LONG-TERM VALUE OR SHORT-TERM GAINs
Recently, I read a book called ‘Never too late to be great’. The book encapsulates merits of thinking long term. With the help of numerous examples the author very precisely proves, that successful businessman, writers, politicians, celebrities, brands have something in common. They all had started their success stories at least a decade before they actually reaped the success of it. It is important to take a look at the decade before the success is achieved by these brands / people, instead of after years.
Befriend time
Time is a friend and not a enemy, this actually changes the total outlook of looking towards things, every negative problem suddenly lightens up to be a positive, every weakness starts look like an opportunity. Instead of running to stop it, we should probably start running with it and make maximum use of it.
Decade > Year
Brands often involve in forecasting but most of the forecasts are done with an objective of increasing market share or revenue or cash flow or profit maximization. It is indeed a difficult proposition for brand leaders to understand and implement, as it demands to overlook the established and promising statistical forecasting models and instead asks to look at long term perspective which do not promise returns in immediate future, but would be more profitable in average. Thus brands should start having a decade strategy instead of yearly activity calendars.
Slow cooked meal
More brands invest in time and preparation more the output will be better. As the author says ‘Chance favors only the prepared mind’. Bringing ideas to life is a slow process. It needs long time for implementation. But if brands invest in time the ideas will be more future oriented, there will be a huge clarity of purpose and in what brand is doing every moment, the right decisions will be taken at right time and of course if all this happens money will definitely follow, financial targets will be achieved.
Heritage & reputation
All the big brands in the world are often recognized with their heritage / with their story, they haven’t been successful overnight, they have built this heritage with the work and efforts of many employees for decades together. We have also seen examples of brands which became overnight sensations and disappeared. So the ultimate long term wealth creation and reputation building can only be done with a long term point of view.
Core mantra
The key is to follow what you are mesmerized by, focusing on a bigger picture, mastering your domain, not hurrying things but trying to see what other people don’t see and then go for it. ‘Nothing is revolutionary, it’s evolutionary’, give it time, dedication and hard work and then law of accelerating returns will start working in your favor.
Befriend time
Time is a friend and not a enemy, this actually changes the total outlook of looking towards things, every negative problem suddenly lightens up to be a positive, every weakness starts look like an opportunity. Instead of running to stop it, we should probably start running with it and make maximum use of it.
Decade > Year
Brands often involve in forecasting but most of the forecasts are done with an objective of increasing market share or revenue or cash flow or profit maximization. It is indeed a difficult proposition for brand leaders to understand and implement, as it demands to overlook the established and promising statistical forecasting models and instead asks to look at long term perspective which do not promise returns in immediate future, but would be more profitable in average. Thus brands should start having a decade strategy instead of yearly activity calendars.
Slow cooked meal
More brands invest in time and preparation more the output will be better. As the author says ‘Chance favors only the prepared mind’. Bringing ideas to life is a slow process. It needs long time for implementation. But if brands invest in time the ideas will be more future oriented, there will be a huge clarity of purpose and in what brand is doing every moment, the right decisions will be taken at right time and of course if all this happens money will definitely follow, financial targets will be achieved.
Heritage & reputation
All the big brands in the world are often recognized with their heritage / with their story, they haven’t been successful overnight, they have built this heritage with the work and efforts of many employees for decades together. We have also seen examples of brands which became overnight sensations and disappeared. So the ultimate long term wealth creation and reputation building can only be done with a long term point of view.
Core mantra
The key is to follow what you are mesmerized by, focusing on a bigger picture, mastering your domain, not hurrying things but trying to see what other people don’t see and then go for it. ‘Nothing is revolutionary, it’s evolutionary’, give it time, dedication and hard work and then law of accelerating returns will start working in your favor.
