Ramsnake and the others are right in suggesting that if there's an easier way of doing something, esp. in performance, then take it. On the other hand, you could argue that working to overcome a technical difficulty is worth doing for its own sake, in that it improves your overall technique, and prepares you for other difficult passages where there might be no easy alternative.
There are plenty of stretch exercises in all the usual places, though here, as often, it isn't just a matter of flexibility but also of finger independence, and that should be worked on as well. However, if you analyse and break down what is going on in this passage, in terms of technique, it becomes a bit more approachable. First of all, you might want to think about fingering the first beat with second on the F#, and third on the D - which is where they are at the end of the previous measure. This I think makes the move to G and E a bit easier - the second finger is already on the correct string, and legato is easier to maintain.
When it comes to the chord on the second beat, the main thing to bear in mind is that you are not "grabbing" it - fingers 3 and 4 are already in place. Thus there are two distinct elements in the technical problem. Work on each separately, starting with the move from G/E to A/F#. The fourth finger is already on the correct string, so just needs to be glided into place, using the string as a "rail". This allows you to focus on placement of the third finger - to paraphrase John Williams, look after the third finger, and the rest can look after themselves. (Remember to mute the fifth string with the thumb at the appropriate point.) Work on this, back and forth, making sure that when the second finger releases during the transition, it moves towards the sixth string. Because of the relative positions of three and four, the second finger will naturally fall on the fifth fret: thus the move itself towards the sixth string takes care of one part of the second element, the bass G. For the other part, the B in the inner voice, maybe you might consider barring at CIV: this removes the need for accuracy with the first finger, which is already in IV position.
By breaking down the problem in this way, I think it's clear that the first move is crucial. If that is done properly, so that three and four arrive at the right place and in the right shape, then getting one and two into position is relatively straightforward. That in itself should tell you what to work on, and how to work on it.