What Is A BHAG and How Can I Achieve Them?
A good business owner knows how to set short and long-term goals to ensure the success of their company. However, some may find it counterintuitive to set long-term goals that last more than ten years in today’s fast-paced business world. But, if a business wants to experience its fullest potential, the business owner needs to set a big, hair, audacious goal and strategy.
But what is a big, hairy, audacious goal, and how would a company go about achieving their BHAG? Follow these tips to learn what a BHAG is and how best to achieve it.
Wolf Creek Business Growth Institute specializes in developing businesses to their fullest potential. Our professional business coaches do this by analyzing every facet of a business and providing ongoing coaching so people and processes work together to maximize sales and profits. Contact us today for business coaching that increases business and begin a strategy to realize your BHAG.
What is a Big, Hairy, Audacious Goal?
A big, hairy, audacious goal, or BHAG, is a long-term goal guided by your company’s core values and purpose. Typically, a BHAG takes about 10-25 years to achieve. You know that you have a BHAG when it is so bold that it feels like your company may never reach it. While this sounds like a ridiculous thing to pursue, a BHAG will push your business to greatness.
A good example of a BHAG is Starbucks’ vision to become the most recognized and respected consumer brand in the world. While this goal might’ve seemed unachievable when the coffee company was first founded, Starbucks has since become one of the most recognizable brands worldwide.
Your BHAG can be accomplished as long as you stay on track and every action you take moving forward is to help attain your audacious goal.
Why Your Business Should Pursue A BHAG
Does a BHAG sound daunting? Good! It should be. You should pursue a BHAG to help expand your company’s potential and allow it to become an amazing and even a visionary one. A BHAG will also influence current and future decision-making to help you achieve this audacious goal as quickly and effectively as you can.
You want to think of your BHAG as your guiding star. As a business owner, you should have a clear purpose and vision that you strive toward. A good BHAG will also help guide your team to embrace your vision and help you accomplish it.
Don’t think for a second that your business doesn’t need BHAG. Even a trade-specific company, like an HVAC company, can transform into a company that focuses on multiple trades. An HVAC company can adapt by adding plumbing or electrical if they set themselves up with a clear BHAG.
How to Create a Good BHAG
As mentioned earlier, a good BHAG will always be tied to your company’s core values and strategies. You want to connect your BHAG to your company’s underlying strategy, as this will inform every decision you and your team will make from now on.
You also want to ensure your BHAG is measurable. Determine exactly where you see your company in two, five, ten, or twenty years. If you are a local restaurant, for example, do you have the goal to open multiple locations? If so, quantify the number of sites you want to open over the next ten years. If you know where you are going, you’ll be able to get there.
You’ll want to create a team that not only understands your BHAG but consists of team players. A BHAG might affect how you approach recruitment as you’ll want to hire the best people to help you obtain this audacious goal. Even if you don’t have an opening, get resumes, talk to and interview people, and keep the best people on file so you’ll have candidates for your company’s next level of growth.
Related: How to Find the Right People to Hire
Put Your BHAG into Action
It is time to put your BHAG into action and learn how to execute it. It cannot be emphasized enough that every key decision you make should directly tie back to your BHAG to ensure you can reach your audacious goal. Allow your BHAG to become a significant influence over the next year, two years, and five years.
Learn how to adjust your strategy to obtain your BHAG better. At your year-end business review, analyze the progress toward your audacious goal. Were there setbacks or obstacles preventing progress? If so, identify your pain points and adjust accordingly.
Finally, you’ll want to pay attention and listen to your team. Do they clearly understand your BHAG? Are they fully committed to your BHAG? Do they offer alternative strategies to better attain your BHAG? Realize that working toward your BHAG is a process, and your staff is integral to reaching it as you cannot achieve it on your own. Keep your team aligned around this long-term vision, hold them accountable for actions that can build toward that audacious goal, and motivate them by keeping that vision in front of them and strive toward your BHAG yourself.
Call Wolf Creek BGI to Determine Your BHAG
If you are unsure what your BHAG is or don’t know how to start mapping out a BHAG strategy, contact the business coaches at Wolf Creek Business Growth Institute. Not only can our experienced coaches help you identify a path to achieving your long-term goals, but we can also help in other areas of your business, such as sales team training, executive training, and more. Contact us at 225-219-8866 to reap the benefits of business coaching today.