Every Business Needs a BHAG
In the heady arena of strategy, the consultants of the world find wonderful acronyms for the work they do. Today let me introduce one of those to you.
It’s the BHAG – the Big Hairy Audacious Goal!
This is the goal that really stretches you to think differently about how you do business. It’s the goal that going to help you transform your business, rather than being satisfied with incremental change. It’s the goal that’s going to inspire you to do your best work and outshine your competition.
So how do you go about making your own BHAG?
The first step is to shake off any beliefs about what is possible in your business. If you already have mindset that limits your achievements you’ll never get serious about a BHAG.
So – anything is possible (right?).
Next, pose some Very Hairy Challenges – like these ones….
I want to triple my revenue in the next 12 months.
I want the best known brand in Australia
I want to work 1 day per week and still earn the same amount of money.
You get the idea.
Now you have to work backwards from this endpoint in 3 steps. Let’s take the “triple your revenue” example.
Step 1: Brainstorm ideas for making more money (no limits remember – everything is possible)
- Charge a lot more
- Speak for money
- Create a high-end wicked product to sell (or multiple wicked products)
- Work with different clients who expect you to charge a lot more
- Sell someone else’s related product for a commission
- Go totally online and remove your overheads
Step 2: Make a list of obstacles and ways of getting around them
- Don’t have any product ideas (easily fixed – get some friends and have a brainstorming session)
- Not a great speaker (write the workshop and get someone else to give it, or become a great speaker)
- Nobody will hire me if I charge more (if your work is great, that’s usually not the case – but you will need to reposition yourself and adopt a different mindset)
- Work with different clients (find ways to get to clients that are prepared to pay what you want to charge)
You see, already there’s nothing that can’t be overcome, if you are really committed.
Step 3: Identify what needs to happen for you to be successful. For example…
- Surround yourself with creative people
- Build your knowledge in certain areas
- Set monthly Little Hairy Audacious Goals that progress you towards your milestones
- Get the support you need
and so on.
Imagine how fantastic it would be, even if you only get half way to your BHAG. That’s still a brilliant achievement. And if you don’t set yourself a BHAG, then this time next year you might be wondering what could have been……
Radical business growth comes from radical thinking and being prepared to get out of your comfort zones. So take 60 minutes and write some of your own Big Hairy Audacious Goals. Write them down and stick them somewhere prominent where you can be inspired every day. And then have some fun working out how to make it happen.