It can be very easy to fall into the trap of building your business with straw instead of brick. In this episode we discusses short-term thinking versus long term thinking and why it is critical to focus on the long-term consequences of every decision.
Highlights
- If you build a business that is weak on fundamentals you will be in trouble or out of business when market issues occur.
- Short term thinking are things like, “we need this deal because we need cash”. Decisions that are for now and effect now without consideration for the consequences.
- Long term thinking considers how every decision will impact the business in the future.
- You should be looking at ways to get customers to spend long term money. Creating new options for products or services. Catch and keep the right kind of customers.
- Having strong processes that can grow is a good long-term strategy.
- When prospecting, think in terms of months and years. Do not get frustrated if they are not ready now.
- You must have the courage to say “NO” to deals that don’t have a positive long-term impact.
