9 Top Strategies for Goal Setting Every Small Business Owner Should Know

The saying “If you don’t know where you’re going, everywhere looks like the road?” is very popular in business because of a single reason: goal setting. When you don’t have defined yearly business goals, you could hustle, grind, and spend energy but might not achieve much by the end of the year.

For small business owners like us, setting goals for the year is like using a GPS—guiding us through the chaos and pointing us toward the jackpot. It’s a chance to dream big, break those dreams into bite-sized chunks, and map out how to get there.

So whether you’re running a barbershop in Lagos, selling physical or selling digital products online, annual goal setting helps you keep your eyes on the prize and avoid getting carried away by distractions.

Now, let’s dive into why goal setting is the not-so-secret sauce every business owner should sprinkle on their entrepreneurial journey.

Why You Should Set Business Goals Every Year

1. Focus Your Hustle

As a small business owner, it’s easy to jump at every opportunity. But not all that glitter is gold, my friend. Goals keep you focused on what truly matters for your business. Think of them as your “do not disturb” sign—guiding you to say “yes” to what aligns and “no” to what doesn’t.

2. Measure Your Progress

How do you know if you’re killing it or just doing the most? Goals give you a yardstick to measure progress. You’ll know when to pop Champagne and when to double down on your efforts.

3. Motivation for the Grind

Let’s be real, some days the hustle gets tough, and you might wonder why you started. Clear goals remind you of the bigger picture—why you’re doing this and the rewards waiting at the finish line.

4. Stay Ahead of the Pack

In the competitive world of small businesses, having a plan sets you apart. While others are winging it, you’re stepping out like a boss with your strategy in hand.

As you can see, setting business goals is like laying the foundation of a house, without which everything else can scatter. If you’re ready to start goal-setting for small businesses, keep reading!

Strategies for Business Goal Setting

Alright, let’s break down step by step how to set goals you can crush in 2025. These strategies will make your hustle organised and help you achieve more.

1. Start with a Vision

First things first, dream big. What do you want your business to look like at the end of the year? Maybe it’s opening a new branch, doubling your sales, or launching that online store. Write it down, no matter how crazy it sounds. A clear vision gives you direction and keeps you pumped.

2. Make SMART Goals

You’ve probably heard this before, but let me simplify it for you:

• Specific: Don’t just say, “I want more customers.” Say, “I want 50 new customers every month.”
• Measurable: Track your progress. Numbers don’t lie.
• Achievable: Aim high but stay realistic—don’t stress yourself out unnecessarily.
• Relevant: Focus on goals that make sense for your business.
• Time-bound: Set deadlines, so you don’t postpone everything.

3. Break It Down

Big goals can feel overwhelming, so chop them into smaller pieces. Want to make N10 million in revenue? That’s ₦833,000 per month or roughly ₦28,000 daily. See? Breaking it down makes it less scary.

For example; let’s say Bisi owns a shoe business and her big goal for the year is to make N10 million in revenue. Bisi can break this goal down to:

• Yearly Target: ₦10,000,000
• Monthly Target: ₦10,000,000 ÷ 12 = ₦833,333
• Daily Target: ₦833,333 ÷ 30 = ₦27,778 (roughly ₦28,000)

Now, Bisi knows she needs to make about ₦28,000 every day to hit her goal. This clarity allows her to focus and plan better. Let’s see how Bisi can achieve this daily goal using 5 simple steps:

1. Stock Up on the Right Shoes
   Bisi needs to analyze her sales history to identify her best-selling shoes. If sneakers and office loafers are her top sellers, she’ll always have them in stock. No customer wants to hear “Out of stock!” when they’re ready to buy.
2. Market Like a Pro
   She needs to attract enough customers to hit that daily target. This could mean:

• Running ads on Instagram and Facebook.
• Creating engaging content, like videos of people styling her shoes.
• Offering discounts for bulk purchases (e.g., “Buy 2, get 5% off”).

3. Create Multiple Sales Channels
   To boost sales, Bisi shouldn’t rely on one stream. She can:

• Sell online via a website or platforms like Jumia or Konga.
• Take her products to pop-up markets or exhibitions.
• Partner with retailers to display her shoes in their stores.

4. Set a Daily Sales Tracker
   Every day, Bisi should track her sales to see if she’s hitting the N28,000 mark. A simple notebook, Google Sheets, or an app like QuickBooks can do the job.
5. Offer Excellent Customer Service
   Happy customers are repeat customers. Bisi should make her customers feel valued with:

• Quick responses to inquiries.
• Timely delivery for online orders.
• Little perks like thank-you notes or discounts on their next purchase.

Don’t forget that bad days happen. Somedays, sales may be slow and Bisi may not meet her ₦28,000 target on a particular day. In this case, there are a few things she can do to bounce back:

• Assess and Adjust

What went wrong? Was it a quiet day for foot traffic? Did her social media ad underperform? Understanding the reason helps her plan better.

