While talking with a very clever business women here in Townsville yesterday, the discussion turned to what is a good target to set over 5 years. In reference to a new business venture, she said she would be happy with a $5M business value after 5 years.
Now that is a great target for a service industry business, is achievable, and is motivating.
That target will produce a certain set of strategies and plans.
Here is the question.
If the target was $50M in 5 years instead of $5M – how would the strategies and plans differ?
Given that there is always a limit on resources available – where should they be best applied? Does it take more work to follow strategies with a potentially bigger payoff? Not really.
Sometimes the same strategy will be in both lists. Some strategies however will only appear in the list with the smaller target.
This is not say to get ridiculous with goals and targets. It is more about constructing the game [business], in a way that allows us to WIN BIG.
Cheers
James
Townsville Business Coach