WTF is a BHAG?
BHAG – pronounced “Bee-hag” – stands for “Big Hairy Audacious Goal.” It is a term coined by James Collins and Jerry Porras in their book “Built to Last: Successful Habits of Visionary Companies.” A BHAG is a long-term, ambitious goal that is meant to stretch the capabilities of a business and inspire the organization to achieve greatness. It should be clear and specific, measurable, and achievable, but also challenging and inspiring. A BHAG is meant to provide a clear vision and direction for a business and rally the team around a common purpose. It is different from a regular business goal in that it is meant to be truly transformational and have a significant impact on the business.
Setting Your Big, Hairy, Audacious Goal(s) for Your Small Business in 2023!
As a small business owner, it’s important to set ambitious goals for your business in order to drive growth and success. However, achieving a big audacious goal can be intimidating, especially if you are just starting out or have limited resources. Here are a few tips to help you secure a big audacious goal for 2023:
1. Define your goal:
The first step in achieving a big audacious goal is to clearly define what you want to achieve. This should be a specific, measurable, achievable, relevant, and time-bound (SMART) goal. For example, “Increase revenue by 50% in 2023” is a clear and specific goal that is measurable, achievable, relevant to your business, and has a specific timeline.
2. Break it down into smaller goals:
A big audacious goal can seem overwhelming, so it’s important to break it down into smaller, more manageable goals. This will help you stay focused and motivated, and it will also allow you to track your progress along the way.
3. Identify the resources you need:
Achieving a big audacious goal will likely require resources such as time, money, and expertise. Make a list of the resources you need and start planning how you will acquire them. This could involve seeking funding, hiring new employees, or investing in new equipment or technology.
4. Build a team:
No business can achieve a big audacious goal alone. Build a team of individuals who share your vision and are committed to helping you achieve your goal. This could include employees, contractors, partners, or mentors.
5. Create a plan:
A big audacious goal requires a well-thought-out plan to guide your efforts. Develop a step-by-step plan that outlines the actions you need to take in order to achieve your goal. This should include milestones and deadlines to help you stay on track.
6. Stay flexible:
While it’s important to have a plan, it’s also important to stay flexible and be prepared to adapt to changing circumstances. Be open to new ideas and be willing to pivot if necessary.
7. Measure your progress:
Regularly track your progress towards your big audacious goal and adjust your plan as needed. This will help you stay on track and make sure you are on track to achieve your goal.
By following these tips, you can set and achieve a big audacious goal for your small business in 2023. With hard work and determination, you can drive your business to new heights of success.
You’ve got a lot to focus on, how can TSAT become your Trusted Advisor?
Your Trusted Advisor… At TSAT, we know that a great businesses need to operate at high levels of service, accuracy, reliability, and throughput. We also know that the only way to ensure these things are achieved is to develop a comprehensive set of accounting and finance policies and procedures and to regularly train all personnel involved in the management and control of the company’s software. Only by taking steps toward accounting, quality assurance, and finances can a small business accounting department expand its business and improve its profit margins. It takes a little work to make sure that every aspect of small business accounting is running at full capacity, and we are here to help!
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