. Losing two pounds a week feels much more doable. Your deadline should push you to hustle but be realistic enough to avoid failure or burnout.

5. Make the goals yours.

Goals only stick when they’re personally meaningful. You won’t stay motivated to run a family business just because your dad wanted you to keep it going. You also won’t get up at dawn for a run just because someone else wants you to lose weight.

When goals are forced on you or your team, they feel like quotas. Yuck. But when everyone is bought in and cares about the outcome, they’ll work with energy and excitement. This is where management by objectives comes into play. It’s about giving your team general guidelines and allowing them to set goals within those boundaries. Each team member gets a chance to contribute to the shared vision.

6. Write your goals down.

What you don’t write down won’t happen. But when you put your goals in writing, they become real. In fact, people who regularly write down their goals are significantly more likely to achieve them.¹ So make them visible. Journal your personal goals. And for your team, create scoreboards, hang banners, or place reminders where everyone can see them.

7. Celebrate milestones.

Don’t just plow through goals without celebrating wins. What gets rewarded gets repeated. Celebrations signal to your brain that the effort was worth it. So when you and your team reach milestones, take time to acknowledge the achievement. It keeps everyone motivated for the next challenge.

2 Huge Benefits of Business Goals

As you’re busy creating strategies and setting targets, you’re also shaping how everyone works together and communicates. Here’s how shared goals can transform your team:

1. Shared goals improve communication. 

Imagine a football team on the field. Everyone knows the goal: Get the ball into the end zone. Whether things are going well or falling apart, the goal remains the same—put the ball over the line.

In business, clear goals work the same way. They keep confusion low and strategy high. When everyone is on the same page about the goal, communication flows naturally. No one is left guessing what to do or what success looks like—it’s all getting things over the line. The clearer the goal, the easier it is for your team to communicate and collaborate along the way.

2. Shared goals create unity. 

Not into sports? No problem. Let’s just say when people see how their efforts contribute to a bigger purpose, they rally together. Understanding that everyone’s victories are linked builds strong bonds within your team.Personal goals also matter here. When team members know each other’s dreams and help each other achieve them, it strengthens relationships and morale. The result? A unified team that’s not just working for the company, but for each other too.

Strategic Planning: Turning Goals Into Action

Goal setting is foundational to your business success, but as your business grows, your goals need to expand too. That’s where strategic planning comes in—as a more advanced and focused way to set both short- and long-term business goals. In fact, having a solid Plan is one of EntreLeadership’s 6 Drivers of Business.

Strategic planning helps you work smarter, not just harder, on your way to scaling your business. As you move through the Stages of Business, you’ll need to set more detailed and intentional goals. Strategic planning ensures these goals become clear, worthy steps that actually help you succeed.

W. Clement Stone said, “I think there is something more important than believing: Action!” That’s what strategic planning is all about—taking bold action to achieve big, hairy, audacious goals. So dream big and plan even bigger to create the future you desire.