Aim Higher: Why Founders Should Focus on 10x Goals Instead of 2x Goals
As founders, we all have a vision that drives us forward. We set goals, work hard, and often get caught up in the daily maintenance. But lately, I’ve been thinking about what is all this work for? Of course we need to keep our business operating on a foundational level, but when we step back to create a plan for our goals, are we focusing on goals that are big enough?
I came across this book called "10x is Easier Than 2x" by Dan Sullivan who articulates how it’s arguably easier to go after 10x growth than striving for 2x growth. This idea, was exactly the mindset shift I didn’t know I needed right now.
The Mindset Shift of 10x Thinking
When we think about 10x goals, we're not just talking about incremental improvements. We're talking about transforming your business on a huge level. A 10x goal requires you to rethink your approach, innovate, and step out of your comfort zone. It’s about creating a vision so compelling that it pulls you towards it, rather than staying in the safe lane of incremental gains.
Why 2x Goals Can Hold You Back
2x goals, while seemingly safe and achievable, often keep us tethered to our current methods and mindsets. Here’s why they can be limiting:
Incremental Thinking: 2x growth focuses on small improvements, which means you might miss out on big opportunities that require bold moves.
Comfort Zone: It allows you to stay in your comfort zone, avoiding the risks necessary for substantial growth.
Limited Innovation: You are less likely to innovate radically, as 2x growth can often be achieved by simply optimizing existing processes. A common theme in businesses that go the distance are the innovation that keeps them relevant and needed!
Resource Allocation: You might be in a current state of allocating resources inefficiently, spreading them thin across minor enhancements instead of investing in transformative projects. Focusing on 10x goals forces you to “trim the fat” and get clear on where your money needs to go.
Real Life Examples of 2x vs. 10x Goals
To illustrate the difference, let’s look at some real-life examples for small business founders:
Web Design Agency
2x Goal: Increase the number of clients by optimizing the current referral program and slightly improving the website's SEO.
10x Goal: Develop an AI-driven design tool that automates part of the design process, allowing you to serve ten times more clients without compromising quality.
Organic Marketing Firm
2x Goal: Double the number of blog posts and social media updates to attract more organic traffic.
10x Goal: Create a comprehensive online course on organic marketing that becomes the go-to resource in the industry, significantly expanding your reach and revenue streams.
Local Coffee Shop
2x Goal: Add a few more menu items and increase marketing efforts to boost sales.
10x Goal: Launch a coffee subscription service with nationwide delivery, creating a new revenue model that scales beyond the local customer base.
Focus on Your Unique Abilities
Dan Sullivan emphasizes the importance of focusing on your unique God-given gifts. When aiming for 10x growth, you need to create tunnel vision on what you do best and delegate or get rid of the rest. This allows you to maximize your strengths and brings a sense of purpose and excitement to your work. As a coach, I always focus on helping founders to identify their core strengths and what lights them up, and build their business around that!
Overcoming the Fear of Failure
Let’s be real, there’s always the possibility of failing. But when you are too afraid to go after that BIG thing, you’re being more committed to the fear than the possibility.
It’s essential to reframe your mindset around failure (which I’m still working on too). Instead of seeing it as a setback, view it as a learning opportunity… a chance to “fail foward”. Every attempt, whether successful or not, brings you closer to your ultimate goal. Embrace the journey, celebrate the small wins, and keep your eye on the larger vision.
Practical Steps to Craft Your 10x Goal
Define Your 10x Vision: Clearly articulate what 10x growth looks like for your business. Be specific and aspirational.
Identify Key Areas for Innovation: Look at your current business model and identify areas where you can innovate or adopt new technologies.
Focus on Your Strengths: Determine your unique abilities and concentrate your efforts on these areas. Delegate or outsource tasks that don't align with your strengths.
Build a Supportive Team: Surround yourself with a team that shares your vision and is committed to achieving exponential growth.
Embrace a Growth Mindset: Stay positive, be open to new ideas, and view challenges as opportunities for growth.
Aiming for 10x growth might seem like a big challenge, but it’s a journey worth taking. By adopting this mindset, you’ll not only transform your business but also discover your true potential. Remember, it’s not about working harder; it’s about thinking bigger and smarter. Ready to set your sights high and see your business soar to new heights? Book a 10x goal planning session with us today, and let’s create an exciting vision for your future together.