Maximizing Success: The Impact of Goal Tracking on Your Online Business

Why do you need goal tracking for your online business? The main aim of any business is to make money. This goal fits the S.M.A.R.T criteria: it’s Specific (make money), Measurable (how much you make), Achievable (businesses generate revenue), Relevant (that’s the point of a business), and Time-bound (measured weekly, monthly, or yearly). It’s also easy to track earnings — just check your bank account.

If you’re selling something online, you need customers to visit your payment page and complete the transaction. While this sounds simple, it involves a complex process that’s hard to pin to just one task or a few actions that drive the purchase.

Two main problems arise here. First, you can’t tell which actions are more effective unless you measure them. Some of your efforts might yield better results, allowing you to make the same amount of money with less effort and resources or make more money with the same. Second, external conditions, like a recession, can greatly affect your customers’ decisions.

Setting and tracking business goals gives you a way to measure how your actions impact your bottom line. Goals help you spot changes earlier than simply waiting to see their effects on sales. For instance, a drop in the number of people entering your sales funnel would be noticed much later in actual sales figures.

You’re probably already tracking some metrics like visitors and paying customers. These metrics can be good candidates for your goals but aren’t the only options. For example, getting more qualified visitors might improve your bottom line more than just attracting more visitors. Refine your metrics to make them as accurate and relevant to your business as possible.

To refine your metrics, keep asking yourself why each one is important until your answer is “to make more money.” Each business will have its own specific goals. Don’t set too many goals; focus on a few key ones. Remember, these goals aren’t set in stone. Reevaluate them at least every three months to make sure they still make sense.

After setting your goals, break them down into smaller steps like milestones, projects, and tasks. Make sure each subgoal (milestone, project, or task) is tied to a larger goal. This framework keeps you focused and helps avoid distractions. Ensure your subgoals are also S.M.A.R.T.

Review your subgoals at least monthly to see if they’re still reasonable. Have a weekly planning session to decide which subgoals and tasks to focus on for the week. Each day, plan out the specific tasks you want to tackle. Remember, tasks often take longer than expected, so prioritize them wisely.

During your weekly planning, update the progress of your goals and subgoals. This process will generate insights, whether you’re satisfied with your progress or need new strategies. Regularly reviewing your progress in a graph format can help you spot trends early on.

Set goals that closely represent your business’s success. Although making money is the ultimate goal, focusing solely on it can leave you with blind spots. Planning your path to these earnings will increase your chances of success.

Revisit your business goals quarterly to ensure they are still aligned with your mission of making money. Break them down into manageable subgoals monthly. Daily, prioritize your tasks to start with the most important ones. Weekly, choose the subgoals to work on and update your progress. This approach will help you gain insights and stay on track.