BHAG The need to Increase & Reduce
The following are key points from a blue chip manufacturing presentation I recently attended.
- They are looking to increase speed of production by 2 times over the next 5 years
- They are looking to reduce production costs by 30%
- The product they supply is designed to be fit and forget for the next 25 years
- To achieve the above their design criteria is based on a 250 year product life cycle
- The organisation has a sector focus and is looking to grow its business by 50% over the next 5 years
When I listened to the presentation I thought ‘Big Hairy Audacious Goals (BHAG’s)’. With such challenging targets this will be fascinating to see if the company achieves them. My guess is that because it has so specifically targeted a specialist niche, it will.
BHAG and Your Business
So does your organisation have BHAG’s and if it did what would they be and would they help drive the business forward?