Entrepreneurs often encounter unexpected challenges that lead to valuable insights. One of these insights is stretch goals.
Stretch goals are ambitious targets that push you beyond your comfort zone, such as achieving a year’s worth of objectives in just three months. These goals are intentionally tough because BIG GOALS DRIVE BIG GROWTH. Imagine hitting your annual targets in a quarter. It’s challenging, but it’s also incredibly motivating.
Balancing Risks, Opportunity Cost, and Goal Reward
When I talk to clients about stretch goals, their first concern is often the risk. But here’s the thing: when we map it out, the risks usually aren’t as bad as they seem. By planning ahead and aligning your financial outlook with your stretch goals, you can reduce these risks
For example, if you aim to do 15 deals in three months instead of a year, you must figure out how to acquire these deals and whether your team can handle them. Breaking it down makes big goals feel more manageable.
Forward-Looking Accounting
Incorporating forward-looking accounting into our strategy enables us to align our stretch goals with our financial plans. It ensures precision in navigating obstacles.
Proactive strategies, with proper financial support, drive substantial business growth.
Smart Financial Risk-Taking
Taking risks is part of being an entrepreneur, but they need to be forward-looking and smart risks.
It’s not just about setting high financial goals, but also having a plan and being agile when adjustments are needed.
Surround yourself with a financial team that encourages you to think bigger and helps you weigh the pros and cons. They should help you plan different scenarios and make adjustments along the way. Entrepreneurship can feel difficult and overwhelming, but with the right support, your stretch goals can become achievable milestones. If others can do it, so can you!
CPA on Fire is a full-service CPA firm that specializes in building financial engines for fast-growing, 7 and 8-figure entrepreneurial companies.
We offer far more than just vCFO services or specialized tax services. Our clients are driven, brilliant CEOs/Founders who are achieving great things. We provide companies a top-tier financial team at a fraction of the cost, enabling faster scaling and wealth maximization throughout.
Like to know more?
Download a copy of Ron Parisi’s books Financial Superpowers and The Entrepreneur’s Tax Playbook at www.cpaonfire.com
Related Articles
Reflecting on Entrepreneurial Challenges
FINANCIAL SUPERPOWERS How to take your Business (and Personal Wealth) Next LevelAre You Prepared For The Unknown Future?