What are Stretch Goals?
Stretch goals are ambitious, long-term goals that are intended to challenge and inspire an organization or individual to achieve more than they might have thought possible. These goals are often set in areas where an organization wants to achieve significant improvements or achieve a competitive advantage.
Stretch goals are often used to drive innovation and continuous improvement and are typically set in areas such as growth, efficiency, customer satisfaction, and sustainability. They are designed to be difficult but achievable and may require an organization to think creatively and take calculated risks in order to achieve them.
Stretch goals are often used in conjunction with more traditional goals, such as operational or financial targets, and are typically set for a longer time horizon than traditional goals. They may be set at the organizational level or by individual teams or employees.
Examples of stretch goals might include:
- A company setting a goal to increase sales by 50% over the next three years
- A team setting a goal to reduce customer complaints by 75% in the next six months
- An individual setting a goal to complete a marathon in under three hours
Stretch goals are intended to push an organization or individual to achieve more than they might have thought possible and to drive continuous improvement. However, they can also be risky if they are set too high or are not realistic, as they may demotivate or discourage employees if they are not achieved.