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This week’s episode focuses on the 3HAG. As many of you might be familiar with a 10+ year BHAG, the Big Hairy Audacious Goal, our 3HAG is not too far off from this concept. How do you effectively structure your mid-term goals? Today’s expert guest has some tips for you!
Shannon Susko has more than 20 years of experience building and leading high-growth technology companies in the financial services industry. She is also a Senior Gazelles Coach and has a ton of experience helping business leaders put strategies in place to achieve their 3HAG and BHAGs!
When Shannon was the CEO of her first company, she had to stand in front of her team, her shareholders, and investors to discuss the company’s BHAG. However, you have to do more than just exclaim it, you also have to prove you can do it. This is where the 3HAG comes in and it is how it helped Shannon make the long-term goal achievable and believable.
The reason most companies do not even have a 3HAG is due to fear of failure. That’s a lot of pressure for a CEO and nothing good comes from having their three-year goals fall short in the eyes of his or her investors.
The BHAG is the first strategic goal, but the 3HAG brings everything together. As Shannon says, it’s like the pivot point. Shannon and her team decided to map out 36 months, 12 quarters, of what the key milestones were going to be in order for them to put the strategy in place. They also studied the current climate of the market throughout these months to ensure they were still on track with their target audience.
During this time, the 3HAG helped Shannon and her team stay focused and all the decisions in the company were striving to hit those goals. After about five years of incorporating that framework, the company was able to take a very successful exit.
Shannon’s second company experienced similar success, except within a shorter timeframe, due to this framework. Three years and three months to the day, she was able to sell the company and reap the rewards of another huge exit.
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Scaling Up is the best-selling book, by Verne Harnish and the team at Gazelles, on how the fastest growing companies succeed where so many others fail.My name is Bill Gallagher, host of the Scaling Up Business podcast and a leading business coach with a Gazelles. We help leadership teams to get the 4 Decisions around People, Strategy, Execution, and Cash right so that they can Scale Up successfully and beat the odds of business growth success. Our 4 Decisions are all part of the Rockefeller Habits 2.0 (from the original best-selling business book, Mastering the Rockefeller Habits).