While running a business isn’t always certain, it’s important to think long-term when planning. By approaching your business with a solid strategy, business owners can work harder towards their goals and support their business.
As successful business leaders, the members of gotechbusiness.com Business Council understand the importance of thinking and planning for the future, and the impact this can have on the longevity of a business. Below, a panel of them shared what they believe are the keys to successful long-term thinking. While a company’s future is not always certain, you can follow this advice to better prepare your strategy.
Members of the gotechbusiness.com Business Council offer advice on how entrepreneurs can plan for an uncertain business future.
Photos courtesy of individual members.
1. Stay Committed to Your Company’s Goals and Mission
The key to thinking long-term in times of uncertainty is to stay committed to the goals, core values and mission you work towards every day. More importantly, make sure the team is aligned at all times and everyone is rowing in the same direction. Alignment is more than an assignment, and the alignment keeps the long-term vision sharp at all times. † James Golden† Paving Management Group
2. Spend in bad times, save in good times
“Spending in bad times, saving in good times” is the farmer’s philosophy. By taking the time to listen to farmers talking about this and why it works for them, we have come to believe in this approach, which has worked great since the start of our business. You can learn something new just by listening. † Christy Hall† Mad Tree Woodcrafts & Engraving LLC
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3. Be more strategic and less reactive
The key to long-term thinking requires a deliberate effort to be more strategic about future trends and less reactive to short-term gains. Leaders can schedule time for reflection and evaluation of their long-term success factors based on reliable research and best practices. In addition, executives need to surround themselves with mentors and experts who can guide their business strategy. † Loubna Noureddin† Mind Market Consultants
4. Stay flexible in your long-term plan
Expect uncertainty and volatility in your long-term planning and build in the ability to be flexible. The most successful companies are the ones that can run easily. If you remove rigidity from how you think, plan and execute, you are in a much better position to respond creatively and positively to change. † John Swigart† Cake insurance
5. Think Shorter Term
Nothing is certain in business, especially when you’re figuring out your three- to five-year vision. All organizations should have that three-year vision with core goals, but think of the shorter term. Take the three-year vision, break it down into a one-year strategy, then 90-day actions. Focusing on the 90-day actions with big wins along the way will guide you toward your three-year long-term goals. † Scott Snider† Leaving planning institute
6. Reduce operations to an enforceable minimum
Deploy your company’s minimum achievable product version. You may need to reduce business activity to a minimum that you can maintain. With each output and decision, ask yourself whether it is a wish or a need. Keeping your staff on a salary is a necessity, but bonuses are a wish. Instead of firing employees, consider transferring some to part-time. † Taha Elraaid† Lamah Technologies
7. Work on the business, not just in it
Make it a habit to work on (macro and long term) the business, not just in (micro and short term) it. Operational efficiency (in) is important but must be tempered with a strategy. Proactively make time to work on the business, such as forecasting modeling and managing KPIs and industry trends. This combination provides immediate clarity and helps to avoid future volatility and uncertainty. † Tej Brahmbhatt† Watchtower Capital
8. Look at the total addressable market
It always comes back to TAM or the total addressable market. Is the problem you’re solving worth the market you’re serving? Can you capture a large enough percentage of that market to dominate? These are tough questions to ask yourself of your company to keep the compass towards value creation versus the tactics of the moment. † Shane Paladin† Site improvement
9. Create a vision board for your business
It’s important to create a habit of working on small goals while visualizing the company’s long-term goal and vision. Simple things like a vision board can really help with this. As grand and flowery as a company’s vision may seem, it’s still important to balance it with realistic expectations and the daily workload. † Patrick Scherzinger† Scherzinger Holding GmbH
10. Understand your ‘why’
Always go back to your big ‘why’. In this way, whatever challenges, difficulties or losses you face, you will find ways to move forward and still make it happen. It’s hard to wake up every day not knowing why – being an employee and running a business are the same in that sense. † Lane Kawaoka† SimplePassiveCashflow.com
11. Embrace uncertainty and move forward
Even in uncertain times, keep your ‘why’ in mind – what motivated you to take the first step towards starting your business and what motivates you to get up every day to continue working towards your goals? Things won’t always run smoothly, but that’s life. It’s best to embrace uncertainty and keep thinking of ways to move forward. † Johan Hajjic† Top Key
12. Stay focused on a clear vision
Having a clear vision and staying focused on that vision while making sacrifices in the short term can be crucial in the long run. No matter what, never sacrifice the needs of the customer, employee or partner to achieve any goal. Be flexible, adaptable and open to change, while always maintaining strong relationships. This ensures that the business will thrive regardless of the short-term pivot. † Chris Gerlach† Synergy Life Science
13. Identify and refine your company’s story
Take the time to identify and refine your story. When you understand why you built your business, you understand your purpose and your goals become the motivating force behind every step you take. Taking the time to define the story behind your business will help you stay focused and on your way to your long-term goals. † Ty Allen† SocialClimbing
14. Adapt to market changes with an agile mindset
One strategy for tackling long-term goals is to maintain an agile mindset to adapt to changes in the market. Executing tactically in the short term, while adapting strategically to achieve long-term goals, can position you better. In the short-term implementation process, building a partnership that runs in other domains allows for adaptability when a change may need to be made quickly. † Paul L. Gunn† KUOG Corporation
