Managing Teams, Strategy

Over Stretched? Here are some alternatives

We discussed what stretch goals are here and whether now is a good time for your business to embark on a stretch goal or BHAG.

If a stretch goal isn’t your thing right now here are some other strategies you can use to move your business in the right direction.

Pursue Small Wins:

If you don’t have resources or recent positive performance pursuing and celebrating small wins can keep our organization moving in a positive direction.  Often smaller projects don’t require as many resources and the win will help to build positive momentum and energy in the team.

Build Slack Resources:

Consider reviewing how your current resources are utilized (people, money, plant etc.) and creating efficiencies.  You could also focus on building knowledge as this often leads to new ways of doing things that glean greater efficiencies.  Finally, it may be worthwhile exploring options with resource heavy, inefficient departments or products and mergers or alliances with competitors or partners.

Pursue Small Losses:

Got lots of slack resources but coming off a loss?  Adopt a ‘fail fast’ mentality and run lots of fast, low risk but informative experiments.  Many will fail but a few will work and be able to be leapt off for longer term goals.

Not only will you learn from each experiment but resilience and confidence will grow within your team as they see the business withstanding small failures.

Ensure your strategy meets your business’ capabilities both with regards to mind-set and available resource.  Remember the story of the tortoise and the hare…they both get to the finish line.

(based on HBR article ‘The Stretch Goal Paradox’ Sitkin Jan/Feb 2017)

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