Although operating 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 sustain their company.
As successful business leaders, the members of Forbes Business Council understand the importance of thinking and planning for the future, and the impact it can have on the longevity of a company. Below, a panel of them shared what they believe are the keys to successful long-term thinking. Although a business’s future isn’t always certain, you can follow this advice to better prepare your strategy.
1. Stay Committed To Your Company Goals And Mission
The key to long-term thinking in times of uncertainty is to remain committed to the goals, core values and mission that you are working towards each and every day. More importantly, make sure the team is in alignment at all times and that everyone is rowing in the same direction. Alignment is greater than assignment, and the alignment will keep the long-term vision in focus at all times. – James Golden, Pavement Management Group
2. Spend In The Bad Times, Save In The Good Times
“Spend in the bad times, save in the good times” is the farmer’s philosophy. Taking time to listen to farmers speak about this and why it works for them has made us believers in this approach, which has brilliantly worked since the inception of our business. You may learn something new just by listening. – Christy Hall, Mad Tree Woodcrafts & Engraving LLC
3. Be More Strategic And Less Reactive
The key to thinking long term requires an intentional effort to be more strategic about future trends and less reactive to short-term wins. Executives can plan time for reflection and evaluation of their long-term drivers of success based on reliable research and best practices. Moreover, executives need to surround themselves with mentors and experts that can inform their business strategy. – Loubna Noureddin, Mind Market Consultants
4. Remain Flexible In Your Long-Term Plan
Expect uncertainty and volatility within your long-term planning and build in the opportunity to be flexible. The most successful companies are those that can easily pivot. If you remove rigidity from how you think, plan and execute, you’ll be in a far better position to react creatively and positively to change. – John Swigart, Pie Insurance
5. Think Shorter Term
Nothing is certain in business, especially if you think out your three to five-year vision. All organizations should have that three-year vision with key goals metrics—however, think shorter term. Take the three-year vision, break it down to a one-year strategy and then 90-day actions. If you focus on the 90-day actions with major wins along the way, it will lead you to your three-year, long-term goals. – Scott Snider, Exit Planning Institute
6. Scale Down Operations To A Maintainable Minimum
Implement the minimum viable product version of your business. You may have to scale down business operations to a minimum that you can maintain. With every output and decision, ask yourself whether it’s a want or a need. Keeping your staff on a salary is a need, but bonuses are a want. Instead of firing employees, consider transitioning some to part-time. – Taha Elraaid, Lamah Technologies
7. Work On The Business, Not Just In It
Create a habit of working on (macro and long term) the business, not just in (micro and short term) it. Operational efficiency (in) is important but needs to be tempered with a strategy. Proactively make time to work on the business, such as forecast modeling and managing KPIs and industry trends. This combination provides immediate clarity and helps avoid future volatility and uncertainty. – Tej Brahmbhatt, Watchtower Capital
8. Look At The Total Addressable Market
It always comes back to TAM or 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 hard questions to ask yourself of your business to keep the compass pointing towards value creation versus the tactic of the moment. – Shane Paladin, Siteimprove
9. Create A Vision Board For Your Business
It is important to create a habit of working on small goals while at the same time visualizing the long-term goal and vision of the company. Simple things like a vision board can really help with this. As great and flowery as a company’s vision might seem, it is still important to balance it with realistic expectations and everyday 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 encounter, you will find ways to move forward and still make it happen. It’s hard to wake up every day not knowing your why—being an employee and running a business is the same in that sense. – Lane Kawaoka, SimplePassiveCashflow.com
11. Embrace Uncertainty And Push Forward
Keep your “why” in mind, even in uncertain times—what pushed you to take the initial step to launch your business, and what motivates you to get up each day to keep working towards your goals? Things will not always run smoothly, but that is life. It’s best to embrace uncertainty and keep inventing ways to push forward. – Johan Hajji, UpperKey
12. Stay Focused On A Clear Vision
Having a clear vision and staying focused on that vision while making short-term sacrifices can be crucial in the long run. However, no matter what, never sacrifice customer, employee or partner needs to achieve an arbitrary goal. Be flexible, adaptable and open to change while always maintaining strong relationships. This ensures that regardless of short-term pivots, the business will thrive. – Chris Gerlach, Synergy Life Science
13. Identify And Refine Your Business’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 keep you focused and moving toward your long-term goals. – Ty Allen, SocialClimb
14. Adapt To Market Changes With An Agile Mindset
A strategy for addressing long-term goals is to keep an agile mindset to adapt to market changes. Tactically executing in the short term while strategically adjusting to hit long-range goals may position you better. In the process of short-term execution, building a collaborative partnership that runs in other domains allows adaptability when a change may need to be made quickly. – Paul L. Gunn, KUOG Corporation
This article was published on Forbes.com