What is long term thinking in Business? 4 Tips to get focused.
I have always been long term thinker throughout my life. I am 35 maybe not that old but I can assure you that I had enough experience to conclude that right strategy for success, for almost anything in life, is long term thinking(that should be followed by effective execution). At least, that is how I started and still have been running several businesses, 3 of which still generates good profit. My goal was always trying to improve our customers businesses to perform better by solving their management and organizational problems through corporate development projects or by implementing/developing softwares for their specific needs. By working more than 350 corporations executive boards, what I see is sustainability is the key for success which means that you have to position your company along your long term goals and align all your medium — short term activities only to serve for your long term. You also need to get rid of all the useless, no value added (NVA) activities and all the noise around your businesses. I know that it isn’t as easy as it sounds but here are a few tips I found useful as a founder to follow through my business life:
1 -After you come home from work, ask yourself what you did to serve for your long term in that day:
Maybe it is already a very clear idea for most of you, but I bet, we (including me) always forget that ideology and generally be lost in the daily struggle we face in our businesses. So we constantly need to remind ourselves and assure that whether what we do today contributes to our long term goals or not.
2 -Try not to get lost amid the noise and distraction of daily routine but rather focus on the things that create value.
Actually, this may also be called lean working, i.e. get rid of the things that waste your time and concentrate on the ones that you can create the biggest impact. As an example, stop micromanaging what every single employee is doing, but rather try to create a corporate culture with your managers to be spread throughout your organization.
3 -Do not forget that as a founder your job is to create the playground and set up the scene for your employees. Then let them fill in the blanks and connect the dots ( a quote from Steve Jobs :).
Of course, do not forget to coach them and never give the impression that you never audit.
4-The key to success has two important legs:
1- Right Strategy (long term and well analyzed)
2- Effective Management/Execution.
Saying don’t micromanage does not mean don’t manage. Here, the secret sauce is to have good managers that you can rely on and your ability to delegate what you think is the most important to be managed. This is maybe the hardest part (to find good managers that you look for) but no one said that being an entrepreneur is easy.
Alkan Balkaya, is an engineer, a finance manager, a co-founder, an entrepreneur,a software developer, a husband, a father, a soccer player, a windsurfer, a good swimmer and a businessman. He has founded more than 5 companies and still in the executive board of several companies. Right now he spends his time on R & D projects at Albert Solino and founding a new venture, Corvisio. Corvisio is a business management software company focusing on Strategic Planning, OKR, Professional Service Automation — including CRM, Project Management, Client Portal. Corvisio is based in San Francisco Bay Area.