Why I like setting a stretch goal
Last year (2024) I set a stretch goal of $600K in revenue for my production business.
For context… in 2023 I did $310K.
So that stretch goal was almost 2x my revenue. Pretty insane, right? How was I going to do that?
To be honest, I wasn’t even sure how I was going to make it happen.
But that’s the great thing about a stretch goal.
It Stretches Our Thinking
When we don’t know how we’re going to accomplish such a goal, it causes us to get creative.
We start to consider all of the ways we can maximize and/or optimize what we’re currently doing.
Here’s how I considered my approach:
Grow revenue internally: let’s grow sales by increasing how much our current clients spend with us. They already know us and trust us, so let’s start there. Surely we can get another $50K-$100K with our current clients.
Grow revenue externally: let’s get new clients in the doors. Let’s pursue those clients we’ve wanted to work with even harder. Maybe we can get current clients to refer us to other clients as well.
Diversify our revenue streams: let’s build new streams of income that don’t require a lot of upfront financial investment but maybe a bit of sweat equity.
I don’t think I would’ve taken as deep of a look at how we could grow the business if I hadn’t set such a big stretch goal.
And since I stretched… I did $420,000 in my production business this year!
Playing it Safe
When I’ve set smaller goals in the past, with no sort of stretch, I wouldn’t challenge myself very much.
If my goal for 2024 was to do $350k, sure that would be more than the previous year, but it wouldn’t be a stretch.
When I play it safe with my goals then I allow myself to make excuses for why I’m not doing well rather than holding myself accountable.
The stretch holds me more accountable. I can’t back down because I’m stretching to make it happen.
Multiple Stretch Goals:
Don’t get me wrong here… revenue isn’t the only stretch goal.
Trying to hit a big number for the sake of the number isn’t the best goal to have. It’s the reason behind the number. Or it’s the reason behind the follower count.
Here are some other stretch goals you might need to consider:
Replace my 9-to-5 income so I can go full time on my dream
Get 3 clients on retainer by the end of the year
Hit 10,000 subs on YouTube
Hire an editor so I can get out of post-production
The key to a good stretch goal is that in the best case scenario you could actually reach it.
Don’t make it something outlandish like: hit 1M subs on YouTube or $500K in revenue (if you’ve never done $100K).
Keep it realistic to your scenario but still a stretch.
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Another Stretch Goal of Mine:
Another stretch goal for me is to get out of post-production within my company.
I’ve edited video for 11 years now. I am good at editing. It’s one of the reasons clients enjoy our projects, but it’s not sustainable for me to keep editing everything.
So my stretch goal is to get out of 99% of the edits. There may be 1% that I need to get involved in, which is totally fine, but I want to be out of almost all of it.
For some, that seems like a silly stretch goal.
But for me it’s a huge goal. I’ve never had a year in 11 years where I wasn’t editing A LOT of projects.
I want to take that time saved in post and spend it with my family (wife and two young kids).
And again… that’s the reason behind the goal.
The reason is the most important part. I want more time back with my family.
What are Your Stretch Goals?
So what are your stretch goals? What could they be?
Take a moment now while it’s the beginning of the year and write down at least one stretch goal.
Don’t write it down and hide it away. Put that stretch goal somewhere you will see it every day. It will be your reminder to STRETCH.
We all need that reminder.
In a month from now when we aren’t feeling so hot and we’re questioning what we’re doing… we need the stretch goal to perk us up and nudge us forward.
I believe in you. You got this.
If you didn’t have a good 2024, just leave it behind. What’s done is done. This is a new year with new opportunities.
Stretch yourself and see what’s actually possible.
And I hope I can hear what some of your stretch goals are and then at the end of the year report back and tell me what happened! Seriously, send me an email with your stretch goal: hello@trenterwin.com
Cheers to 2025,
-Trent
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