SAN FRANCISCO, May 24, 2005 — Achieve the impossible. We've all been tasked-or tasked ourselves-with accomplishing what seems to be unimaginably difficult or at the very least highly unlikely to reach. In today's market it is critical to set ambitious goals for both the company and its people.
As Fortune CEOs and others have noted it is far too easy to set goals based around budgetary figures and then come up with a realistic but compromised target. In order for managers and employees to reach their dreams we have to go for it and stretch for the moon! This is the philosophy I have employed in all of my companies and I can tell you that the results are astounding.
Here are a few key things that stretching achieves:
1) Out of the box, creative thinking
2) Far better results even if the ultimate goal was not completely achieved
3) Stretch targets energize, thus putting an end to all of the unnecessary, internal negotiations about budget targets
4) An empowered work force that learns more as a result of stretching
The thing to remember here is that it's okay if people do not completely reach their stretch goals. In some cases they will fail. However, it is likely they will have still achieved much more than had they compromised on a mundane objective.
Some managers may be concerned that dreams are being used to set business targets. If you know how to reach a given goal then it's not a dream and therefore not something worth reaching for! In my start ups I expect all of my teams-including myself-to achieve the goals that we know how to reach. But if we are to truly accomplish wonderful things we must strive for super stretch and greatness!
Stretch goals inspire and capture people's imaginations. They require that you think out of the box and often take an entirely different approach to solving a problem. For example, say that your start-up is a provider of digital content to 3,000 bars and restaurants across the country, and that your plan is to add 3,000 new clients by year's end. Instead of focusing on reaching 6,000 new establishments, figure out how to get to 30,000! Redefine the paradigm. That is stretch.
Here are a few tips for encouraging you and your teams to reach their stretch goals:
1) Never compromise or settle for the number two position. Go for it!
2) Even if you fail-and you probably will-stretching will improve your company's performance results.
3) The more creative and thoughtful you can be about your business the more you will achieve.
Remember; never sit on your laurels. This is something I learned from Bill Gates. Tomorrow a competitor could come up and take your lunch away. Stretching empowers you to stay in the number one position.
— Mouli Cohen
About Mouli Cohen
In his career as an entrepreneur, Mouli has been one of the few to have success in biotechnology and high technology. His start-ups have generated well over $1 billion in shareholder value. In recognition of his ability to generate mega investment in the U.S. economy and the creation of thousands of U.S. jobs, Mouli was awarded the first-ever "Millionaire Residency" with full citizenship status by President George H. Bush. For more information visit http://www.moulicohen.com
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