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
Etc.
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)
Etc.
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.