Set Yourself Up for Success: Using SMART Goals and OKRs to Start 2025 Right

Small Business

Jan 24, 2025

By MyFigures

The new year is a perfect opportunity to set clear goals for your business. Resolutions often fade, but structured goals create a focused roadmap for success.

Set Yourself Up for Success: Using SMART Goals and OKRs to Start the New Year Right

The new year is a perfect opportunity to set clear goals for your business. Resolutions often fade, but structured methods like SMART goals and OKRs (Objectives and Key Results) can create a focused roadmap for success. It's up to you as a business owner to create the necessary objectives for your business to find success. Take action now and utilize the information below to set up your 2025 in the most positive direction possible.

Why Goal-Setting Matters

Goal-setting provides direction and aligns you and your team around priorities. Measurable goals help track progress, celebrate wins, and adapt to challenges. Goals are more than aspirations; they are commitments. By holding yourself accountable, you stay motivated and ensure steady progress. Regularly reviewing your goals and measuring outcomes can transform them from ideas into tangible achievements.

Tools like MyFigures make tracking your goals easier. By integrating financial insights and performance tracking, you can stay on top of your progress and make adjustments as needed.

Understanding what 'SMART' Goals Are:

Specific: Clearly define what you want to achieve (e.g., "Increase revenue from Product X by 20%").
Measurable: Attach metrics to track progress (e.g., "Add 50 new clients in Q1").
Achievable: Set realistic goals based on resources.
Relevant: Align goals with broader objectives.
Time-Bound: Establish deadlines (e.g., "Launch a product by June 30").

The Power of OKRs

OKRs (Objectives and Key Results) are a goal-setting framework that bridges ambition with measurable outcomes.

An Objective is a high-level goal that defines what you aim to achieve. It should be clear, inspiring, and actionable. For example: "Expand market presence in the Southeast."
Key Results are specific, measurable actions that indicate progress toward the objective. These should be quantifiable and time-bound. For instance:
- Key Result 1: Increase Southeast website traffic by 30% by Q2.
- Key Result 2: Partner with 5 new regional distributors by Q3.

The key difference between the two is that Objectives focus on the "what," while Key Results address the "how." Together, they ensure clarity and alignment, making it easier to track progress and achieve su

Helpful Steps to Set Measurable Goals

Reflect on Last Year: Identify what worked and what can improve.

Align Goals with Vision: Ensure goals support your long-term business vision.

Use SMART Criteria: Define detailed, actionable goals.

Example: Increase customer retention from 75% to 85% by year-end.

Develop OKRs: Break down goals into actionable steps.

Objective: Improve customer loyalty.
- Key Result 1: Launch a loyalty program by March 31.
- Key Result 2: Boost repeat purchases by 20% by Q3.

Monitor Progress: Review and adjust goals regularly.

Celebrate Wins: Recognize achievements to boost morale.