You have goals for your store, right? Are they realistic or outlandish?
I am betting that they are realistic. You may want to consider outlandish. I’ll explain.
In an article written for Harvard Business School’s Working Knowledge e-newsletter, James Heskett recalled that General Electric “introduced the management concept of ‘stretch’ in the 1990s. The idea was not just to create extraordinary goals higher than those thought achievable for the coming year,” but to set outlandish, almost unthinkable, goals that a business might achieve in the long run.
For example, wrote Heskett, a Baker Foundation professor emeritus at Harvard Business School, “instead of striving for an inventory turnover (sales to inventory) ratio of 4 in the coming year, a stretch goal would be a turnover of 10 in five years.”
Heskett admits that he is unaware that “stretching” ever gaining much acceptance, but, still, it’s an interesting notion.
Do you limit your store’s potential by setting modest goals? Could your store sell more, attract new customers, venture into new markets if you set your goals accordingly?
Well, anything is possible.