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What is a Stretch Goal? (Introductory Guide)

Photo by Silvan Arnet on Unsplash

What is a stretch goal?

Stretch goals are a popular strategy used by businesses to increase their reach and funding. A stretch goal is an ambitious, yet attainable, target that can be set for a business or project.

How to set and achieve stretch goals?

Benefits of stretch goals

Stretch goals are a popular way to increase the urgency of a project. They allow teams to set additional, yet achievable, goals that can be achieved in order to improve the success rate of their project.

Examples of stretch goals

Examples of stretch goals are things that may be added to a project if it reaches a certain funding target or goal.

  • Adding more content (eBooks, online classes, etc.)
  • Updating graphics/ layout
  • Launching a marketing campaign in order to drive traffic back to the website
  • Developing additional products related to the original project

Challenges of stretch goals

There are a few challenges that businesses face when trying to set stretch goals.

The stretch goal paradox explained

The stretch goal paradox is a term used in business to describe the phenomenon of organizations setting ambitious goals and exceeding them, only to find that they now need to set even more ambitious goals in order for their project to be successful.

Tips for creating stretch goals

Having clear and attainable stretch goals will help you stay focused and motivated while working on projects. Here are a few tips for setting stretch goals:

1. Determine the right stretch goals

When setting stretch goals, it’s important to think about what you hope to achieve by reaching them. Sometimes, a goal that seems small might actually be easier than one that is more ambitious.

2. Use ranges for goals, not single points

When setting goals, use ranges rather than single points. For example, say that you want to lose weight. Rather than saying “I want to weigh less than 100 pounds,” try saying “I want to lose 5 pounds.” This way, you are giving yourself a wider range within which to achieve success.

3. Break your stretch goals into SMART goals

To help you achieve your desired results while breaking your stretch goals, it is important to develop specific, measurable, achievable, repeatable, and timely (SMART) goals.

4. Allocate time

Stretch goals are important, but they need to be allocated wisely. If you don’t have the time or resources to accomplish them, then it’s best to steer clear. It’s also important not to set stretch goals that you cannot realistically achieve. Setting overly ambitious targets can demoralize your team and cause them to give up before they even start. Instead, aim for modest goals that will still make a significant impact.

5. Support your team members

It’s important to support your team members when they set stretch goals. This will help them stay motivated, and it can also lead to better results. When everyone is working together towards a common goal, the overall work effort is increased and the chances of success are much higher.

6. Track your progress

Be transparent about how much progress has been made and update everyone regularly so there is no confusion or doubt over where things stand. This promotes good communication between all members of the team and helps keep morale high while progressing toward a common objective.

7. Visualize the outcome

Many business owners and creatives struggle to visualize the outcome of their stretch goals. However, if you want to achieve success with your content marketing strategy, you need to be able to see yourself reaching your objectives.

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