If you want more growth in your business, then you may need to set higher goals. It’s possible that you’ve been coasting on old practices that get consistent results but aren’t game-changing.
For instance, 5 percent growth is good. You should be commended for achieving it. But is 5 percent growth enough to fund future positions, new equipment, or your nest egg?
Start the Process
Maybe, you need to start thinking bigger. Ideally, a goal should require some stretching but still be achievable.
It can be dangerous to pick a random number and make it your goal. Certain goals are out of reach or would cause too much disruption in an organization.
But it is useful to run though a high number scenario. You could ask your team, “If we had to boost sales by 50 percent, or close our doors, how could we do it?”
You want to get some new ideas on the table. You’re not necessarily going to follow all of them but they may get you out of the five percent rut. The challenge can open the door to innovation.
Set Higher Goals & Redefine Success
Some organizations love reaching a goal. When it happens, there’s a big party, speeches, and pats on the back. I like celebrations and it’s good to put hard work in the spotlight.
But are you setting your sights too low if you’re having this celebration every year? Have you fallen in love with the party more than a harder to achieve goal?
Let’s revisit our 5 percent growth scenario. You know you can hit that target. What if, after discussing it with your team, you increase the goal to 15 percent.
What happens next? Your team tries some new things and works a little harder. Unfortunately, you only reach 10 percent growth.
Should falling 5 percent short of your goal be considered a failure? It is if you’re mostly concerned about having a party or are only focused on the 15 percent number.
Another way to look at it is that your team tried new things and doubled last year’s outcome. Perhaps with some review and adjustments, the 15 percent goal will be reached the following year.
You’ve started the path to a more prosperous future. That has tremendous value. It’s important, when you reach for greatness, to appreciate the benefits of stretching.
Incentivize
When you set higher goals, you need your team to buy into the vision. Regular motivation may only take you so far, when you’re asking people to get out of their comfort zones.
You don’t want higher goals to produce burnout and mass departures. You want people to be excited and energized by the potential changes.
This can be fueled through incentives for reaching the goal. Think bonuses, special food, or changes to the dress code. It needs to be something tangible. It can be a smart move to work with employees to identify their wish list, before you announce the new goal.
