Posted on: Wednesday, October 20, 2004

One big goal can make difference

By Rhonda Abrams
Gannett News Service

Is your business relatively healthy, but you're stuck? Have you made about the same amount of money for the past few years, and you'd like to make more in 2005? Perhaps you want a new challenge? If so, I want you to ask yourself, "What's one big new thing I can do to significantly increase my income next year?"

Now, I don't want you to think of 10 things you could do, and I certainly don't want you to come up with a total reorganization plan for your company. Nor do I want you to develop a list of 50 small changes you can make. That's not what this exercise is about. Instead, I want you to concentrate on one big new thing. It has to be something that can make you a meaningful amount of money next year and make you more excited about your business.

I'm a big believer that long-term small-business success comes from two things: thoughtful planning and executing day-to-day fundamentals. That's why I don't want you to drop everything immediately and go after your new goal. I want to make certain you can pursue a new income source without jeopardizing the bread-and-butter.

But to make significant changes, you often have to pursue what James Collins and Jerry Porras (in their book, "Built to Last") called a BHAG — or Big, Hairy, Audacious Goal. Among the qualities of a BHAG is that it should:

• Be a stretch for you.

• Be achievable.

• Include a deadline.

• Have a measurable outcome.

So what might you choose to make your one big new thing? It could be a new:

• Specific client or customer, such as trying to land a major company as an account.

• Broad customer target market, such as a consumer demographic group or an industry that you don't currently serve.

• Product or service, especially one that extends your current offerings.

• Modification to a current product or service, so it can be sold to a broader market.

• Distribution channel, to give you an additional way to reach customers.

• Operational efficiency, so you significantly reduce expenses and increase profits.

Now is a good time to start on your plan for 2005. But don't make this a giant project, or it will be overwhelming.

Instead, come up with a mini-plan for your big thing. Figure out what you need to have in place to pursue it.

What marketing materials do you need: brochures, advertising, Web site changes, trade show participation?

Who will you have to talk to? How will you reach them?

Will you have to increase production, order more inventory, or stock up on supplies?

Will it involve travel?

What support from suppliers or distributors do you need?

What extra effort from employees will be required?

What activities require you to spend money? How much? How will you afford it?

Going after one big new thing involves some investment of time and money — some measure of risk. And it's going to mean getting outside your comfort zone; you're going to have to take some actions that challenge you. That's OK — even desirable. Just don't go after anything so big that you jeopardize your core business.

Pursuing one big new thing isn't for every business. If you're in the midst of a major change or you're struggling to survive, you've already got your hands full. But if your business is relatively healthy, going after one big new goal can re-energize you.

Rhonda Abrams is president of The Planning Shop, publisher of books and other tools for business planning. She writes this column for Gannett News Service.