There are a few things we recommend doing before diving into any goal-setting activity:

SWOT Analysis
Determine the strengths, weaknesses, opportunities, and dangers that your organisation faces.
Consider how they will affect your aims, tactics and goals.
 
Benchmark (Comparing the organisation’s procedures and performance measures to best practices from other organizations is a common activity.)
This can assist you in evaluating your organization's performance and provide guidance on how to create reasonable goals.
 
Assess last year’s goals
Compare industry averages on income and expenses to those of similar businesses in your industry or area.
This can assist you in evaluating your company's performance and provide guidance on how to create reasonable goals.
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Goal-setting methods
 

SMART goal setting
 
Each of your goals need to be:
 
Specific - Is the purpose clear enough for it to be understood?
Measurable - Is it possible to quantify the goal? How do you know you've achieved it?
Achievable/attainable - Is the aim really reachable? Or is it such a far-fetched aim that it appears feasible on paper but is almost impossible to achieve?
Realistic - Have you written the goal in a realistic manner? Did you, for example, address all of the obstacles to achieving the goals and offer the appropriate resources?
Timely - Is there a deadline linked with the objective to guarantee that it is completed on time, and is now the optimum time to start working on it? 

1. Specific – try to answer the five "W" questions as best you can:
What am I hoping to achieve?
What is the importance of this goal?
Who is participating in this?
What is its location?
What resources or constraints are at play?
 
2. Measurable – should answer the questions:
How much?
How many?
How will I know when it is accomplished?
 
3. Achievable/attainable - should answer the questions:
 What is the best way for me to achieve this goal?
Based on other constraints, such as financial limits, how realistic is the goal?
 
 
4. Realistic – if a goal is relevant, you’ll be able to answer ‘yes’ on these questions:
Does this seem to be worth the effort?
Is this the right moment?
Is this in line with our other efforts/needs?
Is this the proper person for the job?
Is it relevant in today's socio-economic environment?
 
 
5. Timely/time-bound - should answer the questions:
When?
What will I be able to do in six months?
What will I be able to do in six weeks?
What am I able to accomplish today?

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Backward Goal Setting
You can begin goal planning by working backwards from a big-picture end goal to a weekly or even daily task list that moves you closer to your end goal.
 
Step 1: Begin with a broad and far-reaching goal.
The goal you choose may be long-term, implying that it will take two or more years to achieve.
It will, however, work with shorter-term objectives if you can speed up the process and complete a number of targeted actions in a shorter amount of time.
Example: Secure sponsors
 
Step 2: Divide your big goal into smaller (easier) objectives.
Now that you have a rough concept of where you want to go, consider what you'll need to do right now to get there.
Three to five supporting goals that lead to a huge goal should be your focus.
Example: Do research on potential sponsors, write a sponsorship letter, fix sponsorship packages, pitch your proposal to the person/company
 
*In order to accomplish the big-picture goal, each of the supporting goals will be required. Even though they are part of a larger picture, each of these goals should be regarded as such as your progress through the process.
 
Step 3: Break down the smaller objectives into specific targets.
The next step in that direction is to break down each of the smaller goals you've identified into precise targets.
Example: “fix sponsorship packages” - decide on 3 to 5 packages with different donation amounts that go with different perks and benefits for the sponsors
 
*This kind of breakdown would be performed for each of the supporting goals you specified in the previous stage.
 
Step 4: Make a list with single actions
The process ends with the formulation of a list of single actions that will assist you in achieving each supporting goal that will contribute to the realization of your main goal. The key is to keep each action item as clear and precise as possible. In the end, you want a plain list of tasks that you can simply perform one at a time and in a short amount of time.
It's essential to identify specific activities. It may appear that there are many parts, but once you've made a list for each, you'll have a good understanding of what you need to do. You'll see the order in which you should complete tasks to come closer to your aim.
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Locke and Latham's Five Principles of goal setting, published in their book "A Theory of Goal Setting & Task Performance".
 
Principle 1: Having specific goals – if a goal is unclear or broad like “work harder” – it is difficult to measure it and to be motivated.
 
Step 1: Make a list of your objectives and be as specific as possible. For further clarity, use SMART goals and consider placing your goal in the form of a personal mission statement. Set explicit objectives that are based on specific and measurable criteria.
 
Step 2: Consider how you'll track your progress toward this goal. Make a list of the metrics you'll use to evaluate the performance of your team members. Make sure everyone on your team understands how you'll assess performance by being as explicit as possible.
 
 
Principle 2: Think of challenging goals, however, not so challenging that they cannot be accomplished.
 
Step 1: How to list goals but find the right sport between performance and pressure
 
Tip: Consider using the Inverted-U Theory by psychologists Robert Yerkes and John Dodson. According to the theory, peak performance is attained when the level of pressure we're under is adequate for the work we're doing. When we are under excessive or insufficient pressure, our performance suffers, sometimes significantly. Pressure can be positive — up to a point, according to the Inverted-U Theory. Stress, on the other hand, is never a good thing, and it's crucial not to mix the two concepts.When the pressure we're under is appropriate for the work we're doing, we're stimulated in a positive way: we're motivated, engaged, and thrilled to accomplish our best. Stress, on the other hand, occurs when people feel powerless, and it's a completely terrible experience.
 
Step 2: Consider how you'll recognize team members for achieving difficult objectives.
 
Step 3: Introduce some friendly rivalry between team members or departments if appropriate. People may be motivated to work more if they are competing with one another.
Principle 3: Make sure your team members commit to the goals too. Your team must understand and agree on the goals in order to be effective — they are more likely to get more excited and involved if they helped set it.
 
Allow individuals on your team to create their own aims. They will feel more committed and empowered as a result.
*Tip: One way to do this is to use the positive effect of “small wins”. In Amabile and Kramer’s Progress Theory, published in their 2011 book “The Progress Principle”, they explain how to use small wins to increase motivation.

As a summary, this includes:
Make sure your goals and objectives are clear.
Allow for independence.
Make resources available.
Allow plenty of time.
Provide assistance and expertise.
Assist people in learning from their "failures."
 

Principle 4: Get feedback
While establishing goals is important, listening to feedback from others is a way to assess how well you and your team are doing. It's important to remember that feedback doesn't have to come from others. Simply assessing your own development might help you determine how well you're doing.
It's important to remember that feedback doesn't have to come from others. Simply assessing your own development might help you determine how well you're doing.
 
Step 1: Give your team members feedback that is constructive, beneficial and objective.
Whether your opinion is ultimately good or negative, it's critical to give a balanced viewpoint while delivering constructive criticism. You could also explain what it was about the work that made it so great - be precise!
Provide constructive feedback in person rather than by email, instant chat, or phone whenever feasible.
Make a distinction between a person and their actions. Concentrate on the problem rather than making generalisations about who they are. If your comment is personal, the person is more likely to shut down and lose faith in you rather than listen to what you have to say.

Step 2: Make a schedule for your staff to receive frequent feedback.
Tip: Use the Start, Stop, Continue Feedback Approach
In your feedback include three things the individual should continue doing, three things they should quit doing, and three new things they should start doing.
 
 
Principle 5: When goals or tasks are extremely complicated, make sure that work doesn't become too overwhelming.
Consider teaming up any overwhelmed team members with a more experienced colleague.
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