5 Stretch Goals Your Team Can Set and Achieve In 2023

Stretch goals sound like they would really motivate your team, and you know you have the talent to reach the highest heights if you pool your resources – so why does creating a stretch goal feel like a stretch goal itself? It doesn't have to be hard to plan out a lofty goal – take it from Mike Fata, award-winning entrepreneur, growth coach and author, who lays out what stretch goals are, why they're important, and how to achieve them below.

What are stretch goals and why are they important?

"Stretch goals are additional objectives or targets set beyond the base growth goal to help motivate employees and teams to achieve greater success," Fata says. "They are a form of scenario-based planning" that can range greatly; they include "financial goals, operational goals, marketing or sales goals." Additionally, Fata adds, they are created annually rather than regularly "as part of a strategic growth and budget plan." Fata says that stretch goals make employees more productive or inspired by challenging them to work harder, boosting their confidence, encouraging innovation and creativity, and developing new abilities that can create new career prospects for the future. Fata also believes that potential bonuses, rewards, or incentives that tie into accomplishing stretch goals "can provide additional motivation and a sense of purpose for employees."  

How to set stretch goals

Setting stretch goals is a tough business, but it can pay off. To start, Fata says that stretch goals should consider the ways they can motivate employees. Setting the right stretch goals means providing a sense of purpose that can make employees feel like they're contributing to something new and exciting. Another way to think about setting a stretch goal is to keep up with or to surpass the competition. If a competitor is releasing a product, your stretch goal might be to release a comparable product that's all-around more user-friendly. Stretch goals can also be set to keep up with challenges in the market or opportunities created by gaps in the knowledge of other companies. When setting stretch goals, Fata adds, there are also things to consider to avoid failure. "Companies may set goals that are unrealistic or unattainable, leading to frustration and demotivation among employees," he says. "They may also fail to provide the resources and support necessary to achieve the goals, or may not align the stretch goals with their broader strategic objectives." Additionally, when stretch goals are set, there should be an adequate amount of communication and buy-in from all stakeholders involved. Stretch goals should also have pivot points built in when they're made, as Fata says they can "stagnate" without the proper adjustments over time.

5 amazing stretch goals for your team

For those looking to experiment with new stretch goals, Fata has a few recommendations.

1. "Increasing sales by a specific percentage over the previous year while maintaining customer satisfaction ratings."

A stretch goal like this is a great option because it includes very specific numbers, a strict timeline, and parameters for how success should be measured. A comparable stretch goal like "doubling sales in a year without a clear plan or additional resources," Fata says, might seem like the same thing – and maybe something you've heard before at a company-wide meeting. But ultimately, it's too vague; there are no ways to measure quality over quantity, and the aspiration to double sales is just too unachievable. "Goals should be tailored to the company's resources and strategic objectives and should be achievable with the right support and resources," Fata adds.

2. "Developing and launching a new product or service that meets a specific need in the market."

Next, Fata says, this stretch goal is a great alternative to a stretch goal that involves "releasing a new product in half the time originally estimated, without considering the impact on quality." In situations like this, Fata says, "it's important to consider the specific needs and capabilities of the company and its employees" – otherwise, the available resources won't be able to meet the anticipated market need. When it comes to pivoting stretch goals if resources change, Hive Goals is the way to measure pace, track which items are lagging, and which goals are “at-risk.”

3. "Expanding the company's market share in a particular region or demographic group."

Fata also recommends a stretch goal that attempts to break into something new. However, teams shouldn't go into their stretch goals blind, especially if it involves trying to get the attention of a new customer base. Research and development, Fata says, is key to making a goal like this succeed. "Implementing a new innovation, technology or process without adequate testing or training results in decreased productivity or quality."

4. "Achieving a specific sustainability or social responsibility goal, such as reducing waste or increasing diversity and inclusion."

There's nothing more that employees (especially younger employees) want from their companies than being included in a critical mission that makes them feel like they're contributing to the common good. That being said, making arbitrary or nebulous goals that focus on "justice" or "equality" without coming up with a distinct definition of those goals can create problems. "[You can't] eliminate a longstanding problem or issue without a clear understanding of the root cause or the resources required to address it," Fata says. "Regular evaluation and adjustment of goals may be necessary to ensure that they remain achievable and relevant."

5. "Improving employee engagement and retention rates by a certain percentage through targeted training, mentoring, or other initiatives."

Lastly, Fata adds, a stretch goal that involves employee engagement should be considerate of an employee's time and energy. "Don't try to increase employee productivity by a certain percentage without taking into account workload or work-life balance," Fata says. "It's also important to communicate clearly with employees about the goals, and to involve them in the goal-setting process."

Using Hive To Set Your Goals

Are you ready to start making strategic goals with your team? You're in luck — Hive's newest (and most exciting) feature is Goals. Everyone wants to know how they’re moving their organization forward, and your team is more than just a project. With Goals, you can set various goals, visualize progress, and keep everyone aligned in one centralized dashboard. You can also:

• Create one, ten, twenty, or more goals for your team, so everyone understands what they’re contributing to.

• Centralize and automate your goal tracking and reporting.

• Pull data from other systems into Hive to streamline operations and reporting.

• Share your goal or goals, assign the goal to relevant teammates, track activity, and give yourselves a deadline.

• Understand how your team and organization are pacing towards an individual goal or a set of goals.

• Color-coded designations allow an easy understanding of “on-track” items.

• When it’s time to review progress, accomplishments, and achievements, easily export all relevant information.

Get started, today!