Big Hairy Audacious Goals (bhag) & the Finance Dilemma!!

By: Steve Hadfield

Business equipment finance plays a very important role in the achievement of business goals for many small to medium sized businesses. Whether it be restaurant equipment, beauty or hair salon equipment, or bakery equipment, it really doesn't matter. All businesses are different but the equipment purchasing process is fundamental to the achievement of business goals.



I came across an article recently which I thought had some interesting pointers in regards creating business goals. The article by Megan Tough, entitled 'How to set business goals (big hairy ones!)' was published on the 19th May 2006 (http://www.flyingsolo.com.au/p200887500_How+to+set+business+goals+(big+hairy+ones!).html on the website - Loving your own company, Flying Solo (www.flyingsolo.com.au).



In the article, Megan introduces the concept of the Big Hairy Audacious Goal! (BHAG). Megan says that the BHAG is the goal that really stretches you to think differently about the ways in which you do business. Its the goal thats going to help transform your business.



On reading this article it became clear to me that the purchase of restaurant equipment, beauty or hair salon equipment, or bakery equipment (type of equipment really doesn't matter) for many businesses becomes part of their BHAG. The new equipment you bring into your business has the potential for transformation, for productivity increases, for reduction in overheads and for some, the possibility of replacing manual tasks with more automated ones. Equipment purchases are a BIG DEAL.



Megan Tough makes a number of other important points. Business people need to shake off their beliefs that they 'can't do it'. Its these beliefs that are in many cases self fulfilling prophesies. "If you have a mindset that limits your achievements you'll never get serious about a BHAG." Megan suggests that businesses proposes challenges like:

I want to triple my revenue in the next 12 months

I want to be the best known brand in Australia

I want to work 1 day per week and still earn the same amount of money

These are examples of the sort of HAIRY goals you might create for your business. Megan then uses the first example (above) and outlines 3 Steps:



Step 1 - Brainstorm Ideas for making more money. These ideas might include new product developments, reducing overheads, charge more, advertise to a different market etc....

Step 2 - Make a list of obstacles and ways you might get around them

Step 3 - Identify what needs to happen for you to be successful ie. build knowledge in certain areas, surround yourself with creative people



There are many things you can do to grow your business and overcome obstacles but you need to give yourself the opportunity to think confidently about the future and about the achievement of what's important to you.



Megan finishes by saying that "if you don't set yourself a BHAG, then this time next year you might be wondering what could have been."



Growth in your business could be just a finance approval away. Making sure you have the right equipment can be the first step to achieving your BHAG. No doc Sales Assist provide finance for most equipment types including equipment for restaurants, beauty and hair salons, bakeries and much much more. We want to help ensure your business is heading in the right direction.

Go To www.nodocsales.com.au

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