E140: Traction Part 2 - Company Core Focus and 10 Year Goal

Apr 26, 2018

Explore the journey of redefining a company's core focus beyond just profit, emphasizing its true purpose. Discover how to cultivate passionate customer advocates and the impact of feedback on product excellence. Learn the significance of mastering diverse e-commerce strategies and the importance of strategic planning for business resilience. Delve into setting a Big Hairy Audacious Goal (BHAG) to shape a long-term vision, with ambitious growth projections and strategic forecasts outlined for navigating challenges.

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Intro

00:00 • 4min

Transforming Customers into Passionate Advocates

04:12 • 6min

Mastering the Multifaceted World of E-Commerce

10:26 • 2min

Strategic Planning for Business Resilience

12:41 • 2min

Strategic Vision: Setting a BHAG for Company Growth

14:44 • 9min

This is the second episode of a podcast series I'm doing on Traction, a business book written by Gino Wickman geared towards helping business owners run their companies with more growth and enjoyment. My company is currently in the process of applying the system outlined in the book and the impact is so great that I'm documenting the entire process here in the podcast.

In episode 1 of the series I talked about the importance of setting aside time to think about your company's core values and actually putting those core values into writing. In addition, you need to understand that these are not just feel-good buzzwords that will sit on a piece of paper on the bottom of your drawer, so communicating these core values to your employees and everyone else who help you run the company is of utmost importance.

Once you have that done it's time to set your company's core focus and 10 year goal, both of which will be covered in today's episode.

Your core focus is the reason why your company exists. This one can be tricky since Traction explicitly does not consider money-making as a core focus, and money is the reason why most businesses exist in the first place. But putting money aside, what is it that you want your business to accomplish? What is your company's purpose? What's your passion?

Once you've set your company's core focus, it's time to set your 10-year goal, which should be a BHAG (Big, Hairy, Audacious Goal). This is a length of time most people can't wrap their heads around and possibly skew to either an underestimation or an unrealistic optimism. In this episode I'll tell you how I figured out my 10-year goal and break it down to relatively short-term, achievable goals.

Resources mentioned:

Webinar - 2018 Amazon Launch Strategy Traction: Get a Grip on Your Business (Amazon afiliate link) Traction episode 1 Our 2018 $9.7 million forecast

Thanks for listening! Look out for more episodes on Traction in the future. Also, get a chance to win one of our gorgeous mugs by commenting below. Have you set your company's core values? What about focus and goals? Comment away and win!