Follow Dallas Linkedin
Email Dallas Email
Business Growth
Feb 17, 2022

Why Specific Goals Should Also Be Fuzzy

Sponsored Content provided by Dallas Romanowski - Managing Partner, Cornerstone Business Advisors

A longstanding credo for successful business planning is make specific goals. However, there is such a thing as being overly specific in your goals to the detriment of other things that matter to you. Let’s look at how adding fuzziness to specific goals can make your business planning strategies more fulfilling.

Analytics vs. Eye Test
In the world of sports, there’s often great debate between the value of analytics versus the eye test. Analytics often provide hard, quantitative evidence of performance, while the eye test relies on intuitive, qualitative evidence about performance.

Business planning is similar. For example, the analytics might tell you to send your top salesperson to close an important deal because she has good closing numbers. But the eye test—your raw observations and intuition—might tell you to send a junior salesperson because she has demonstrated a special rapport with the customer’s decision makers.

Focusing solely on either analytics or the eye test can lead to unintended consequences. 

Consequences of Being Too Specific or Fuzzy
Say you have specific goals that include selling your business to a third party within five years for $50 million. You do everything you can to achieve it, only to find that you had to lay off most of your workforce, including your business-active children. Doing something like this could damage your legacy or worse, leave you very wealthy but very lonely.

Similarly, if you only focus on the eye test, you may create goals that are too fuzzy to achieve. For example, you may personally like and have faith in an executive you hired soon after starting your business because she has great raw talent. But as years pass, that executive doesn’t develop that talent into a systematic and repeatable method for success. Having blind faith that that executive will improve can make it much more difficult to achieve your specific goals. 

In short, focusing only on one kind of goal over another can lead to dissatisfaction, disappointment, and a business plan that doesn’t do what you want it to. 

Resolving the Differences 
The key is to marry your specific goals with an element of fuzziness. For example, it’s wise to have a specific timeline for achieving goals to avoid 11th-hour rushes. But equally important is considering how you achieve those goals with the people and processes that make your business run.

One way to begin this process is to ask two important questions.

  1. What do I need to achieve success?
  2. What do I need to feel like a success?
In business planning, financial independence is a measure of achieving success. However, the second question is a continuance of that idea that asks, “At what cost?” 

Trying to combine the quantitative measurements of success with the qualitative measure of what makes you feel like a success might create conflicting goals. That’s OK.

It’s OK because it’s up to your and your most trusted advisors to determine the best way to resolve any conflicting goals. This is why it’s important to not be afraid to have goals that don’t seem to line up.

Perhaps an effective way to develop and implement a strong plan for a successful future of your business (and your ownership of it) might be:
  1. Write your goals down, especially if you have conflicting goals
  2. Share your goals with your trusted advisors to keep them top of mind
  3. In every planning meeting, ask your advisors, “What do you think is the best way for me to achieve these conflicting goals?
Planning isn’t about having all the answers—it’s about finding the answers to provide you with the most fulfilling future for yourself, both personally and professionally. Thinking through both specific and fuzzy issues can help provide you with context and texture in your plan, making it more dimensional, and improving the chances that you’ll be happy with your outcomes.

We strive to help business owners identify and prioritize their objectives with respect to their business, their employees, and their family. If you are ready to talk about your goals for the future and get insights into how you might achieve those goals, we’d be happy to sit down and talk with you. Please feel free to contact us at your convenience.
 
Welcome to Cornerstone's Exit Planning newsletter. We'll provide you with practical tips on planning your business exit twice a month. Contact us with any questions or to help get you started with the planning process. Enjoy!
Chip Mayo and Dallas Romanowski

© Copyright 2022 Business Enterprise Institute, Inc. All Rights Reserved

As a member of the Business Enterprise Institute (BEI), Cornerstone Business Advisors is an authorized distributor of BEI’s content and Exit Planning Tools.
The Cornerstone team includes former C-Level executives, successful entrepreneurs and advisers who offer unmatched experience in delivering advanced, custom-tailored, results-oriented solutions for business leaders. As a member of the Business Enterprise Institute (BEI), Cornerstone is an authorized distributor of BEI’s content and Exit Planning Tools. We developed the Performance Culture System™ to help clients implement best practices and drive high performance throughout their organization. For more information, visit www.launchgrowexit.com, call (910) 681-1420 or email [email protected]
 
 
 

Other Posts from Dallas Romanowski

Bizjournalblockad
Ico insights

INSIGHTS

SPONSORS' CONTENT
Unknown 7112393341

Why Feasibility is Paramount to Success

Holly Segur - Lead Intuitively – Corporate Coaching
Web awstaffpic2020 1 132245438

The 2024 Luncheon for Literacy featuring Special Guest Jason Mott

Alesha Edison Westbrook - Cape Fear Literacy Council
Chris 16239425

‘Creative,’ An Adjective To Describe Your Accountant?!

Chris Capone - Capone & Associates

Trending News

Riverlights Could Add 73 More Townhomes To Mix, Site Plans Show

Staff Reports - Apr 18, 2024

Game Over For Michael Jordan Museum At Project Grace

Audrey Elsberry - Apr 19, 2024

City Approvals Push Forward Plans For Former Wilmington Fire Stations

Emma Dill - Apr 17, 2024

Surf City Embarks On Park’s Construction

Cece Nunn - Apr 19, 2024

Taking Marine Science On The Road

Lynda Van Kuren - Apr 19, 2024

In The Current Issue

Taking Marine Science On The Road

“My mission and my goal is to take my love of marine science, marine ecosystem and coastal ecosystems and bring that to students and teacher...


MADE: Makers Of Important Papers

W.R. Rayson is a family-owned manufacturer and converter of disposable paper products used in the dental, medical laboratory and beauty indu...


Bootstrapping A Remote Option

Michelle Penczak, who lives in Pender County, built her own solution with Squared Away, her company that now employs over 400 virtual assist...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season