• Make Up the Difference

Let’s say she only made ₦16,000 today. Tomorrow, her target becomes ₦28,000 + ₦12,000 = ₦40,000. She can achieve this by:

• Increasing her online promotions.
• Offering flash sales or discounts to boost interest.

• Double Down on High-Sales Days

If Bisi knows weekends or festive periods are hot for sales, she can plan to sell extra on those days to cover slower periods.

Missing a target isn’t the end of the world. The key is to stay consistent. If you keep working on your sales systems, you can still your monthly and yearly targets, even with a few off days.

4. Write It Down and Display It

Don’t keep your goals in your head—it’s too crowded in there! Write them down, and better still, display them where you’ll see them daily. Whether it’s on your office wall or as a screensaver, let your goals keep reminding you to stay focused.

5. Prioritize Like a Boss

You can’t do everything at once, and that’s okay. Pick the top 2-3 goals that’ll have the most impact on your business and start there. As we say, “Cut your coat according to your cloth.”

6. Track and Adjust

Every month or quarter, check how far you’ve come. If something isn’t working, tweak it. Flexibility is key—you’re not a robot! Business is dynamic, and your goals should be too.

7. Celebrate Small Wins

Don’t wait until December to pop bottles. Celebrate every milestone—big or small. Closed your first deal of the year? Throw a mini-party. Hit 1,000 followers on Instagram? Treat yourself! Celebrating keeps your morale high.

8. Get Accountability Partners

Find a friend, mentor, or business buddy to keep you on track. Share your goals with them and ask them to check in on your progress. It’s harder to slack off when someone’s watching.

9. Use Tools to Stay Organized

You don’t have to do it all manually—use apps like Trello, Asana, or even Google Sheets to organise your plans. For us in Nigeria, WhatsApp reminders and notes also work wonders. Whatever makes life easier, use it!

How to Measure Your Business Goals

Setting goals is one thing; tracking your progress is where the magic happens. If you’re not measuring your business goals, it’s like cooking jollof rice without tasting it—how will you know it’s on point? Here are practical steps to ensure you stay on track and hit your targets.

Define Clear Metrics

Every goal needs a scoreboard. What does success look like? For example:

• If your goal is to increase sales, your metric could be monthly revenue.
• For growing your social media, track your follower count, likes, or engagement rates.
• Want to improve customer satisfaction? Use feedback surveys or reviews.

Make sure your metrics align with the specific goals you’ve set.

Set Milestones

Break your big goal into smaller checkpoints. For instance, if your target is to make N10 million this year, your milestones could be:

• ₦2.5 million by the end of Q1.
• ₦5 million by the end of Q2.
• ₦7.5 million by the end of Q3.
• ₦10 million by December.

Hitting these milestones shows you’re on track. If you’re falling behind, it’s time to adjust.

Track Regularly

You can’t measure what you don’t monitor. Set a routine to check your progress:

• Daily: Check your sales or daily targets (like Bisi’s ₦27,000 example).
• Weekly: Review what worked and what didn’t in your operations or marketing.
• Monthly: Compare your metrics against your milestones.

Keep your records neat and organized—whether it’s in an app, a spreadsheet, or good ol’ pen and paper.

Use Tools and Technology

Gone are the days of counting everything manually. There are plenty of tools to help you track your goals:

• Google Sheets or Excel: For simple tracking and reports.
• Accounting Software: Tools like QuickBooks help you monitor revenue and expenses.
• Social Media Analytics: Platforms like Instagram, Facebook, or TikTok provide insights into engagement and growth.

Ask for Feedback

Sometimes, you’re too close to the business to notice what’s missing. Talk to your customers, employees, or even a mentor. They might point out areas where you’re falling short or new opportunities to explore.

Evaluate Your ROI

Not all efforts will yield results. Check whether your time, energy, and money are producing the desired outcomes. For example:

• Did that ₦20,000 Facebook ad bring in enough customers?
• Is the new supplier helping reduce costs?

If something isn’t working, tweak or drop it.

Celebrate Progress

Every milestone deserves recognition. Don’t wait until the end of the year to celebrate. Whether it’s hitting a revenue target or reaching 1,000 followers, take a moment to appreciate how far you’ve come.

Be Honest with Yourself

If you’re not hitting your targets, don’t sugarcoat it. Identify the gaps, ask what went wrong, and make adjustments. Remember, missed goals are lessons, not failures.

By consistently measuring your progress, you can confidently say, “I’m moving forward” or “I need to step up.” Either way, you’re in control of your journey.

Finding an Accountability Partner in MyCEO Tribe

You’ll agree with me that running a business can feel lonely. However, it doesn’t have to be. Joining a community like MyCEO Tribe connects you with like-minded business owners who understand your struggles and can hold you accountable. 

Our WhatsApp community is packed with entrepreneurs ready to support, brainstorm, and celebrate wins with you. If you’re ready to level up your game, click here to join and start crushing those business goals today!