Business Execution for Results summary

Introduction

Business Execution for Results by Steven Lynch Strategic planning and clear goal setting are essential for business success. Do you have ambitious goals for your business? It is easy to dream big, like developing a new drug, or becoming a world-renowned architect. But turning these dreams into reality is a different challenge.

Many startups fail after three to five years. Even dedicated professionals work long hours. They often have little to show for it. This happens because success needs careful planning.

This summary will guide you through setting goals. You will learn to identify the right tools. These tools will help you reach your objectives.

Defining Big Hairy Audacious Goals

Defining Big Hairy Audacious Goals. Define ambitious goals that will show the path to success. Have you heard the term big, hairy, audacious goals or b-hags? It was coined by Jerry I.

, Porras, and Jim Collins. They wrote about it in their book, Built to Last. To qualify as a b-hag, a goal needs to meet four criteria. It needs to be very big.

It must take years to accomplish. It should be a little bit elusive. This means the best way to attain it is unclear. Finally, it must be easy to identify.

You need to know if it has been achieved or not. Consider Walmart. Following World War II, Sam Walton, the company's founder, set a bold goal. He wanted to turn his tiny variety store.

It was in Newport, Arkansas. He aimed for it to be the most profitable one in the entire state. He was primarily selling cheap t-shirts and fishing rods. So, this was a pretty audacious goal.

It was not something he could achieve in months. It was not immediately clear how he could do it. Verifying his accomplishment would be easy. He could check the size and profit of his business.

He would compare it against other stores in Arkansas. By 1948, Walton had achieved his vision. His store was the most profitable variety store in Arkansas. From there, he kept setting goals.

Decades later, by 2002, Walmart had grown. It became the largest company on the face of the earth. So, do as Sam did and identify your own b-hag. But a b-hag is not necessarily about growing your company.

It can also be related to a specific product or project. In 1934, Walt Disney set out to create something new. He wanted to make the very first animated feature-length film. No one in the industry believed in this bold project.

Animation was only considered suitable for short films. History proved them wrong. Disney reached his goal when Snow White and the Seven Dwarfs was released. That was in 1938.

People loved it. Disney's original goal had not been revenue. Yet, the film generated massive returns. Next, you will learn about two key concepts.

These are at the foundation of your business.