What's the best way to set startup goals?

One thing I have found helpful is to have a fail safe metric that can perform like a EWS (Early Warning System) along with the normal KPIs to keep an eye out on the boundaries in which we want to operate. This can considerably reduce the time to pivot and course correct. Ex: For a knowledge platform, on one hand, you can track the daily net new sign-ups which is a normal metric to watch out for, are we looking at the daily drop-out rate and watch out for a red flag surfacing?

I find it helpful to remember that strategy works backwards. A big goal, or vision, might be the hill you want to climb. you can see it far off in the distance, but you need to work out the staging posts that you have to get to on that journey. When you’ve got to one, you’ll find that you are motivated and confident enough to aim for the next one. It helps to break big goals into smaller steps.

An easy way to think through some of the implications is to deeply consider one of Morgenstern’s Maxims. “An expectation unarticulated is a disappointment guaranteed“. Plans are a combination of financial and narrative articulations of expectations, and more importantly, the assumptions on which they are based. They force the founder to articulate the critical path, both to themselves as well as their colleagues. They also let investors /directors, see the assumptions and expectations and constructively challenge them. Increases engagement and accountability.

Here you go with key pointers that should help you- Align goals with your vision and mission: Ensure that your goals are clearly aligned with your startup's overall vision and mission. Make goals SMART: Set Specific, Measurable, Achievable, Relevant, and Time-bound goals to ensure clarity and focus. Prioritize and balance goals: Prioritize your goals based on their importance and urgency, and maintain a balance between short-term and long-term objectives. Involve your team in goal setting: Engage your team in the goal-setting process to foster ownership and alignment. Regularly review and adjust goals: Regularly evaluate your progress and make adjustments as needed to adapt to changing circumstances.

At Uptech Studio, we often coach founders to stay focused on the immediate need in front of them. Most companies can really only focus on one thing at a time in a quarter, so what is the primary question that the business needs to answer next? Pick 3 metric that help you track progress on that goal and check on them on a weekly basis to monitor progress. Track all the different activities that you're trying to hit that goal and you will find that you're developing a process for growing your business.

Figure out the time horizon within which you and your team can control results through execution of a plan. Many startups center on an annual and quarterly plan, but have greatest control at the level of a month and a quarter. If so perhaps wait to adopt an annual plan until you're ready.

Try setting up goals like - 1. Monthly 2. Weekly Tasks to achieve monthly goal 3. Daily tasks to achieve weekly goals Review at the end of month, iterate.

Think of setting startup goals like planning a long road trip! 🚗 Let's say your ultimate destination is getting a million downloads on your app!📱 Now, break that dream into smaller, achievable checkpoints, like getting your first 10,000 users, or increasing user satisfaction. Consider what your competitors are doing, and what people want. Keep a sharp eye on things like user satisfaction 📈 or feedback on your USPs – these are your road signs to success. And remember, it's okay to change your plans if you spot a better turn, a better route along the way, or you want to hit the brakes for a while to enjoy a milestone! 🎉 Just keep driving toward your dream!

Crafting effective startup goals demands a strategic approach. Start by aligning objectives with your startup's phase, market dynamics, and customer expectations. Apply the SMART strategy: ensure goals are Specific, Measurable, Achievable, Relevant, and Time-bound. Moreover, create a well-rounded goal portfolio, encompassing key areas like product strategy, growth targets, revenue generation, and cultivating a robust organizational culture. This strategic methodology optimizes goal attainment and propels your startup toward strategic success.

Focus on what you need, at a given point in time (…which is different from what you will need in 6 months, etc!). Also make sure that you adjust your metrics to how your company evolves, so your goals are always aligned with your strategy. Last: goals are here to help measure progress, and eventually course correct. View them as your friend, not as a burden!

First, define clear objectives that align with your long-term vision. These objectives should be ambitious yet achievable, acting as guiding points. Next, pinpoint the key results, which are measurable outcomes that indicate progress toward your objectives. For instance, if your objective is to increase user engagement, a key result could be a 20% boost in daily active users within a quarter. Importantly, ensure that your OKRs are transparent and shared company-wide. Regularly track progress and adjust as necessary. The OKR framework not only helps startups set achievable goals but also promotes a culture of continuous improvement, making it a valuable tool for steering your business toward success.

Depending on the stage but usually OKRs tend to be a bit overdone. Start simple and keep it that way as long as you can. Your goal shouldn't be spend 1 month per year on OKRs setup.

