There is no doubt that some people have a much bigger business than others or are more successful than others simply because they think bigger. A tool to determine this is called the ‘BHAG.’ Put simply – what is the Big Hairy Audacious Goal which is in effect your ‘end game’?
If you know this, then your annual plans, budgets and objectives should all work towards your ‘BHAG.’
Having a ‘BHAG’ alone can be transformational in the way you look at your business and your life, and can be a major catalyst as to why you are doing what you have to do—in short, it’s your motivation. Grab a piece of paper and a pen and some quiet time and write down what you think your ‘BHAG’ is, and then discuss with your partner and see if you can develop a shared vision.
I was working with a client recently who couldn’t put into words what his vision or goals were. He saw himself as treading water, running on an exercise wheel with no end in sight.
Later on, the picture became very clear. He wanted to get his business to a place where he could sell it in the next few years, which would give him the time and capital to start a business based off one of his hobbies. This idea had been quietly living in the back of his head for a long time, but he tried to ignore it.
He didn’t listen to that vision because he knows that his business isn’t currently sellable — just as most aren’t. He had a fixed mindset of being destined to toil as the head of a company that barely broke even.
If I had to describe him in one word, it was “stuck.”
Without going into too many details, I started tossing out a few ideas of how he could get the company to a place where he would be able to sell it and follow his dream.
I witnessed an amazing transformation as this man started to think about not only a future with a new business, but also what it would be like to run a business that is turning a profit. He started to imagine what it would be like to dig himself out of the current situation. He wanted to change, but didn’t know how.
Creating your vision and committing to it isn’t easy. It’s not like figuring out where you want to go on vacation and how you’re going to get there. It involves heavy lifting, shifting your perspective and sometimes doing things that may seem counter-intuitive.
Everybody has different visions, and my job isn’t to tell you what yours is but simply how to access it and develop a way to get there.
Maybe you want a business that gives you more time with your kids. Maybe you want your business to break into five other businesses. Maybe you want your business to be the place everybody wants to work.
It’s really up to you, but if you can’t figure out your vision and translate into your ‘BHAG’, it’s impossible to know where you’re going.