When you start your own business, you probably have big dreams. You imagine the heights your business could reach over the years, envisioning great success as you plan out your bright future.
However, one trap many business owners fall into is short-term thinking. While you have big dreams for the distant future, your business decisions might not be matching up with these dreams.
In this post we’ll delve into some potential reasons why business owners are making the mistake of short term decision making, and how to avoid this fate yourself!
Why are so many businesses making short term decisions at the expense of long term investments?
Long term investment requires patience, consideration and careful strategy. Unfortunately, those qualities don’t coincide with much of modern day thinking. Our society is increasingly immediate – we wait less time for things to happen, getting access to a huge amount of things at the touch of a button – so when it comes to playing the waiting game, fewer and fewer business owners are ready to make that sacrifice.
In addition, many people believe that having a successful business is all about knocking it out of the park the first time around. That’s actually not true! Building your business slowly over time is a perfectly admirable thing to do, so don’t fall into the trap of over-spending just to make your business look impressive at first.
How do I think in the long term to benefit my business?
When searching for ways to avoid short term mistakes and go for the long haul, it’s time to revisit some of the old ways of business. Let’s take a look at four key ways to avoid short term thinking and set your business up for the long haul.
Seek high-quality financial advice.
Corporate financial advisors can be the saving grace of your long term business strategy. If you have long term financial goals for your business but feel like you have no way to make them a reality, that’s where a financial advisor steps up to the plate.
One of the main reasons that people fall into short-term thinking at the expense of long term strategies is simply because they don’t know how to plan for the long term. It’s easier to think about the here and now than the distant future, so a financial advisor can help you put concrete steps in place to ensure you reach your goals.
Let go of short-term “disposable” culture’s grasp on you.
Between social media culture, influencers, zero-to-hero celebrity narratives and crazy amounts of bluffing happening online, most of us assume that it’s easy to get successful if you just go for it. However, the amount of risk management, chance, right-place-right-time and all the rest of it that goes into becoming highly successful is crazy! Not everyone is going to shoot their shot the first time around.
That’s why it is so important to leave short term disposable culture in the dust when you are starting your business. Those other guys might be coming off flashy from the start, but their businesses won’t last nearly as long as yours. Be smart and let go of disposable thinking!
Invest in digital marketing strategists.
Digital marketing strategy is everything in the world of modern business. A company like a cx agency can help you transform how you relate to your customers, how you can anticipate their needs and wants, and reach them most effectively. This is a challenging process but one that is highly rewarding when you strike gold.
Building a loyal and ever-growing customer base is a huge part of having a secure long term plan for your business. If your business grows its legacy year by year, it solidifies its place in the industry for good.
Focus on the process, not the end result.
Focusing on the bright, shiny end result is very easy to do – but ultimately it is a distraction from the process of getting there. The journey is more important than the destination; the process is what you should be focusing on.
This means letting go of any unrealistic thinking and focusing on the next step. Once that is completed, move on to the next step – literally putting one foot in front of the other when you are on the way to your success.
If you are running a business and want to avoid the fate that so many contemporary business owners fall into, use our guide to help you create a viable long term strategy.