Stretch goals are not for every company. While all companies have goals, stretch goals are for the company that wants to be truly challenged to reach extraordinary levels. These are goals that push a company’s limits, raise expectations to create transformation, and achieve extraordinary results.
Shall we say daring? Companies have certainly reported success with wildly ambitious objectives. With their success, the objectives required a huge amount of effort and dedication from a team.
However, stretch goals are not only widely misunderstood, but they are also widely misused. Companies that are distressed and in trouble might choose them in desperation, only to then receive disastrous results. In truth, the companies that can benefit the most rarely employ them.
Why?
Maybe this is because of the audacious nature of stretch goals. Unlike traditional goals where the focus is on incremental improvements, stretch goals prioritize ambition and inspire individuals to tap into their full potential.
The Strategy of Stretch Goals
A strategic approach is necessary for success. Yet before you push a client with an ambitious focus, make sure they are aware that it requires a different strategy than your typical SMART goals. Make them aware of these six strategies when considering pursuing stretch goals:
Transparently Communicating Goals
A significant amount of communication is essential so that everybody is very clear about the purpose of reaching these goals, how they are involved, and their expectations. When communicating, it is important to understand that these types of goals can’t be forced. It’s not that individuals should be working harder, but they should be working differently to create massive change, such as greater productivity and significant innovation.
Fostering a Supportive Environment
The focus should be on providing support in a culture that encourages experimentation, learning from failures, and embracing the lessons that come from exploring new ideas, perspectives, and approaches. To create this environment, motivation and engagement are essential. For example, create a clear and compelling vision that aligns with the company’s mission and values. Communicating the vision can be a great tool for motivating individuals to work towards something greater than themselves. In addition, make sure you can provide the tools and resources to maintain the momentum.
Prioritizing Well-being
When your client’s team members are asked to pursue ambitious targets, their well-being is essential for successful implementation. Striking the right balance to leverage the massive productivity of the team while avoiding burnout is often the biggest challenge. After all, ambitious targets and high expectations can lead to increased stress, burnout, including unethical behavior if not approached thoughtfully. But do not let your client be dismayed. With the right communication and support, ambitious targets and high expectations can also motivate individuals, enhance creativity, and drive innovation.
Acknowledging the Risks
When your client’s company commits to pursuing stretch goals, they are creating an environment where individuals are encouraged to take calculated risks, think outside the box, and unlock their true potential. Risks should be calculated, with teams understanding the risks and being willing to step out of their comfort zone.
Fostering a Growth Mindset
Foster a growth mindset that encourages dedication and hard work. The emphasis should be on continuous learning and improvement, so the team can achieve breakthrough performances. Remember, your client is setting a fast pace for profound change with personal growth and opportunities.
Performing Realistic Assessments
It is important that you assist your client in regularly analyzing performance. Breaking the goals down into manageable steps is going to be key to helping their team avoid feeling overwhelmed. The team must be able to see that achieving the stretch goals is possible with a clear road map that shows incremental progress.
A great example of a modern company that has experienced success with stretch goals is Google. They have a clear philosophy: “More often than not, [daring] goals can tend to attract the best people and create the most exciting work environments…stretch goals are the building blocks for remarkable achievements in the long term.”
Ambitious goals can result in amazing benefits. Some of the benefits include making profound changes in your client’s business, breathing new life into their innovation, triggering creativity and inspiration, and promoting productivity that significantly improves operations.
Before you assist your client with pursuing stretch goals, help them clarify that their company is ready. A good start is to analyze the health of your client’s company and productivity. Begin with the Profit Enhancer Analysis at www.profitenhanceranalysis.com.