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What are Stretch Targets?
Stretch targets or Stretch goals mean an objective that is unattainable by small or incremental improvements, but need an individual, group, department or organization to extend the self to the goal that has to be realized. This is a big challenge that is much beyond the present level of performance of the said entity.
The iconic GE CEO, Jack Welch, coined the term “stretch goals” to define all the goals that are apparently unachievable with the available resources and more importantly, with the present mental approach. Specifying the word “achievable” helps businesses to think of extraordinary measures and ways to boost performance by a magnitude otherwise regarded as impossible.
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Makes Stretch Targets: Some important points to consider
Stretch targets help in working harder and smarter, to attain tougher targets that would otherwise be impossible to achieve with an easier target. Stretch goals are set with the knowledge that even if it is not met 100%, even coming close to it can help in achieving amazing results. These targets are important for boosting the growth of any business and ensuring that the productivity and profitability of an individual or business is raised in the shortest possible time.
Knowledge about Stretch Targets helps set realistic goals that need more effort and stretch. Better understanding helps in setting more realistic time frames and setting measurable action that can track the progress and help in making necessary adjustments to the plan of action. Stretch goals are keys to force a business to think in outright different ways to make breakthrough improvements.
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