4.2 The 10+ year BHAG® is known by all & actions are taken each quarter to progress | Made to Thrive 24/34
4.2 The 10+ year BHAG® is known by all & actions are taken each quarter to progress
Welcome to video 24 in this series of 34 two-minute videos detailing the key concepts in my new book, “Made to Thrive.”
“Made to Thrive” outlines the five key roles that a leader must undertake to transition from being a good leader to being a great leader.
Those five roles are accountability, ambassador, culture, strategy, and succession planning.
Today, we’re talking about strategy, and in particular, 4.2. The company’s long term 10 plus year BHAG is known by all staff and actions are taken each quarter to progress toward the BHAG.
The phrase BHAG, or big, hairy, audacious goal, comes from Jim Collins and Jerry Porras and their book, “Built to Last.”
A BHAG is a 10 to 30 year goal that reinforces the business fundamentals and challenges the company to greatness.
A BHAG reinforces the business fundamentals because a BHAG is built from three core elements and understanding, if we worked on those three elements for a 10 to 30 year period, where could it possibly take us?
Those three elements are: Core purpose, a deep understanding of why the business or organization exists.
Next is profit per X, a deep understanding of the economic driver that propels their business, the single economic denominator that makes the biggest difference to their business financials.
And then number three is a deep understanding into what the company can be the best in the world at.
That’s not necessarily the globe or the earth, but that is the geography in which they play.
What do they have the unique capability to be the best at? And it’s your job to bring the BHAG to life, to make sure that people know what the BHAG is and where we’re going and to get energized by that, and to know that this is the direction of the great business that you’re building.
If you’d like to learn more about “Made to Thrive,” you can watch all of these videos on YouTube or you can buy the book now on Amazon, and I’ll put the links below for both of those.
Learn where to order Made to Thrive below