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Why thinking in the short term will help you in the long term

Opinions expressed by australiabusinessblog.com contributors are their own.

When starting a business of any kind, one of the most important things a new owner can do is set a direction for the future. Strategy is the leading factor to maintain a competitive advantage.

To create a game plan, you need to step back and assess where the company is right now and where you want it to be in the future. This sets a long-term goal that you ultimately want to achieve in the near future. That could be anything from growing the business with more employees, filling a certain number of orders by the end of a certain time frame, increasing sales or increasing the revenue stream. These long-term goals are goals that can take some time.

Related: How this shipping startup shot to Unicornhood

Achieve bigger goals in faster time

Short-term goals are almost like checkpoints that you want to reach on the way to the desired result. By evaluating the company and being able to separate the important tasks from the non-important tasks, your game plan becomes a lot more focused but also a lot smarter. This also prevents you or your employees from wasting hours working on a project that may seem important but not really contribute to the bigger picture. Those efforts can be put elsewhere with a long-lasting effect.

The way you think you will achieve success is based on an evaluation of the company. You choose the direction the company takes and the way it is implemented. But as with any plan, things will change along the way, including the long-term ideals. External forces such as the government, competitors, environmental forces or other unforeseen circumstances can completely change the trajectory of your company at any time. New methods and efficiencies can also change the plan in general, pushing your business in new directions to achieve a new long-term goal.

Related: 3 Books to Help Entrepreneurs Generate Winning Employee Cultures

Learning from the pandemic

COVID-19 was an unexpected force that forced companies to adapt, enter new markets or shut down completely. The restaurant industry has suffered particularly because the entire model is based on hospitality and personal interaction with its customers. Not being able to seat people and serve food caused many eateries to go out of business, no matter how reputable they were. On the other hand, some have completely shifted their efforts and started takeout services to keep their heads above water. Some establishments got creative and started putting tables on the street for people to stand, drink and eat as restrictions eased. In fact, this helped many restaurants to permanently add outdoor diners to their seating, opening up more options for patrons despite the strict guidelines.

If your company operates without any purpose or direction, what is its purpose? The hope of making more profits and income, getting bigger or more prosperous can only really be achieved with a game plan in mind. It is constantly changing and is always essential for any business.

Related: The Future of Customer Loyalty


Shreya has been with australiabusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider australiabusinessblog.com, Shreya seeks to understand an audience before creating memorable, persuasive copy.

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