A stretch goal is an objective that is purposefully made difficult to attain. These are used to counteract the frequent propensity of companies, teams, and individuals to establish conservative objectives that are simple to achieve. Stretch objectives are usually made in addition to standard aims. They can be financial (such as raising $10,000 from $100,000) or physical (like climbing a mountain). The purpose of making such goals difficult to achieve is to encourage participants to work together to find innovative ways to reach them.
Stretch goals can be used by organizations of any size, but they are particularly effective when there is significant competition between groups or individuals for limited resources. For example, one group may want to raise money to build a new stadium for their football team, but another group may have already established this as their standard aim. By adding a stretch goal of building a stadium that can hold 100,000 people, the first group would be encouraged to come up with some creative solutions to increase their contribution while the second group would be forced to do the same.
Stretching goals also allows participants to feel like they're part of something bigger than themselves. In addition, reaching a stretch goal often brings satisfaction all on its own, which is why many companies will set extremely high ones sometimes. Microsoft's original Windows 95 operating system cost over $100 million to develop and release.
Stretch objectives are intended to push us as professionals to think of new techniques and ideas. They force us to look beyond the box and attempt to meet new people, explore new sectors, and come up with fresh ideas. They are designed to be unpleasant because growth occurs on the outskirts of our pain. The more we struggle, the more we grow.
The main purpose of stretch goals is to encourage innovation in the project. As the goal distance increases, so does the incentive for teams to find creative solutions to challenges that may not have been apparent before. This motivates them to try new things, explore new areas of expertise, and bring an innovative mindset to the project.
Stretch goals can also help the project reach important milestones. For example, a project might want to raise $100,000 by a certain date to make its prototype functional. Or it could be aiming to collect 100 preorders from customers to prove that there is demand for its product. The choice of goal amount and deadline depends on the project team's judgment of what will be enough money or orders to be meaningful.
Finally, stretch goals can be used as a marketing tool. If a project reaches a certain distance from its goal, then it becomes newsworthy. This can attract attention from potential investors or customers who might not have known about the project before. It can also provide a sense of urgency for teams to finish their work sooner rather than later.
Stretch goals serve two functions: they motivate us to think large and they remind us to focus on the broader picture. SMART goals—specific, measurable, attainable, reasonable, and time-bound goals—assist us in developing a solid plan of action to make the stretch goal a reality. Without goals, we would never reach our potential.
Stretch goals are additional funds that are raised beyond what was originally planned for to help cover costs associated with reaching the milestone. For example, if a project's original budget was $10,000 and it needs to spend an extra $20,000 to complete it, the extra money will be called a stretch goal. The key thing about stretch goals is that they're added after the fact; they aren't part of the original planning process for the project. This allows the project team to think big and create innovative solutions to reach their goals without worrying about exceeding their budget.
Smart goals are exactly that: they're goals that are structured around what can be achieved within the limits of resources available. For example, if a project team wants to create a product that is competitive in the market but doesn't have enough resources to hire more staff or purchase additional equipment, they might set a goal of generating $200,000 in revenue for the company by the end of the fiscal year.
A "stretch goal" is an additional objective you establish for your campaign if you exceed your initial funding target, and it is typically used to support another component of your project. As an example, a video game project raises $50,000 to create a 10-level game. If it reaches its goal before the end of the fundraising period, the company might raise another $100,000 to produce a new level under the existing copyright license. The new license would need to be approved by both the original creator and the current owner of the copyright.
Stretching goals allow you to fund multiple components of your project with one campaign. In addition, reaching certain levels could earn backers special rewards or advantages in future fundraising periods.
Here are some other examples of stretch goals:
- Design a doll based on your avatar. $10,000 - Design a T-shirt featuring your favorite episode from our podcast library. $25,000 - Publish an e-book containing interviews with members of your community. $40,000 - Produce a documentary about how your campaign affected people's lives.
The more money you raise beyond your initial goal, the more benefits you can offer potential donors. For example, you could promise to give the first $10,000 raised during the campaign to charity and guarantee a personal phone call from Kevin (the founder of Kickstarter) if you reach $100,000.
Stretch objectives may inspire people to accomplish the apparently unattainable. Some of the world's greatest accomplishments have been performed by people who were not intelligent enough to realize they were impossible. We can attain greatness if we set incredibly lofty ambitions. These may propel people to new heights and motivate them to accomplish incredible feats.
The danger with stretch goals is that they may also intimidate people into inaction. If you tell your friend that he or she can be president of the United States, but only if they can raise $200,000 in donations on the Internet within a month's time, then they might just stay home this year and let someone else take the risk. You need to be careful about what you promise people. If you say you can do something then you should be able to deliver!
People love to see others succeed. When someone crosses an obstacle in their life and comes out stronger on the other side, we feel inspired to keep pursuing our dreams. When someone else gets to where they want to go, we are happy for them and hope that we will be given the same chance. This is why it is so important to give credit to those who help us reach our goals. They deserve all the praise for helping us accomplish something remarkable.