The phrase usually suggests positive advancement towards achieving something good or desirable. After months of research, they are well on the way to launching the new product.
Pro Tip 2/3
Not Finished Yet
Although progress is implied, it doesn’t mean the goal or task has been completed. She's well on the way to finishing her thesis, but there are still a few chapters to write.
Pro Tip 3/3
Uncertain End
While often used optimistically, the final outcome isn’t guaranteed from this phrase alone. He's well on the way to becoming a champion, but the last few matches will be tough.