This episode, part of a series on the "Traction" business system, guides ecommerce operators through defining their company
Key takeaways
Define your company's Core Focus by asking why it truly exists beyond just making money. This should be its fundamental purpose and passion.
Set a “Big, Hairy, Audacious Goal” (BHAG) for ten years out. This long-term vision provides a guiding star for all strategic decisions.
Break down your 10-year BHAG into manageable, shorter-term objectives. This makes the ambitious long-term goal feel attainable and provides a clear roadmap for consistent progress.
Communicate your core values, core focus, and 10-year goal clearly to all employees. This ensures everyone is aligned and working towards the same vision, fostering growth and enjoyment.
Use frameworks like Traction to move beyond day-to-day operations and build a truly impactful and enduring ecommerce business.
This is the second episode of a podcast series I'm doing on Traction, a business book written by Gino Wickman geared towards helping business owners run their companies with more growth and enjoyment. My company is currently in the process of applying the system outlined in the book and the impact is so great that I'm documenting the entire process here in the podcast. In episode 1 of the series I talked about the importance of setting aside time to think about your company's core values and actually putting those core values into writing. In addition, you need to understand that these are not just feel-good buzzwords that will sit on a piece of paper on the bottom of your drawer, so communicating these core values to your employees and everyone else who help you run the company is of utmost importance. Once you have that done it's time to set your company's core focus and 10 year goal, both of which will be covered in today's episode. Your core focus is the reason why your company exists. This one can be tricky since Traction explicitly does not consider money-making as a core focus, and money is the reason why most businesses exist in the first place. But putting money aside, what is it that you want your business to accomplish? What is your company's purpose? What's your passion? Once you've set your company's core focus, it's time to set your 10-year goal, which should be a BHAG (Big, Hairy, Audacious Goal). This is a length of time most people can't wrap their heads around and possibly skew to either an underestimation or an unrealistic optimism. In this episode I'll tell you how I figured out my 10-year goal and break it down to relatively short-term, achievable goals. Resources mentioned: Webinar - 2018 Amazon Launch Strategy Traction: Get a Grip on
What does this episode say about founder & leadership?
Define your company's Core Focus by asking why it truly exists beyond just making money. This should be its fundamental purpose and passion.
What does this episode say about dtc strategy?
Set a “Big, Hairy, Audacious Goal” (BHAG) for ten years out. This long-term vision provides a guiding star for all strategic decisions.
What does this episode say about founder & leadership?
Break down your 10-year BHAG into manageable, shorter-term objectives. This makes the ambitious long-term goal feel attainable and provides a clear roadmap for consistent progress.
What does this episode say about founder & leadership?
Communicate your core values, core focus, and 10-year goal clearly to all employees. This ensures everyone is aligned and working towards the same vision, fostering growth and enjoyment.
What does this episode say about founder & leadership?
Use frameworks like Traction to move beyond day-to-day operations and build a truly impactful and enduring ecommerce business.
