As Yogi Berra once remarked: “If you don’t know where you are going, you’ll end up someplace else.”
One of the key lessons we have learned over the years is the power/wisdom of getting leadership teams on the Same Page with regard to the bigger picture/more abstract essentials associated with building a great team/company and then moving them toward the more concrete and immediate issues. That is why we take every team through answering the Eight Key Questions in the following order:
• What are your Core Values?
• What is your Core Focus™?
• What is your 10-year Target™?
• What is your Marketing Strategy?
• What is your 3-Year Picture™?
• What is your 1-Year Plan?
• What are your Quarterly Priorities?
• What are your Issues?
As you may note, the answers to each of the above questions have a decreasing permanence to them. More specifically, the Core Values and Core Foci should never change.
In last week’s blog, we talked about how a strong Core Focus (i.e., its “Why” or “Purpose/Passion/Cause”, and its well defined “Niche” – a simple description of the distinct segment of the market) fundamentally enhances an organization’s effectiveness by substantially reducing the likelihood it (the Visionary) will be distracted by things that may be interesting but are fundamentally inconsistent with its primary business or, not to be too highfalutin, its existential self.
Today’s blog is about the power of getting clear on a concrete but longer term goal which we refer to as one’s 10-Year Target™.
So why are 10-Year Target’s so powerful?
First, to paraphrase Yogi: “If you don’t know where you are going, how will you ever know what you need to do, or bring, to get there?”
Second, talented and ambitious people are not only purpose driven – which is why nailing the Purpose/Cause/Passion element of Core Focus is so important – but goal driven so they can point to something significant that they have accomplished.
Third, working through the answer to one’s 10-Year Target often times brings to the foreground fundamental team issues. As an example, there have been a number of times where two partners are on completely different pages with regard to what they want from their business. One wants rapid growth and to build something that will endure and the other is content with the status quo. Needless to say, this type of issue is irreconcilable and often times ends with the “content with the status quo” partner splitting and the company going on to generate its highest revenue and the largest profit ever the following year.
So is there magic to picking 10 years? No. Truth is, this could be a 25 or seven year goal but the vast majority of our clients find ten years is far enough out to provide both inspiration and guidance but not so far out that it is almost meaningless and, since they also know that we will be creating a 3 Year Picture™ a short while later in our process (see question #5 above), a five year target isn’t that powerful/additive.
Finally, the Target can be revenue related- reaching $60 million in sales, performance related- generating 25% return on equity, or reputation related- being known as the quality leader within served markets. But whatever it is, it should provide energy, inspiration and focus.
“Our plans miscarry because they have no aim. When a man does not know what harbor he is making for, no wind is the right wind.”
Seneca
Until next time, may you build with passion and confidence.
