Setting Stretch Goals: Get More Out of Your Business Than You Thought Possible

If you’re like most busy entrepreneurs and business leaders, you probably feel like there are never enough hours in the day. Shifting priorities and daily obligations make it hard to get everything done. And, when you do find the time, you might not be able to find your motivation to start working on a challenging project. But, it doesn’t have to be that way. In this article, we'll show you how setting stretch goals can help you get more out of your business than you thought possible.

What are stretch goals?

Stretch goals are ambitious, yet attainable, objectives that will help you gain the most out of your business. They are more difficult than your average goal, but they are still achievable. Stretch goals are about more than just reaching your current targets; they’re about achieving more than you ever thought possible.

Stretch goals can help you think about how to get more out of your business by challenging your status quo and thinking outside the box. These kinds of goals are often used as performance objectives or incentives, but they can also serve as benchmarks for evaluating the success of your business.

Why set stretch goals?

Stretch goals are particularly helpful for businesses. They can help you work through your process, get more done in less time, develop your skills, increase productivity, boost creativity, promote growth, add fulfillment and motivate your team.

When you set a stretch goal, you’re committing to achieving an ambitious objective in the near future. Stretch goals are meant to push you in areas that you may have been too uncomfortable or too intimidated to venture into before.

These goals will motivate you to take on projects that you never even thought of before and also push you past the limits you thought were possible for your business. And, when you feel like you're on the right track to achieving these goals, you feel more motivated to keep going. This not only makes it more likely that you will meet your goal, but it can also help you set more ambitious goals in the future.

Setting challenging goals that are slightly out of reach (but still attainable) will help your business grow because it will motivate you and your team to work harder to reach these goals. It will also increase creativity because it prompts the brain to search for new solutions.

For example, let’s say you own a retail store. Your goal is to open up a second location in the next year. This is your goal—and it’s a good one. But, what if your goal was to open up not just one or two, but 10 new locations in the next year? Or maybe your goal is to increase the number of new customers you have by 50% in the next year. This would lead to higher profits, more jobs, and all sorts of other positive effects for your business. Setting such goals would motivate you and your team to think of creative ways to reach them.

And, because these goals are designed to make your business more successful, they lead to greater satisfaction and fulfillment among employees.

How to set stretch goals

Stretch goals are all about setting the bar higher than what you’re used to. However, you should also be sure to set goals you can actually execute. If you set goals that are far too difficult for the current skill level, it will be discouraging and too easy to give up on.

The following steps can help you set challenging yet achievable stretch goals in business:

1. Determine the objectives you want to reach collaboratively with your team.

2. Understand and discuss the benefits of the goals.

3. Identify the primary obstacles to achieving the goals.

4. Brainstorm ways to overcome these obstacles.

5. Break the goals up into smaller parts.

6. Set timelines to track your progress.

This is a great way to create a stretch goal because you can't work on your goal without identifying and tackling the obstacles. And, no matter how lofty your goal may be, it's best to break it up into smaller parts and tackle it one step at a time.

Remember, small changes lead to big results in the long run. If you apply the tips we've shared in this article to your goal-setting sessions, you'll be more productive and happier with your business outcomes. Stretch goals will help you accomplish more in less time, improve motivation and creativity, and help you get more out of your business. Best of all, they’re simple to set and maintain, so you can start today.