- Published on Saturday, 12 October 2013 18:27 12 October 2013
- Written by julie julie
I saw on the news yesterday that the life span of big business is shrinking.
Where a company who dominated their industry could last 60+ years not long ago, they would now last 15 or less.
Not long ago, our American neighbours held their federal election. As happens every four years, I sat in rapt amazement as before votes were tallied, there was chatter and speculation about who would run in the next election four years hence. The current winner wasn't even declared yet!
In North America we seem to operate on at most, a four year horizon. Customers of mine in the electrical and automation sector based their purchasing decisions on whether their quarterly review would show they had saved their company money during that calendar quarter - a four month horizon! Money saved in that quarter might not be saving money long term, but that wasn't a part of anyone's vision or compensation plan. Incredible! Little wonder companies struggle to survive. I know there are other factors, but I believe this is significant.
What if we and our politicians had much longer horizons? Where could we progress to if we weren't focused on the monthly quota, the quarterly bonus or getting elected (possibly re-elected) in four years? What if shareholders quarterly dividends weren't driving the business decisions, but rather employee happiness and health were deemed more important for long term financial health and longevity of companies? (Harvard has supported this notion with research findings.)
Small goals can be detrimental to your long term evolution unless attached to a greater plan.
Have a long term vision for yourself and/or your business. It is easier to evaluate and readjust your course that way. A boat, whether a speed boat or an ocean liner, cannot turn on a dime. If you demand that of your vessel, you will sink your ship. Chart your course, and be prepared for the inevitable storms along the way. Take time to evaluate as you journey, but don't be too quick to declare success or failure for every increment of the trip. Evaluate, adjust, move forward. Evaluate, adjust, move forward.
Long term success is definitely a combination of short term achievements, but you must always have that long term vision or you will not sail your ship into the sunset of long term success.
To the fulfillment of your dreams,