How are you doing your planning for the growth of your business?
Do you actually have a plan? Or, are you just ‘winging it’?
Most business plans, or plans for growth, I have seen start with the present, set some goals for growth over the next 12 months and maybe a year or two beyond that. Even if the plan is executed well, this approach generally leads to slow incremental growth, because you will not have considered the things that need to be in place to support the scaling of your business.
It will never deliver exponential scale because you have not stretched your thinking. It can not because it is limited by your level of thinking, doubt and conservatism. What if we flipped your thinking around – starting with the end in mind? Starting with a ‘Big Hairy Audacious Goal’ or BHAG?
A BHAG is a compelling, long-term goal that forces you and your team to think differently and to take action.
If you start with your BHAG, then you can define what your business could look like in 3 maybe 5 years and work backwards.
Ask yourself, in the context of your BHAG…
What does your typical customer look like?
What does your sales and marketing capability look like?
What does your delivery capability look like?
What do your key processes and systems look like?
What does the structure of your business look like?
What types of staff capabilities does your business need? Where would these need to be in two years from now, in one? Defining what the future looks like, gives you a starting point for identifying the actions and investments you will need to take to get there. There will be obstacles along the way. Circumstances in the economy might change, but highly likely the most critical issues you will have to manage are self doubt and the need for continued focus and commitment to your plan.
The best way to combat these issues to build a support network – build your team within the business and find yourself a great mentor and coach.
What is your Big Hairy Audacious Goal?
Transcend is a team of experienced business advisors and mentors that provides a support network to business owners who are looking to grow their business, improve efficiency or increase profitability. For more information refer to www.transcendhcs.com.au.