Identify Key Results: For each objective, list 2-5 key results that will indicate progress. Key results should be specific, quantifiable, and realistically achievable within the given time frame. Ensure Alignment: Align OKRs across different levels of your startup (company, team, and individual). Each level's OKRs should contribute to the higher-level objectives. Team and individual OKRs should support the company's overall objectives. Regular Check-ins: Schedule regular check-in meetings, typically quarterly, to review progress on OKRs. Discuss what worked, what didn't, and what adjustments are needed.

When setting KPIs, make sure to use the SMART framework for best results. SMART stands for: Specific: Be highly specific in your KPI. "Increase customer lifetime value (CLV)" is not specific. Increasing CLV by 5% is very specific. Measurable: Make sure you can measure your success. Only then can you check where you're on target. Achievable: Set realistic goals. But ensure they're not too small. Be ambitious - but keep the KPIs achievable. (Mostly. If you hit about 70% of your KPIs, that's great!) Relevant: if your KPI doesn't contribute to the business success, you don't need it. Timely: ALWAYS set a fixed deadline to your KPI. This could be every quarter, but also a week or a month. But always have a fixed date to check your success.

Feedback and Insights: Customer Feedback: Gather feedback from customers and stakeholders. Their insights can provide valuable information on your product or service. Flexibility and Adaptability: Be Adaptable: Be open to changing market conditions and customer preferences. Be willing to adjust your goals based on new information. Recognize Red Flags: If certain metrics consistently fall short, it might be an indication that your strategies need adjustment. Celebrate Successes and Learn from Failures: Acknowledge Achievements: Celebrate the achievements and milestones reached, even if they are smaller than initially planned.

En un inicio es muy importante que puedas alinear todo el trabajo a un solo KPI, ese Kpi puede ser satisfacción del cliente o que el producto se entregue en x fechas. Los mejores KPIs son los que están relacionados con clientes porque de esa forma lo vinculas a la salud de la startup

Goal setting exists on a continuum and monthly and quarterly checks are imperative for sure. But also consider weekly meetings. Simply add a "goal pulse check" to the agenda. It's simply "are we on track with our goal or are we behind?" Resist the urge to have a discussion, which will require some discipline. Use monthly meetings for a more in-depth discussion.

Company-wide Meetings: Monthly or Quarterly Reviews: Use regular company-wide meetings to celebrate achievements and discuss the goals met during the period. Share Data: Use charts and graphs to visually represent progress. Visual data is often more impactful and easier to understand. Involve Everyone: Involve the Entire Team: Encourage different departments to share their successes and how their contributions align with the company's goals. Open Floor: Create opportunities for team members to share their achievements, fostering a sense of pride and camaraderie.

Work can be challenging, and in particular in a start up! Fast pace, jumping from a good news to a major issue… So taking time to pause and celebrate success does matter! Create a culture where people are proud and recognised from what they achieve, and encouraged to course correct when something does not work.

It's so easy to just keep grinding away at the BHAG. Leaders need to refill their teams resilience tanks, so even consider celebrating or recognizing when the team makes it through a difficult challenge. Monthly meetings are a great opportunity to go around the table and ask each team member what they'd like to celebrate or are grateful for.

Make sure setting goals is a shared activity. Set goals WITH the person or team that will deliver on the achievement, so that the goals are owned right from the outset. Imposing goals on people is just culturally wrong for a start. Begin with a clear vision. Only set goals that take you towards there. The principle of OKRs, for example, is 4-5 clear objectives. Don't turn it into an industry.

Build a power circle - just 3 - 6 peers that have your back whether you are celebrating or commiserating. Just the action of sharing your goals, progress and ideas is powerful and motivating. They can also be trusted to tell you the cold, hard truth. Being a start-up is tough and despite being surrounded by people, it can be lonely, so use your power circle to support you and your goals.

Try and ensure that you build some non negotiable boundaries in that are supporting your health - mental, physical and social. Starting and running a business is one of those things that is never done. You could always write one post, send one more email, contact one more person. So, set some boundaries into the day, week and month, so that you have a reason to finish at a certain time one night, go for a walk at lunchtime or take a day screen free at the weekend etc

Be pragmatic. Measure what brings value to you, not the rest! To share an example: a friend asked if I measure my response rate after I contact someone for the 1st time. Answer is no! I know if no one responds to me (luckily not!): why spend time measuring something, while this data point brings no value in my small company?! I am close enough to know how I am doing, without adding a data point to it. Focus on what matters, and that is helpful!

When it happens, not if, that you don't make a goal or fall short learn the art of reframing. Review the goal, and if it still makes sense to go after it reframe it to the team as "we haven't hit our goal, YET! It's a powerful phrase that can give people the realistic belief that attaining the goal is still possible.