A few weeks ago, I mentioned my goal to pay off one of my husband’s student loans by April 15. I am pleased to report that we paid off the loan on April 2.
How did we do it? We used stretch goals.
When businesses set benchmarks for revenue or profit projections, there are typically two goals that are created: the goal and the stretch goal.
A goal is a target figure that should be obtained based on the plan.
A stretch goal is a much harder goal to achieve but is still attainable. It is a stretch!
In our house, we use this same technique. I knew we could pay off the loan by the middle of May based on our income projections. I also knew that if I worked really hard and stayed focused during tax season, I could get all the work finished and collect enough receivables to pay off the loan by April 15.
Whenever I wanted to slack off, I thought of the stretch goal. It kept me motivated to keep going. I knew we could hit the goal, but I really wanted that stretch goal.
Stretch goals can be used in all aspects of life.
Maybe your goal is to spend $400 a month on groceries but your stretch goal is $300.
Maybe your goal is to write 1,000 words a day but your stretch goal is 2,000.
Have a goal to contact 25 new leads for your business this month? A stretch goal could be 40.
Stretch goals are great because they make you raise the bar. When I use them, I find that I almost always hit my goal and go farther.
How could you use stretch goals in your life?