We encourage setting a range of goals and objectives with high and low targets to aim for and learn from. Items to set goals for are pretty standard and include the external context:
- Annual revenue growth rates and objectives based on the market opportunities, industry trends and economic conditions
- Acquiring financing, resources and settig a pace to implement
- Evaluating results financial and operating as well as achieving goals which may be social, economic or sustainable impact focused
Steady Growth Works for the Independent Business Owner:
- The company reaches for a stretch goal and set targets. The emphasis in on taking the action steps that achieve end results while sustaining the core operations of the business. You only get results when you complete your strategic growth projects.
- The rate of growth can be as aggressive or conservative as the CEO and leadership team decide and want to manage. The point is to own the goal and work toward being within the growth target range. A good rate of annual growth may be around 20%, but frequently ambitious owners frequentlyly reach for 40-60% revenue growth per year. At least one company in The CraneWorks group programs or an advising relationship will break out and hit 100% in the first year after finishing our programs and sustain growth at high levels.
The leadership team gets used to regular reviews of efforts to grow and improve rather than just report success and failure. When the leadership team sets and owns the goals and targets they frequently exceed the highest target. Annual financial statement reviews helped two companies we worked with in 2015 recognize they had significantly exceeded their goals for 20% revenue growth goals. If the company realizes they did not hit the target then the annual review leads focuses on improvements and new ideas to achieve goals and targets before launching the next growth project.
I am always thrilled when I hear from former clients that they keep reaching for new goals, delivering new products or services, deciding to restructure if required and making successful exits confident their decisions are right for them.
Here is my sketch for this week.